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Exam 19: Job Order Costing

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Question 91

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Job order cost accounting systems may be used to evaluate a company's efficiency.

A) True
B) False

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Question 92

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For which of the following businesses would the process cost system be appropriate?

A) Book retailer
B) Dress designer
C) Lumber mill
D) Printing firm

E) A) and D)
F) B) and C)

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Question 93

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In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.

The finished goods account is the controlling account for the:

The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on:

List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the first-in, first-out method.

Period costs are costs that are incurred for the production requirements of a certain period.

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the Folding Department. The folding department applies $450.00 in direct labor and $655.00 in factory overhead to Job 010507A. Job 010507A is transferred to Finished Goods Inventory on January 9th.

Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter?

The recording of the jobs completed would include a credit to:

Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is Sales for Zeke Company as of the end of the 1st quarter?