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Exam 5: Job Order Costing

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Question 91

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When manufacturing overhead is charged to a job, the work in process account is credited.

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Question 92

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When indirect labor is applied to a job in process, the manufacturing overhead account is debited.

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Question 93

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Webb Company. Webb Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #6, #9, and #13. Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent, and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,500; 3,100; and 4,200; respectively. Indirect labor is $33,000. Other actual overhead costs totaled $36,000. Refer to Webb Company. What is the total amount of overhead applied to Job #9?

Greek Products Company The following information pertains to Greek Products Company for September: Greek Products Company applies overhead for Job #323 at 140 percent of direct labor cost and at 150 percent of direct labor cost for Jobs #325 and #401. The total cost of Jobs #323 and #325 is identical. Refer to Greek Products Company. What amount of overhead is applied to Job #323?

A company that manufactures large quantities of homogeneous goods will normally use a ____________________ costing system.

Overapplied factory overhead that is material in amount is closed to cost of goods sold at year end.

In a normal cost system, a debit to Work in Process Inventory would not be made for

If a normal loss is anticipated on a specific job, the overhead application rate should include an amount for the cost of defective units less disposal value.

Compare and contrast job-order and process costing systems.

The difference between a standard and an actual quantity, price, or rate is a(n) ____________________.

Broncho Company. uses a job-order costing system. During April, the following costs appeared in the Work in Process Inventory account: Broncho Company applies overhead on the basis of direct labor cost. There was only one job left in Work in Process at the end of April which contained $5,600 of overhead. What amount of direct material was included in this job?

When a job is begun, the first document in the job-order process is the ___________________________________.

In a job-order costing system, the net cost of normal spoilage is equal to

At the end of the last fiscal year, Wingate Company had the following account balances: If the most common treatment of assigning overapplied overhead were used, the final balance in Cost of Goods Sold is:

A company that produces sugar will use a process costing system to track production costs.

Which of the following costing systems allows management to quickly recognize materials, labor, and overhead variances and take measures to correct them?

Discuss actual costing, normal costing, and standard costing.

In a standard job-order costing system, factory overhead is applied using actual rates times standard input.

The source document that records the amount of raw material that has been requested by production is the