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Exam 27: Job Order Cost Accounting

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Question 31

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Actual overhead costs are:

A) debited to Work in Process Inventory when incurred.
B) credited to Manufacturing Overhead when incurred.
C) debited to Manufacturing Overhead Applied when incurred.
D) debited to Manufacturing Overhead when incurred.

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Question 32

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The monthly total of the Overhead Applied section of all job order cost sheets should agree with the balance in the control account Manufacturing Overhead.

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Question 33

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Standard cost accounting may be used with either a job order cost system or a process cost system.

Under a perpetual inventory system, when goods are sold the Cost of Goods Sold account is----------.

When perpetual inventories are maintained in a job order cost system, the balance of the Work in Process Inventory account represents:

In a just-in-time inventory system, the------- account is debited when goods arrive.

Kamper Company allocates their manufacturing overhead based on direct labor hours. The total estimated overhead is $475,000 and total estimated direct labor hours are 30,800. If the actual direct labor hours were 31,360, what was the total manufacturing overhead applied? (Round intermediate calculations to two decimal places.)

At the end of each year, the underapplied or overapplied overhead is as an adjustment to the Cost of Goods Sold account.

Ridley Company estimates that overhead costs for the next year will be $6,870,000 for indirect labor and $450,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 160,000 direct labor hours are budgeted for next year. If the actual direct labor hours in the next year totaled 158,200, what is the amount of manufacturing overhead applied for the year?

When indirect materials are requisitioned from the materials storeroom and placed in production, an entry is made crediting Raw Materials Inventory and debiting

At the end of the year, Harding Company had a balance in Manufacturing Overhead of $26,000, and a balance in Manufacturing Overhead Applied of $23,000. When the Manufacturing Overhead account is closed, the Cost of Goods Sold account will:

At the end of the accounting period, the balance in the Raw Materials inventory account reflects the cost of materials:

Based on the information given, complete the Job Order Cost Sheet for Job C3-19.

The McGreen Company employees worked 12,200 hours last year with an average hourly rate of $13 per hour. The overhead was $793,000. If overhead is based on direct labor costs, then the overhead rate per direct labor dollar is

The total direct labor charged to all job cost sheets must agree with the direct labor debited to:

Martinez Manufacturing applies overhead based on direct labor hours. The company estimates that their overhead for the year will be $180,000, and that they will use 72,000 direct labor hours. Martinez Manufacturing actually used 71,000 direct labor hours. The journal entry to record manufacturing overhead would include a:

Indirect materials issued to production are recorded with a debit to Work in Process and a credit to Raw Materials.

A(n)-----------accounting system is normally used when standard types of products are made in continuous operations.

Workers who perform direct labor prepare a series of------------ to account for all time spent in the plant.

Which of the following IS NOT a benefit of a standard cost system?