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Exam 18: Costing Systems: Job Order Costing

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Question 41

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A job order costing system is used by companies that manufacture large amounts of similar products.

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Question 42

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The Work in Process Inventory account in a job order costing system consists of

A) time conversion cards.
B) job conversion cards.
C) job order cost cards.
D) product cost cards.

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Question 43

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The balance in the Work in Process Inventory account on October 1 was $14,000,and the balance on October 31 was $85,400.Costs incurred during the month were as follows: direct materials,$55,820;direct labor,$58,420;and overhead,$40,000.What amount was transferred to the Finished Goods Inventory account during October?

Which of the following is the entry to record indirect labor costs incurred?

Which of the following is a manager likely to do while preparing internal performance evaluation reports?

The type of product costing system used by a company is dictated by the

Delaware Inc.incurred the following costs in October,2014,for producing 5,000 good units of personalized photo frames. The company sold 4,500 units.Determine the product unit cost of photo frames.

Which of the following is related to performing in the management process?

Which of the following is true of performance evaluation reports?

In a job order costing system,costs are traced to a specific job order.

In a service organization using a job order costing system,actual overhead will be the same as applied overhead.

Johnson Technology specializes in graphic design and video production.In October 2014,the company incurred the following costs for providing services to one of its clients. -Johnson Technology's contract with the client discloses a 20% profit margin on the cost incurred.Determine the profit earned by the company by providing services.

Regardless of the cost accounting system used,when the products are completed,they are transferred from work in process inventory to finished goods inventory.

Costs for individual jobs are maintained on material cost cards when job order costing is in use.

Job order cost cards for incomplete jobs make up the ending balance of the Finished Goods Inventory account.

Cardsheet Company The following partially completed T accounts summarize the transactions of Cardsheet Company for last year: -The cost of direct materials used in production is

If there is a credit balance in the Payroll Payable at the end of the accounting period,it represents

Which of the following is a characteristic of a job order costing system?

Which of the following activities is a manager likely to carry out everyday?

Which of the following products would probably use a job order costing system?