I - Manufacturing costs are generally incurred in one period and recorded in a subsequent period. II - A job order cost system is most appropriate when a large volume of uniform products are produced. * A. T, F B. F, T C. T, T D. F, F

I - Manufacturing costs are generally incurred in one period and recorded in a subsequent period. II - A job order cost system is most appropriate when a large volume of uniform products are produced. * A. T, F B. F, T C. T, T D. F, F

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 5MC: During production, to what are the costs in job order costing applied? A. manufacturing overhead B....

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Question

A. T, F

B. F, T

C. T, T

D. F, F

Definition Definition Accounting technique that tracks the costs of materials, labor, and overhead for a particular job. The main purpose of job costing is to determine the profit or loss for each job. Repetitive work or poorly allocated employees can be addressed for the upcoming project through job costing.

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During production, to what are the costs in job order costing applied? A. manufacturing overhead B. cost of goods sold C. each individual product D. each individual department
Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
In a job order cost system, overhead applied is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Which of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. Process costing is used only for services. c. Job-order costing is simpler to use than process costing because the recordkeeping requirements are less. d. The job cost sheet is subsidiary to the work-in-process account. e. All of these.
Describe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overhead
Assigning indirect costs to departments is completed by __________________________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory
Which of the following product situations is better suited to job order costing than to process costing? A. Each product batch is exactly the same as the prior batch. B. The costs are easily traced to a specific product. C. Costs are accumulated by department. D. The value of work in process is based on assigning standard costs.
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
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A company has traditionally allocated its overhead based on machine hours but collected this information to change to activity based costing: A. How much overhead would be assigned to each unit under the traditional allocation method? B. How much overhead would be assigned to each unit under activity-based costing?