Help plz Match each of the following terms with its correct definition:v job-order costing systemA. A single overhead rate calculated using all estimatedoverhead for a factory divided by the estimatedv Process-costing systemactivity level across the entire factoryv overapplied overheadB. A costing system that accumulates production costsby process or by department for a given period ofplantwide overhead ratetimepredetermined overhead rateC. An overhead rate computed using estimated datav job-order cost sheetD. Overhead assigned to production usingpredetermined ratesv overhead varianceE. Materials that can be easily and cost-effectivelytraced to a specific jobv applied overheadF. This form is filled out by each employee every day.v actual cost systemG. Indirect materials, indirect labor, and other costsrelated to manufacturing that cannot be easily totraced to a specific jobv Time Ticketv materials requisition formH. An approach that assigns actual costs of directmaterials, direct labor, and overhead to productsv underapplied overheadv normal cost sytemI. The difference between actual overhead and appliedoverheadv direct materialsJ. The amount by which actual overhead exceedsapplied overheadv manufacturing overheadK. A costing system in which costs are collected andassigned to units of production for each individualjobL. The amount by which applied overhead exceedsactual overheadM. The job order number, or name, head this form.N. An approach that assigns the actual costs of directmaterials and direct labor to products but uses apredetermined rate to assign overhead costsO. This form asks for the type, quantity, and unit priceof direct materials.

Job order costing is the costing method that determines the manufacturing overhead of each product.…

Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory v Process-costing system B. A costing system that accumulates production costs by process or by department for a given period of v overapplied overhead time plantwide overhead rate

Match each of the following terms with its correct definition: v job-order costing system A. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory v Process-costing system B. A costing system that accumulates production costs by process or by department for a given period of v overapplied overhead time plantwide overhead rate

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 3MCQ: In a normal costing system, the cost of a job includes a. actual direct materials, actual direct...

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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
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
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.
A companys Individual job sheets show these costs: Overhead is applied at 1.25 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct materials to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
Carltons Kitchens three cost pools and overhead estimates are as follows: Compare the overhead allocation using: A. The traditional allocation method B. The activity-based costing method (Hint: the traditional method uses machine hours as the allocation base.)
The ending balance of which of the following accounts is calculated by summing the totals of the open (unfinished) job-order cost sheets? a. Raw Materials b. Overhead Control c. Work in Process d. Finished Goods e. Cost of Goods Sold
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?
Job order cost sheets show the following costs assigned to each job: The company assigns overhead at twice the direct labor cost. What is the total cost for each job?
A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
A summary of materials requisition slips and time tickets, along with the overhead allocation, show these costs: Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold