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Exam 10: Accounting Systems for Manufacturing Businesses

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Question 1

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Each account in the subsidiary ledger for work in process is called a:

A) finished goods sheet.
B) stock record.
C) materials requisition.
D) job cost sheet.

E) A) and B)
F) A) and C)

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Question 2

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The recording of the jobs completed would increase:

A) Factory Overhead.
B) Finished Goods.
C) Work-in-Process.
D) Cost of Goods Sold.

E) A) and C)
F) All of the above

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Question 3

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After the goods are completed,their costs are transferred from Work in Process to Finished Goods.

Increase in the Work-in-Process account occur when:

In a job order cost accounting system,when goods that have been ordered are received,the receiving department personnel inspects the goods and completes the:

In job order cost accounting system,perpetual inventory records are maintained in controlling accounts and subsidiary ledgers for materials,work in process,and finished goods.

Which of the following items would be classified as a part of prime cost?

The Harold Company forecasts that total overhead for the current year will be $12,000,000 and total machine hours will be 200,000 hours.However,the actual overhead is $4,000,000 and the actual machine hours are 100,000 hours.If the company uses a predetermined overhead rate based on machine hours for applying overhead,the overhead will be:

Upon completing a job,direct materials totaled $3,000; direct labor,$3,500; and factory overhead,$1,500.Units produced totaled 1,000.What is the per unit cost?

For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.

Recording direct labor costs in a job order cost accounting system:

In a job order cost system,materials and supply costs for a service business are normally included as part of overhead cost.

Calculate direct labor cost for Brandt,Inc.

Hudson,Inc.has estimated total factory overhead costs of $400,000 and 20,000 direct labor hours for the current fiscal year.If direct labor hours for the year totals 18,000 and actual factory overhead totals $350,000,what is the amount of overapplied or underapplied overhead for the year?

Heedy Winery accumulates the costs incurred in the labeling process in an activity cost pool.Costs for the labeling process are estimated to be $320,000,and the winery expects to generate 640,000 labels for the coming year.Production for its top-selling wine is estimated at 160,000 bottles.How much overhead from the labeling process will be allocated to this particular variety of wine?

The cost of a manufactured product generally consists of direct materials cost,direct labor cost,and factory overhead cost.

Applying of factory overhead costs to jobs would decrease:

For a construction contractor,the wages of carpenters would be classified as direct labor cost.

Mountain View Manufacturers Inc.has estimated total factory overhead costs of $90,000,and 15,000 direct labor hours for the current fiscal year.If job number 112 incurred 1,000 direct labor hours,the work-in-process account will be increased and factory overhead will be decreased by:

The cost of wages paid to employees directly involved in the manufacturing process of converting materials into finished product is classified as: