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Exam 19: Job Order Costing

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Question 41

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Generally, period costs are classified as either

A) selling expenses or production expenses.
B) administrative expense or production expenses.
C) selling expenses or administrative expenses.
D) general expenses or selling expenses.

E) A) and B)
F) B) and D)

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Question 42

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A difference in quantity of materials used on two comparable jobs may be caused by:

A) inadequately trained employees
B) poor quality materials
C) employee carelessness
D) all of the above

E) C) and D)
F) B) and C)

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Question 43

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The materials requisition is used to

Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.

A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs?

Costs that are treated as assets until the product is sold are called:

Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is Gross Margin for Zeke Company as of the end of the 1st quarter?

When the goods are sold, their costs are transferred from Work in Process to Finished Goods.

A service organization will not use the job order costing method because it has no direct materials.

Interim financial statements for a manufacturing business would report overapplied factory overhead as a deferred item on the balance sheet.

Which of the following is the correct flow of manufacturing costs?

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

Information about costs developed through a job order cost system can not be used to evaluate an organization's cost performance.

Perpetual inventory controlling accounts and subsidiary ledgers are maintained for materials, work in process, and finished goods in cost accounting systems.

The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials.

Which of the following is not a characteristic of a job order costing system?

Factory overhead is applied to production using a predetermined overhead rate.

The period costs of a textbook publisher would include:

As product costs are incurred in the manufacturing process, they are accounted for as assets and reported on the balance sheet as inventory.