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Exam 19: Job Order Costing

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Question 91

Multiple Choice

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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 the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter?

A) $0
B) $456
C) $3,208
D) $2,752

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

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Question 92

Multiple Choice

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The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on:

A) pay stubs.
B) in-and-out cards.
C) time tickets.
D) employees' earnings records.

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

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Question 93

Essay

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List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.

The finished goods account is the controlling account for the:

For which of the following businesses would the process cost system be appropriate?

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 direct materials in August?

Period costs are costs that are incurred for the production requirements of a certain period.

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the first-in, first-out method.

The recording of the jobs completed would include a credit to:

On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the Folding Department. The folding department applies $450.00 in direct labor and $655.00 in factory overhead to Job 010507A. Job 010507A is transferred to Finished Goods Inventory on January 9th.

Job order cost accounting systems may be used to evaluate a company's efficiency.

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 Sales for Zeke Company as of the end of the 1st quarter?

In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control.