accounting
Costs assigned to the building of a house should appear on the income statement when
Answer
a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed.
The basic document for keeping track of costs in a job order costing system is a
Answer
a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form.
The following information is available at the end of May:
Balance in work in process on May 1 $141,800
Direct materials costs for May 174,500
Direct labor costs for May 162,500
Overhead applied at rate of 140% of direct labor dollars Jobs completed during May: Job 84 $198,780
Job 85 102,520
Job 86 119,450
Job 87 93,150 Job 88 was not complete at the end of May.
If $72,400 of materials were charged to Job 88 's job cost card, how much overhead was applied to Job 88?
Answer
a. $70,000 b. $120,000 c. $72,400 d. $35,100
Unit costs for each job are computed by dividing
Answer
a. estimated total costs by planned units to be produced. b. actual costs by actual units sold. c. cost of direct materials, direct labor, and overhead by number of units produced. d. estimated total costs by actual units produced.
The _________ provide(s) the most direct means of calculating unit costs for a job.
Answer
a. job order cost card b. general ledger c. Finished Goods Inventory account d. Overhead and Work in Process Inventory accounts
The following information is available at the end of the period for the completed Job 713:
Beginning balance $21,500.00
Direct materials 30,600
Direct labor 24,500
Overhead applied 41,700
Adjustment—overapplied overhead 1,600 Total number of units produced 30,000
Total number of units sold 28,500
What is the unit cost for Job 713?
Answer
a. $3.89 b. $4.00 c. $3.94 d. $4.09
The balance in the Work in Process
Answer
a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed.
The basic document for keeping track of costs in a job order costing system is a
Answer
a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form.
The following information is available at the end of May:
Balance in work in process on May 1 $141,800
Direct materials costs for May 174,500
Direct labor costs for May 162,500
Overhead applied at rate of 140% of direct labor dollars Jobs completed during May: Job 84 $198,780
Job 85 102,520
Job 86 119,450
Job 87 93,150 Job 88 was not complete at the end of May.
If $72,400 of materials were charged to Job 88 's job cost card, how much overhead was applied to Job 88?
Answer
a. $70,000 b. $120,000 c. $72,400 d. $35,100
Unit costs for each job are computed by dividing
Answer
a. estimated total costs by planned units to be produced. b. actual costs by actual units sold. c. cost of direct materials, direct labor, and overhead by number of units produced. d. estimated total costs by actual units produced.
The _________ provide(s) the most direct means of calculating unit costs for a job.
Answer
a. job order cost card b. general ledger c. Finished Goods Inventory account d. Overhead and Work in Process Inventory accounts
The following information is available at the end of the period for the completed Job 713:
Beginning balance $21,500.00
Direct materials 30,600
Direct labor 24,500
Overhead applied 41,700
Adjustment—overapplied overhead 1,600 Total number of units produced 30,000
Total number of units sold 28,500
What is the unit cost for Job 713?
Answer
a. $3.89 b. $4.00 c. $3.94 d. $4.09
The balance in the Work in Process