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1) If the products of a manufacturing process are produced to customer T F specifications, a process cost system is more appropriate than a job order...
1) If the products of a manufacturing process are produced to customer T F
specifications, a process cost system is more appropriate than a job
order cost system.
2) A manufacturer may employ a job order cost system for some of its products T F
and a process cost system for others.
3) Period costs are costs that are incurred for the production requirements T F
of a certain period.
4) The inventory accounts generally maintained by a manufacturing firm are only T F
finished goods and materials.
5) If factory overhead applied exceeds the actual costs, the factory overhead T F account will have a credit balance.
6) The direct materials costs and direct labor costs incurred by a production T F
department are referred to as conversion costs.
7) Generally accepted accounting principles require companies to use only T F
one factory overhead rate for product costing.
8) The document that serves as the basis for recording direct labor on a job T F cost sheet is the time ticket.
9) A job order cost accounting system provides for a separate record of the T F
cost of each particular quantity of product that passes through the factory.
10) The current year's advertising costs are normally considered period costs. T F
1) A process cost system would most likely be used by a company that makes
a. motion pictures.
b. repairs to automobiles.
c. breakfast cereal.
d. college graduation announcements.
2) An important feature of a job order cost system is that each job
a. must be similar to previous jobs completed.
b. has its own distinguishing characteristics.
c. must be completed before a new job is accepted.
d. consists of one unit of output.
3) A characteristic of products that are mass-produced in a continuous fashion is that
a. the products are identical or very similar in nature.
b. they are grouped in batches.
c. they are produced at the time an order is received.
d. their costs are accumulated on job cost sheets.
4) A manufacturing company applies factory overhead based on direct labor hours. At the
beginning of the year, it estimated that factory overhead costs would be $360,000 and
direct labor hours would be 45,000. Actual factory overhead costs incurred were
$377,200, and actual direct labor hours were 47,000. What is the amount of
overapplied or underapplied manufacturing overhead at the end of the year?
5) Which of the following would most likely use a job order costing system?
a.A paper mill
b. A swimming pool installer
c.A company that manufactures chlorine for swimming pools
d.An oil refinery
6) Which of the following is a true statement about process cost systems?
a. In process cost systems, costs are accumulated but not assigned.
b. A process cost system has one work in process account for each department
c. In process cost systems, costs are summarized on job cost sheets.
d. Unit costs are not computed in process cost systems.
7) When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is
a. Finished Goods Inventory
b. Work In Process Inventory
c. Raw Materials Inventory
Work In Process Inventory
d. Finished Goods Inventory
Work In Process Inventory
8) The three categories of manufacturing costs comprising the cost of work in process are direct
labor, direct materials, and:
a. indirect expenses
c.sales salaries expense
9) Which of the following would be accounted for using a job order cost system?
a. The production of personal computers.
b. The production of automobiles.
c. The refining of petroleum.
d. The construction of a new campus building.
10) In 2011, Masset sold 3,000 units at $300 each. Variable expenses were $210 per unit, and fixed expenses were $120,000. What was Masset's 2011 net income?