Accounts

Submitted By jimmy2121
Words 3291
Pages 14
1.) Costs assigned to the building of a house should appear on the income statement when
| 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. | 2.) The basic document for keeping track of costs in a job order costing system is a
| a. | labor time card. | | b. | job order cost card. | | c. | process cost report. | | d. | materials requisition form. | 3.) 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?
| a. | \$70,000 | | b. | \$120,000 | | c. | \$72,400 | | d. | \$35,100 | 4.) Unit costs for each job are computed by dividing
| 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. | 5.) The _________ provide(s) the most direct means of calculating unit costs for a job.
| a. | job order cost card | | b. | general ledger | | c. | Finished Goods Inventory account | | d. | Overhead and Work in Process Inventory accounts | 6.) The following information is available at the end of the period for the completed...

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