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ACC 5361 ch 6 test 1

ACC 5361 TXst

QuestionAnswer
An automobile body shop will use job-order costing. false
Indirect materials are not assigned to a specific job but are included in manufacturing overhead false feedback. It is not practical to assign indirect materials to a specific job.
Overhead is applied to jobs using a predetermined overhead rate. T - Actual rates are not used to assign overhead.
When a job is started and materials worth $150 are issued to the job, this information is recorded in T - Once direct materials are issued for a job, the work-in-process account is increased
If a company applies overhead to jobs on the basis of a predetermined overhead rate, an unfavorable F -An unfavorable variance in overhead means that overhead charged for the period is less than
The same equivalent units figure is used for both materials and conversion costs in process costing F -Usually equivalent units used for materials and conversion costs are different because
Equivalent production expresses all activity of the period in terms of partially completed units. F - Equivalent production expresses all activity in terms of fully completed units
When units pass through more than one process, the units transferred from Department 1 equals the F - The units transferred from Department 1 equal the units started in Department 2
When units pass through more than one process, and the units transferred are transferred from T - The entry would include a debit to Work in Process - Department 2 and a credit to Work in
Department 3, the last processing department, receives goods produced in previous departments. F - The costs transferred to the department are treated as materials costs added at the beginning
When is job-order costing used? Wide variety of distinct products or services When products or services are homogeneous, process costing is used.
Which of the following serves as a subsidiary ledger to support work in process? job-order cost sheet - The subsidiary ledger to support work in process is the job-order cost sheet.
Ditwell Company has a predetermined overhead rate of $1.25 per direct labor hour. The actual direct labor cost of goods sold - The variance is $5 [(10,500 * $1.25) - $13,120], which is immaterial. Immaterial balances are
Loomis Company applies overhead to jobs on the basis of $15 per direct labor hour. If Job 983 shows $9,825 655 hours -Direct labor hours = $9,825/15 = 655 hours
The cost of production report provides information about the physical units processed by the department.
Assuming the balance in beginning work-in-process inventory was zero and the ending working process less than the units started in the period. -The equivalent units would be the 100% of the units completed plus 25% of the units in ending
The Lockhart Company uses the weighted average method. The beginning work in process consists of 10,000 103,000 -Equivalent units = 100,000 + (15,000 x 20,000) = 103,000
The Lockhart Company uses the weighted average method. The beginning work in process consists of 10,000 105,000 -Units started during the period = 100,000 + 15,000 - 10,000 = 105,000 units
Created by: buck56
 

 



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