1. What is the receiving report?

is the list of materials needed for each step in the production cycle.

certifies quantities received and reports results of inspection and testing.

informs the purchasing agent of the quantity and kind of materials needed.

contracts for quantities to be delivered.

2. How is the sale of scrap from a manufacturing process is recorded?

Decrease in manufacturing overhead control.

Increase in manufacturing overhead control

Decrease in finished goods control

Increased in finished goods control

3. If the 500 defective chairs (normal spoilage) were repaired and management wanted to be sure the incremental costs did not exceed the cost of producing new units, the rework costs would be accounted for:

As normal materials, labor and overhead.

Charged to those belts repaired.

Expensed as extraordinary.

Charged to overhead and spread over the costs of all products.

4. What do you call the document that is used to secure information as to the type of work performed?

labor voucher

time ticket

clock card

requisition report

5. What is an example of labor-related costs is?

bonus pay

factory labor

fringe benefits

operating expense

6. In a job-order costing system, where should the cost incurred to rework unit that are common to all jobs be debited to?

Materials

Work in Process

Manufacturing Overhead Applied

Manufacturing Overhead

7. In a job-order costing system, where should the recovery value of scrap that is significant in economic value, abnormal and due to the nature of particular jobs be credited to?

Materials

Work in Process

Manufacturing Overhead

Loss from Abnormal Spoilage

8. Ben Corporation manufactures tables to the exact specifications of various customers. During April 2020, Job 304 for the production of 1,100 units was completed at the following costs per unit:

Direct materials - $10.00

Direct labor - 8.00

Applied factory overhead - 12.00

Total - $30.00

Final inspection of Job 304 disclosed 59 defective units and 100 spoiled units. The defective units were reworked at a total cost of $500, and the spoiled units were sold to an employee for $1,500.

a. How much is the unit cost of the good units produced on Job 304?

b. If the spoilage is attributable to Job 101 only, how much is the unit selling price of the good units?

9. The following information refers to the earnings of JM for the week ended June 15, 2020:

Hours and rate - 42 hours worked at $40/hr

Earnings to date - $14.00

Overtime rate - 1 and 1/2 times the regular rate for hours worked in excess of 40 hours

Withholding tax - 3% of gross earnings

SSS contributions - 2% of gross earnings

PhilHealth contributions - 1% of gross earnings

PAGIBIG contributions - 1% of gross earnings

How much is the net pay for JM for the week?

10. Merly Corporation which uses the periodic inventory system showed the following transactions during the month of May:

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Date Units Purchased Units Cost Units Issued May 1 (Beg. Inv.) 10 15 May 5 20 20 May 15 15 May 19 10 May 24 15 18 May 30 15 Date Units Purchased Units Cost Units Issued May 1 (Beg. Inv.) 10 15 May 5 20 20 May 15 15 May 19 10 May 24 15 18 May 30 15