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business
cost accounting

Questions and Answers of Cost Accounting

Post direct labor costs from the analysis of time tickets to job cost sheets.LO.1
Post indirect labor costs from the analysis of time tickets and the analysis of semimonthly payroll to appropriate departmental overhead analysis sheets.LO.1
Determine wages unpaid at the end of the accounting period.LO.1
Prepare the monthly summary of factory wages.LO.1
Prepare the entry to transfer direct and indirect labor costs to production.LO.1
Determine and record the flow of costs into and out of the Factory Payroll Clearing account.LO.1
Determine and record the various payroll taxes levied against the employer and the employer's costs for fringe benefits.LO.1
Marshall, a custodian for Safeway, Co., did not complete a time ticket for the week ending Jan.LO.1
How should his time be recorded?LO.1
The last day of the fiscal period is Tuesday, March 31, 19X9, but the last pay date for the month was Thursday, March LO.1
What actions should you take?LO.1
Calculate the employer's payroll taxes from the following data:Gross Wages: 683,879 Taxable wages for Social Security: 623,975 Taxable wages for Medicare 683,879 Taxable wages for FUTA and SUTA
Record the general journal entry needed to recognize the payroll tax liability.LO.1
How do time cards differ from time tickets?LO.1
What types of data are found on the weekly analysis of the time tickets?LO.1
What are some causes of idle time? How should long periods of idle time be recorded?LO.1
To what subsidiary records are direct labor costs and indirect labor costs posted?LO.1
What general ledger account is debited for direct labor costs?LO.1
What account is debited for indirect labor costs?LO.1
How does an analysis of time tickets differ from a summary of factory wages?LO.1
At the end of the month, after all postings are made, the Factory Payroll Clearing account has a $6,190 credit balance. What does this credit balance represent, and where is it shown on the financial
List the four payroll taxes incurred by employers.What general ledger account is charged with the total employer's payroll taxes liability incurred on the wages of factory employees?LO.1
What are fringe benefits? How are they typically accounted for?LO.1
What uses are made of data obtained from time tickets?LO.1
Why should management analyze idle time?LO.1
What effect would the omission of recording unpaid wages at the end of the month have on the financial statements for a manufacturer?What problems would this omission cause management?LO.1
Discuss two ways in which a manufacturing firm can allocate payroll taxes to factory departments.LO.1
What problems might management face in attempting to assign payroll taxes and fringe benefit costs to specific jobs?LO.1
What uses can management make of the data concerning hours and the amount of direct labor costs recorded on the job cost sheet?LO.1
At the end of the month, after all postings have been made, the Factory Payroll Clearing account would typically have a credit balance. What would a zero balance indicate? What would a debit balance
Calculate the balance of the Factory Payroll Clearing account.(Obj. 8). At tJie Norris Company, the Factory Payroll Clearing account shows debits totaling S254,690 made during the month and a credit
Distribute wages earned. (Obj. 7). Record the general journal entry for Casco Metals Inc. to distribute the following wages eeu-ned during the month of November: direct labor, $178,348; indirect
Classify and record manufacturing overhead costs by department to achieve control of overhead costs. LO.1
Prepare the journal entry to record monthly fixed overhead charges. LO.1
Compute the basis for allocation of service department costs. LO.1
Prepare a worksheet to prorate service department costs to other service departments and to the production departments. LO.1
Prepare journal entries to record the distribution of overhead costs. LO.1
Identify the sources of the amounts that are posted to departmental over- head analysis sheets. LO.1
List typical monthly fixed overhead charges that occur in a manufacturing business. LO.1
Why is it necessary to allocate service department overhead costs to pro- ducing departments? LO.1
After all the entries to record the distribution of overhead costs have been posted to the general ledger, the balances of the producing departments' overhead accounts will be equal to the debits
If a company establishes a single manufacturing overhead control account, what two forms can be used for the subsidiary ledger accounts? LO.1
What is a distribution memorandum? LO.1
In preparing a distribution memorandum. Panorama Windows, Inc., used an account distribution code. What two items are included in this code? LO.1
Do all manufacturing overhead costs require a cash payment?Explain. LO.1
What are the sources of postings to the departmental overhead analysis sheets? LO.1
What are typical fixed costs that occur in a factory? LO.1
What is a schedule of departmental overhead costs? When is it prepared? LO.1
What do the debit postings in a Manufacturing Overhead Control account represent? LO.1
To what departments are service department overhead costs distributed?Why? LO.1
What is the purpose of a worksheet for prorating service department costs? LO.1
Why are special departmental overhead accounts established at the end of the month in the general ledger? LO.1
At the end of the month, the total of the departmental overhead analysis sheets should equal the balance of what account? LO.1
What is the advantage to management in having manufacturing overhead costs departmentalized? LO.1
If management is reviewing the overhead costs of a department, which of the costs listed under Other Manufacturing Overhead on page 166 would be most likely to merit close attention? Why? LO.1
Should management rely on allocated overhead costs from service departments in considering the efficiency of producing departments?Explain. LO.1
To what extent would the head of a production department be accountable to management for the cost of equipment depreciation?Explain. LO.1
Why should management have the costs of service departments distributed to producing departments? LO.1
Describe the two methods of establishing overhead control accounts in the general ledger. LO.1
Allocate manufacturing overhead costs. (Obj. 3). The Raider Manufacturing Company received an invoice for $34,230 for repairs.The allocation is as follows: 60 percent of the repairs were performed in
Record manufacturing overhead costs. (Obj. 5). For the month of May 19X9, the depreciation expense for the factory building was$21,700, the depreciation expense for factory machinery and equipment
Select the basis for manufacturing cost allocation. (Obj. 3).The Gracie Dish Corporation allocates Building Services Department overhead on the basis of the amount of floor space occupied by each
Select the basis for manufacturing cost allocation. (Obj. 3).The Fun Toy Corporation allocates the General Factory Department overhead on the basis of direct labor costs incurred by each producing
Record the allocation of manufacturing overhead. (Obj. 5). The departmental overhead analysis sheets of Bridgeville Metal, Inc., for the month of August showed the following overhead amounts:Cutting
Explain the purpose and theory of overhead application rates.LO.1
Explain the considerations involved in selecting the period and basis and in determining whether single or departmental rates should be used in allocating overhead costs.LO.1
Compute overhead application rates using a number of different bases.LO.1
Prepare the worksheet for prorating estimated service department overhead to producing departments.LO.1
Calculate the amounts of manufacturing overhead to be applied to specific jobs.LO.1
Name common bases used to determine overhead application rates. What bases are most widely used?LO.1
What period of time is used to determine an overhead application rate?LO.1
Buffet Corporation has annual manufacturing overhead costs of $70,000.Using the following data, calculate overhead application rates based on machine hours, direct labor costs, and direct labor
What is the purpose of using predetermined manufacturing overhead rates?LO.1
List two factors that affect the setting of manufacturing overhead rates.LO.1
What are the five most common bases used in establishing manufacturing overhead rates?LO.1
Which of these five bases is used most often? Why?LO.1
Why is the materials costs basis rarely used?LO.1
What is the major limitation in using the units of production basis or manufacturing overhead rates?LO.1
How is the overhead application rate calculated under the machine hours basis?LO.1
What calculation is used when determining the overhead application rate under the direct labor hours method? The direct labor costs method?LO.1
In selecting a basis for manufacturing overhead rates, what are four guidelines that should be followed?LO.1
Why are individual departmental overhead rates often used rather than one single factorywide rate? What are the advantages to management in using departmental rates?LO.1
What basis should be used in calculating overhead rates in a business in which production volume varies greatly from year to year?Why?LO.1
Under what circumstances would you recommend to management that it use the machine hours basis for setting manufacturing overhead rates?LO.1
Calculate overhead rates. (Obj. 3). For the current year, 19X9, the estimated manufacturing overhead for the Preparing Department is$196,000. The estimated number of units of production is
Calculate overhead rates. (Obj. 3). Job 670 calls for 1,200 units to be produced. The estimate of manufacturing overhead for the year for the Cutting Department is $42,000. The company expects that
Calculate overhead rates. (Obj. 3). Using the data below, calculate the amount of manufacturing overhead to be applied to Job 792 for 460 units, if (a) the direct labor hours basis is used and (b)
Calculate overhead rates. (Obj. 3). The United Tailors Company used the direct labor costs basis in establishing overhead rates for its producing departments. For the year 19X9, the company estimated
Calculate overhead rates. (Obj. 3). Assume the same facts as in Exercise 9-4, except that the United Tailors Company uses the direct labor hours basis for overhead rates. Determine the rates for the
Prepare and record the accounting entries required in the job order cost cycle.LO.1
Complete a job cost sheet including the entries and cost calculations required on completion of a job.LO.1
Explain and illustrate the flow of work and accompanying flow of costs through job order manufacturing operations.LO.1
Explain and illustrate the roles and relationships of the three typical inventory accounts and their subsidiary records.LO.1
Prepare a statement of cost of goods manufactured and a related schedule of manufacturing overhead costs.LO.1
Prepare an income statement for a manufacturing concern.LO.1
What two amounts are recorded in the sales journal for all products sold by the company?LO.1
The total of the balances on the stock ledger cards is equal to the balance of which general ledger account?LO.1
What general ledger account is charged for the cost of jobs completed?Is the entry a debit or a credit to this account?LO.1
What information does a completed jobs journal provide? What is the source for entries in this journal? Describe a tj^ical entry.LO.1
Work in Process is a control account in the general ledger. The balances in what subsidiary records must equal the balance of this account?LO.1

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