Match each of the following terms 1 to 9 (listed in alphabetical order) with the most appropriate
Question:
Match each of the following terms 1 to 9 (listed in alphabetical order) with the most appropriate description.
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Term 1. Cost of goods sold 2. Cost-plus contract 3. Employee time sheet 4. Finished Goods Inventory Subsidiary ledger 5. Job 6. Job order cost sheet 7. Material requisition form 8. Normal costing 9. WIP Inventory Subsidiary ledger Description a. Consists of costs of all completed jobs that have been sold/service provided to the customer. b. Schedule which indicates hours worked by job number. c. Process of applying overhead to a job using a predetermined overhead rate. d. A specific cost object, separately identifiable. e. Schedule showing the direct materials, direct labor, and overhead for a specific job. f. Account balances that sum to the total in the work in process inventory control account of the general ledger. g. Schedule which supports the shift of costs from the account Raw Materials to the account Work in Process. h. identifies cost of each completed job that has not sold. i. Price-setting based upon a designated profit level plus direct costs and some indirect costs.
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Related Book For
Cost Accounting Foundations And Evolutions
ISBN: 9781618533531
10th Edition
Authors: Amie Dragoo, Michael Kinney, Cecily Raiborn
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