24) Comet Company accumulated the following account information for the year. Beginning raw materials inventory Indirect materials cost Indirect labor cost Maintenance of factory equipment Direct labor cost S 6,000 2,000 5,000 2,800 7.000 Using the above information, total factory overhead costs equal: A) $9,800. B) $16,800. C) $15,800. D) $13,000. E) $7,800. 25) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation Direct labor $ 16,000 4,000 8,500 12,800 37.000 Using the above information. total factory overhead costs equal: A) $78,300. B) $25,300. C) $12.800. D) $16.800. E) $53.000. 26) Service firms cannot use job order costing for determining a selling price for their services. A) True B) False 27) Job order costing applies to manufacturing firms only and not to service firms. A) True B) False 28) The cost of all direct materials issued to production is debited to Work in Process Inventory A) True B) False 29) A materials requisition is a source document used by production managers to request materials for production and also used to assign materials costs to specific jobs or to overhead, A) True B) False 30) Requisitions of indirect materials are not recorded on job cost sheets. A) True B) False 31) A job cost sheet shows information about each of the following items except: A) The direct labor costs assigned to the job. B) The name of the customer. C) The costs incurred by the marketing department in selling the job. D) The overhead costs assigned to the job. E) The direct materials costs assigned to the job. 32) The job order cost sheets used by Greene Company revealed the following: Job. No. 134 135 136 Bal., May 1 $ 1,700 1.200 May Production Costs $ 0 300 900 Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the balance of Work in Process inventory on May 31? A) $3,200; $900. B) $2.900: $1,200. C) $1,200; $2,900. D) $1,700: $1,200. E) $4,100; $0. was ordered by a cas 500 of direct manded an addition company app the balance end of September, but ob in October. incurred. Wh 33) Job A3B was ordered by a customer on September 25. During the me Jaycee Corporation requisitioned $2.500 of direct materials and used $4,0 stomer on September 25. During the month of September, job was not finished by the end of September, but needed an additional $3.00 ed $2,500 of direct materials and used $4,000 of direct labor. The and additional direct labor of $6,500 to finish the job in October. The company app September, but needed an additional $3.000 of direct materials nish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the in the Work in Process account at the end of September relative to Job A3B7 A) $5,500 B) $11,500 C) $6,500 D) $9,500 E) $14,500 34) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2.500 of direct materials and used $4,000 of direct labor. The job was not finished by the end of September, but needed an additional $3,000 of direct materials and additional direct labor of $6.500 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the total cost of the job when it is completed in October? A) $16,000 B) $22,500 C) $37,000 D) $26,500 E) $32,000 35) Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,500 of direct materials and used $4,000 of direct labor. The job was not finished by the end of September, but needed an additional $3,000 of direct materials in October and additional direct labor of $6,500 to finish the job. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October? A) $16,000 B) $22,500 C) $37.000 D) $26,500 E) $32,000 36) A job cost sheet includes: A) Direct materials, direct labor, and operating costs. B) Direct materials, estimated overhead, and administrative costs. C) Direct labor, actual overhead, and selling costs. D) Direct material, direct labor, and applied overhead. E) Direct materials, direct labor, and selling costs. 37) The balance in the Work in Process Inventory at any point in time equals A) the costs for jobs finished during the period but not yet sold. B) the manufacturing cost of jobs ordered but not yet started into production. C) the sum of the manufacturing costs for all jobs in process but not yet completed D) the manufacturing costs of all jobs started during the period, completed or not. E) the sum of the materials, labor and overhead costs paid during the period. 38) The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,400 and direct labor cost of $800. Therefore, the amount of applied overhead is: A) $1,800. B) $2.200. C) $1.000. D) $800. E) $2,400. 39) The Work in Process Inventory account of a manufacturing company has a $4,400 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $2.000 and direct labor cost of $800. Therefore, the company's predetermined overhead rate is: A) 40% of direct labor cost. B) 50% of direct labor cost. C) 80% of direct labor cost. D) 200% of direct labor cost. E) 300% of direct labor cost. 40) A perpetual record of a raw materials item that records data on the quantity and cost of units purchased, units issued for use in production, and units that remain in the raw materials inventory, is called a(n): A) Materials ledger card. B) Materials requisition. C) Purchase order. D) Materials voucher. E) Purchase ledger