7) When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is

a. Finished Goods Inventory

Direct Materials

Direct Labor

Manufacturing Overhead

b. Work In Process Inventory

Direct Materials

Direct Labor

Manufacturing Overhead

c. Raw Materials Inventory

Work In Process Inventory

d. Finished Goods Inventory

Work In Process Inventory

8) The three categories of manufacturing costs comprising the cost of work in process are direct

labor, direct materials, and:

a. indirect expenses

b.direct expenses

c.sales salaries expense

d.factory overhead

9) Which of the following would be accounted for using a job order cost system?

a. The production of personal computers.

b. The production of automobiles.

c. The refining of petroleum.

d. The construction of a new campus building.

10) In 2011, Masset sold 3,000 units at $300 each. Variable expenses were $210 per unit, and fixed expenses were $120,000. What was Massets 2011 net income?

a. $150,000

b. $270,000

c. $630,000

d. $900,000