Question
9. Unrecoverable past costs are always irrelevant in evaluating future business decision alternatives. True False 10. The manufacturing operation most likely to use job-order costing
9.
Unrecoverable past costs are always irrelevant in evaluating future business decision alternatives.
True
False
10.
The manufacturing operation most likely to use job-order costing rather than process costing is:
cereal manufacturing.
candy manufacturing.
crude oil refining.
office building construction.
11.
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Option A
Finished Goods Inventory
xx
Raw Materials Inventory
xx
Option B
Raw Materials Inventory
xx
Work in Process Inventory
xx
Option C
Work in Process Inventory
xx
Raw Materials Inventory
xx
Option D
Raw Materials Inventory
xx
Finished Goods Inventory
xx
Option A
Option B
Option C
Option D
None of these
12.
In a job order cost system, work-in-process inventory is debited when
actual manufacturing overhead is incurred.
raw materials are purchased.
direct labor costs are incurred.
actual manufacturing overhead and direct labor costs are incurred.
all of the these.
13.
In a job-order cost system, direct materials requisitioned and introduced into production are recorded with a debit to
Manufacturing Overhead.
Finished Goods Inventory.
Direct Labor Expense.
Work-in-Process Inventory.
none of these.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started