A job order cost system would most likely be used Multiple Choice by a fast food restaurant. in manufacturing a smart phone. for an organ transplant operation. all of the above Blue Star Company has a different Work in Process account for each project under construction. Based on this information alone Blue using a Multiple Choice job order cost system. standard cost system. hybrid cost system. A company that makes paper cups would more likely use a process cost system than a job order cost system. This statement Multiple Choice true. false. Southern Industries uses job order costing. The following information was drawn from the Company's monthly accounting rep Southern applies overhead at the rate of 100% of direct labor costs. By the end of the month, both Job 1 and Job 2 had been comp sold. Job 3 was still in process. At month-end, what was the balance in the Work in Process inventory? Multiple Choice $71 $469 Which of the following items would not appear on a job cost sheet? Multiple Choice Labor costs. Date that a job is expected to be complete. The name of the customer. Departmentai supervisory cost. or Company has a Raw Materials Inventory account, a Work in Process Inventory account for a cutting department, a Work in Proce entory account for an assembly department and a Finished Goods Inventory account. Which of the following inventory systems is A ing? Multiple Choice Process cost system. Hybid cost system. Job orcher cosvsystem Which of the following statements is true with respect to a process cost system? Multiple Choice A process system is used primarily in service companies. A process system produces the unit cost of a product by specific identification. A process system is appropriate to use when a company produces homogeneous, low cost products. A process system is likely to be used in the shipbuilding industry. $469 $259 $98 Bob's Boat Manufacturing Company (BBMC) builds custom sailboats. BBMC accumulates cost using a job order cost system and appl overhead based on direct labor hours. At the beginning of the year, the company estimated that it would incur $1,099,150 of overhead and use 123,500 direct labor hours during the year. BBMC started and completed two sailboats during the current month. The following materials and labor costs were incurred during the month: Direct materials: $49,600 for Boat 1 and $33,100 for Boat 2 . Direct labor: $64,600 (7,450 hours) for Boat 1 and $29,500 (3,550 hours) for Boat 2 . If actual overhead costs were $98,300, overhead would have been Note: Do not round your intermediate calculations. Multiple Choice overapplied by $18,300. Bob's Boat Manufacturing Company (BBMC) builds custom sailboats. BBMC accumulates cost using a job order cost system and ap overhead based on direct labor hours. At the beginning of the year, the company estimated that it would incur $1,099,150 of overhea and use 123,500 direct labor hours during the year. BBMC started and completed two sailboats during the current month. The followi materials and labor costs were incurred during the month: Direct materials: $49,600 for Boat 1 and $33,100 for Boat 2 . Direct labor: $64,600 (7,450 hours) for Boat 1 and $29,500 (3,550 hours) for Boat 2 . If actual overhead costs were $98,300, overhead would have been Note: Do not round your intermediate calculations. Multiple Choice overapplied by $18,300. Overapplied by $18,300 overapplied by $400. underapplied by $18.300 underapplied by $400 In a job-order costing system product costs for each individual job are accumulated on a Muttiple Choice job cost sheet transterin cost report veitrice "epport Two primary source documents, materials requisition forms and work tickets, provide the information that is recorded on the job cost sheet. This statement is Multiple Choice true folse 1 Idscape Designs uses a job order cost system to account for each project it accepts. Recently, the Company sold one of its completed jjects to a homeowner. Among other effects, this event would cause Multiple Choice an increase in a Work in Process Inventory account and a decrease in the Finished Goods Inventory account. a decrease in a Finished Goods Inventory account and an increase in the Cost of Goods Sold account. a decrease in a Work in Process Inventory account and an increase in a Finished Goods Inventory account. ABC Manufacturing Company is currently working on two jobs. The job order cost sheets for Job 101 and Job 102 provide the following information: ABC applies overhead to jobs at 60% of direct labor cost. Job 102 is finished and has been sold for $100,000. ABC's gross margin on Job 102 is Multiple Choice $13,000. $87.000 Generally accepted managerial accounting principles require companies that use job order cost systems to close overapplied or underapplied overhead directly to the Cost of Goods Sold account at the end of each accounting period. This statement is Multiple Choice true. false. Transferred-in costs are most likely to be found in Multiple Choice process cost system. esoo: a job order cost system. a standard cost system. absorotion cost system Transferred-in costs are most likely to be found in Multiple Choice process cost system. a job order cost system. a standard cost system. absorotion cost system Which of the following statements is false with respect to a process cost system? Multiple Choice A process system produces the unit cost of o product by averaging total costs over tatel unita, A process sysem accumulates cost by departments A process system is appropriate to use when a company produces homogeneus, low cost products. A process swetem is likely to be used in the shipbuildina industiy Cantor Company had 850 units of product in its Work in Process inventory at the beginning of the period During the period Cantor start 4,800 additional units of product. At the end of the period Cantor had 750 units of product in the Work in Process inventory Cantor estimated the ending Work in Process inventory was 40% complete The beginning Work in Process inventory cost was $2.290 Cantor added $268,000 of product costs to Work in Process during the peried. What is the cost per equivalent unit? Note: Round your answer to the nearest whole dollar. Multiple Choice $52 $55 $60 Multiple Choice $52 $55 $60 None of the above Cantar Company had 850 units of product in its Work in Process inventory at the beginning of the period. During the period Cante 4800 additional uniss of product. At the end of the period Cantor had 750 units of procuct in the Work in Frocess invertony. Canty estimated the ending Work in Phocess inventony was 408 complete. The beginning Work in Process inventory cost was $2290. Ca acded \$268,000 of product costs to Whork in Frocess curing the period. What is the amount of cost that should be transferred out of Process? Note: Round cost per equivalent unit to the nearest whole dollsr. Mulite Qhaice sasoon. singeo. sastseo $39,000. $171,600. $254,800. $15,600. The computation of the cost per equivalent unit is explained in a Multrple Croice Menteras Requishion Repon Trencle in Cost heson bot orde Cust breet