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1. Which of the following journal entries correctly records the cost of the jobs delivered to a customer?

Dr. Cost of Goods Sold; Cr. Work in Process

Cr. Cost of Goods Sold; Dr. Finished Goods

Dr. Finished Goods; Cr. Cost of Goods Sold

Dr. Accounts Receivable; Cr. Finished Goods

None of the above

2. In general, idle time of direct laborer is classified as

Overhead

Direct labor

Period cost

Not accounted because nothing is produced

None of the above

3. Someone told Marco de Santos, president of D' Santos Company, that under-or overapplied manufacturing overhead can be allocated to three accounts. What are those three accounts:

Raw materials, Manufacturing overhead and Direct labor.

Raw materials, Finished goods, and Cost of goods sold.

Cost of goods sold, Work in process, Finished goods.

Cost of goods sold, Work in process, and Raw materials.

None of the above

4. Which of the following inventory method measures most closely the current cost of inventory?

FIFO

LIFO

Weighted average

Specific identification

5. How does the job order costing differs from process costing:

Most of journal entries that require debits and credits to WIP account are different

Subsidiary ledgers are necessary for WIP and FG for Job order costing

The procedure in applying overhead are different

Both the timing and nature of entries to transfer cost from WIP to FG are different