In a job-order costing system, the subsidiary accounts for the Work in Process Inventory account are the: Multiple Choice 0 Standard cost cards. 0 Job cost sheets. 0 Individual Accounts Payable accounts. 0 Cost of production report. Burke Company produced 9,700 units of inventory and sold 7,700 of them. The company incurred the following production costs: Variable manufacturing cost: $6.85 per unit Fixed manufacturing overhead cost: $44,620 Assuming the company sells its product at a price of $33 per unit, and incurred $13,600 in selling and administrative costs, what is the amount of net income under absorption costing? Multiple Choice $164,335 $140,335 $150,335 $152,335 Product costs are expensed as cost of goods sold: Multiple Choice O when production is complete. O at the start of production. O when the related products are sold. O when the related revenue is collected. Select the incorrect statement regarding service companies. Multiple Choice 0 Service companies do not maintain a Finished Goods Inventory account. 0 Service companies accumulate their service costs in a Work in Process Inventory account similar to manufacturers. 0 Service companies may have raw material costs. 0 Understanding the cost of providing a service is just as important as knowing the cost of making a product. Ringgold Company experienced an event that affected its financial statements as indicated below: = Liabilities + Equity Revenue - Expense = Net income Assets Manufacturing 1 Work in process overhead 1. inventory (1,200) + 1,200 n/a + n/a n/a - n/a = n/a Which of the following accounting events caused the indicated effects on the company's accounting equation? Cooper Manufacturing is currently working on two jobs. The job order cost sheets for Job 101 and Job 102 showed the following information: Direct Materials Direct labor Job 101 $ 20,500 32,500 Job 102 $23,500 53,500 If overhead is applied to jobs at $0.45 per direct labor dollar, the overhead applied to the two jobs would be: Needham Company uses a job-order costing system. During the month of September, the company worked on three jobs. The job-order cost sheets for the three jobs contained the following information at the end of September: Beginning Balances Direct Materials Direct Labor Job A $4,800 1,800 3,200 Job B $3,800 2,400 5,400 Job C $6,800 2,800 2,600 The company applies overhead at 100% of direct labor cost. The total cost of Job A at the end of September was: Kidd Company uses a process costing system and the weighted average method. The company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started. At the end of the period there were 1,500 units of product in the Work in Process account. The ending work in process inventory was estimated to be 30% complete. The beginning work in process inventory had a balance of $4,000. Product costs totaling $84,000 were added to work in process during the period. The amount of cost in ending work in process inventory is: Multiple Choice 0 $33,600. 0 $48,000. 0 $14,400. 0 $8,400. O'Hare Company is a manufacturing firm that uses a job-order costing system to determine the costs of its products. During the current accounting period, O'Hare paid $2,100 to production employees who worked on Job #132. The entry to record these wages would include an increase to which of the following accounts? Multiple Choice ) Cost of Goods Sold. O Work in Process Inventory. O Finished Goods Inventory. O Wage Expense. O