Question 1<\/p>
A job order costing system is most likely used by which of the following?<\/p>
<\/p>
a pet food manufacturer<\/p>
<\/p>
an accounting firm specializing in tax returns<\/p>
<\/p>
a paper manufacturing company<\/p>
<\/p>
a stereo manufacturing company<\/p>
<\/p>
<\/p>
Question 2<\/p>
Which of the following is a conversion cost?<\/p>
<\/p>
direct materials<\/p>
<\/p>
raw matrials<\/p>
<\/p>
administrative expenses<\/p>
<\/p>
factory depreciation expenses<\/p>
<\/p>
<\/p>
Question 3<\/p>
Which document lists the inventory that will be removed from the raw materials inventory?<\/p>
<\/p>
materials requisition form<\/p>
<\/p>
purchase order<\/p>
<\/p>
job cost sheet<\/p>
<\/p>
receiving document<\/p>
<\/p>
<\/p>
Question 4<\/p>
Which document lists the total direct materials used in a specific job?<\/p>
<\/p>
receiving document<\/p>
<\/p>
job cost sheet<\/p>
<\/p>
purchase order<\/p>
<\/p>
materials requisition form<\/p>
<\/p>
<\/p>
Question 5<\/p>
Assigning indirect costs to specific jobs is completed by which of the following?<\/p>
<\/p>
using the predetermined overhead rate<\/p>
<\/p>
applying the indirect labor to the work in process inventory<\/p>
<\/p>
applying the costs to manufacturing overhead<\/p>
<\/p>
using the manufacturing costs incurred<\/p>
<\/p>
<\/p>
Question 6<\/p>
In a job order cost system, raw materials purchased are debited to which account?<\/p>
<\/p>
work in process inventory<\/p>
<\/p>
finished goods inventory<\/p>
<\/p>
raw materials inventory<\/p>
<\/p>
cost of goods sold<\/p>
<\/p>
<\/p>
Question 7<\/p>
In a job order cost system, factory wage expense is debited to which account?<\/p>
<\/p>
raw materials inventory<\/p>
<\/p>
cost of goods sold<\/p>
<\/p>
finished goods inventory<\/p>
<\/p>
work in process inventory<\/p>
<\/p>
______________________________________________________________<\/p>
<\/p>
Question 8<\/p>
A process costing system is most likely used by which of the following?<\/p>
<\/p>
an accounting firm specializing in tax returns<\/p>
<\/p>
airplane manufacturing<\/p>
<\/p>
a paper manufacturing company<\/p>
<\/p>
a hospital<\/p>
<\/p>
<\/p>
Question 9<\/p>
Which of the following is a conversion cost?<\/p>
<\/p>
sales commissions<\/p>
<\/p>
direct labor<\/p>
<\/p>
raw materials<\/p>
<\/p>
direct material used<\/p>
<\/p>
<\/p>
Question 10<\/p>
Which isnot<\/strong>needed to compute equivalent units of production?<\/p> <\/p> the material cost per unit<\/p> <\/p> the number of units transfered out<\/p> <\/p> the percentage of completion for inventory still in process<\/p> <\/p> the number of units started and completed<\/p> <\/p> <\/p> Question 11<\/p> What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000?<\/p> <\/p> $50,000<\/p> <\/p> $16,000<\/p> <\/p> $120,000<\/p> <\/p> $103,000<\/p> <\/p> <\/p> Question 12<\/p> Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory?<\/p> <\/p> $1,000<\/p> <\/p> $130,000<\/p> <\/p> $13,000<\/p> <\/p> $20,000<\/p> <\/p> <\/p> Question 13<\/p> The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production. How many were transferred out the next department?<\/p> [Suggestion:insert information given in the question and do the math to solve:<\/p> Beginning Inventory_____________________<\/p> Started in Production______________________<\/p> Units to account for______________________<\/p> Transferred out_______________________<\/p> Ending inventory_______________________]<\/p> <\/p> <\/p> 750<\/p> <\/p> 1,350<\/p> <\/p> 10,250<\/p> <\/p> 8,900<\/p> <\/p> <\/p> Question 14<\/p> The costs to be accounted for consist of which of the following?<\/p> <\/p> costs in the beginning inventory and costs added during the period<\/p> <\/p> costs of the units in ending inventory<\/p> <\/p> costs added during the period<\/p> <\/p> costs started and transferred during the period<\/p>",
"transcribed_text": "",
"related_book": {
"title": "Core Macroeconomics",
"isbn": "978-1429278478, 1429278471, 978-1429278492, 1429278498, 1464191433, 978-1464191435",
"edition": "3rd edition",
"authors": "Eric Chiang",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/648.jpg",
"uri": "\/textbooks\/core-macroeconomics-3rd-edition-648",
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"edition": "1st Edition"
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"question_posted": "2024-06-28 09:16:38",
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