Requisitions of indirect materials are not recorded enjab test sheets. 31 True or False Control is the process of setting goals and making plans to achieve them. 32 True or False 8 03:04:06 True FalseWhich of the following is not a feature of job order production? 33 Multiple Choice 03:03:54 O Custom orders. O Diverse products and services. O High product flexibility. O High production volume. O Low standardization.A system of accounting for production operations that provides managers with information to control costs and set selling prices is called a(n): 34 Multiple Choice 8 03:03:42 O Cost accounting system. O Production accounting system. O Manufacturing accounting system. O Finished goods accounting system. O General accounting system.35 Lowden Company uses job order costing and applies overhead to each job at the rate of 160% of direct materials cost. During the current period, direct labor cost is $50,000 and direct materials cost is $80,000. How much overhead cost should Lowden Company apply in the current period? 03:03:31 Multiple Choice O $128,000 O $80,000. O $50,000. O $31,250. O $208,000.Which of the following items appears only in a manufacturing company's nancial statements? 36 Multiple Choice 2 03303.14 0 Inventory. Cost of goods sold. Gross profit. Cost of goods manufactured. 0000 Net income. The Mo basic types of cost accounting systems are: 37 Multiple Choice 2 010101] 0 Job order costing and periodic costing. Job order costing and process costing. Job order costing and customized service costing. Job order costing and perpetual costing. O O O 0 Job order costing and customized product costing. Control is the process of monitoring and evaluating an organization's activities and employees. 38 True or False A document in a job order costing system that is a cost record maintained for each job is known as a(n): 39 Multiple Choice X 03:02:40 O Job cost sheet. O Process cost system. O Units-of-production sheet. O Finished goods summary. O Job lot.The total costs onjob cost sheets forjobs that are not yet completed equals the balance in the Finished Goods Inventory account. 40 True or False ' True I | False ' Mesa Curpnration allocates overhead to production an the basis of direct labor costs, Mesa's total estimated nverhead is $450,000 and estimated direct labnr is $180,000, Determine the amount of overhead applied 41 to a job which used $20000 Di'direct labor, Multiple Choice 0 58.000. $70,000 $90,000 $50,000 $20,000 0000 Period costs are production costs that are linked to specific products. 42 True or False Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation used $2,500 of direct materials and used $4,000 of direct labor. The job was not finished in September. An 43 additional $3,000 of direct materials and $6,500 of direct labor were needed to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the total cost of the job when it is completed in October? 03:01:50 Multiple Choice O $32,000 O $37,000 O $16,000 O $26,500 O $22,500Cost accounting systems are used to: 44 Multiple Choice 03:01:33 O Accumulate production costs and assign them to Raw Materials Inventory. O Analyze efficiency and effectiveness of inventory management. O Accumulate production costs and assign them to products or services. O Accumulate period cost and assign them to products or services. O Accumulate production and period costs and assign them to products or services.Both financial and managerial accounting report monetary information; managerial accounting also reports some nonmonetary information. 45 Tme or False ' True ' ' False ' 46 E9 The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending ran.I materials inventory dyertising expense The amount of raw materials used in production for the year is: Multiple Choice 0 O O O O WEED 0. $38,400. $39,211:}. $38,61U. $31200. $ 11,999 8?,883 11,333 319 A company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Work in Process Inventory. 47 True or False ' True ' ' False ' Justintime manufacturing [JIT}| is a system that acquires inventory and produces only when needed- 48 True or False Mango Company applies overhead based on direct labor costs. Forthe current year, Mango Company estimated total overhead costs to be $300,000, and d'lrect labor costs to be $150,000. Actual overhead costs for 4 9 the year totaled $330,000, and actual dlrect labor costs totaled $170,000, At year-end, the balance in the Factory Overhead account is a: g 0101135 Multiple Choice 0 $10,000 Debit balance $170,000 Debit balance. $340,000 Credit balance, $330,000 Deblt balance. $10,000 Credit balance, OOOO Predetermined overhead rates are calculated at the end of the accounting period once the actual amount of factory overhead is known. 50 Tme or False True False