Southern Industries uses job order costing. The following information was drawn from the Company's monthly accounting repo 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 $259 $98 Bob's Boat Manufacturing Company (BBMC) builds custom sailboats. BBMC accumulates cost using a job order cost system and a overhead based on direct labor hours. At the beginning of the year, the company estimated that it would incur $1 , 099 , 150 of overh and use 123,500 direct labor hours during the year. BBMC started and completed two sailboats during the current month. The follo 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. 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 Multiple Choice job cost sheet. transfer-in cost report. variance report. All of the choices show titles that are used to describe the document that contain all of the product costs associated with Two primary source documents, materials requisition forms and work tickets, provide the information that is recorded on the j sheet. This statement is Multiple Choice true. false. Landscape Designs uses a job order cost system to account for each project it accepts. Recently, the Company sold one of projects 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. an increase in a Finished Goods Inventorv account and a decrease in the Cost of Goods Sold account. Landscape Designs uses a job order cost system to account for each project it accepts. Recently, the Company sold one of projects 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. BC Manufacturing Company is currently working on two jobs. The job order cost sheets for Job 101 and Job 102 provide the fformation: MOL 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 102 is Multiple Choice $13 , 000 . $87 , 000 $27 , 000 . $40 , 000 Generally accepted managerial accounting principles require companies that use job order cost systems to close over underapplied overhead directly to the Cost of Goods Sold account at the end of each accounting period. This statemen Multiple Choice true. false. Transferred-in costs are most likely to be found in Multiple Choice process cost system. a job order cost system. a standard cost system. absorption 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. absorption 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 a product by averaging total costs over total units. A process system accumulates cost by departments. A process system is appropriate to use when a company produces homogeneous, low cost products. Cantor Company had 850 units of product in its Work in Process inventory at the beginning of the period. During the period Cal 4,800 additional units of product. At the end of the period Cantor had 750 units of product in the Work in Process inventory. Can estimated the ending Work in Process inventory was 40% complete. The beginning Work in Process inventory cost was $2 , 290 . added $268 , 000 of product costs to Work in Process during the period. What is the cost per equivalent unit? Note: Round your answer to the nearest whole dollar. Cantor Company had 850 units of product in its Work in Process inventory at the beginning of the period. During the period Canto 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 . Car added $268 , 000 of product costs to Work in Process during 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 dollar: Multiple Choice $39 , 000 $171 , 600 . $254 , 800 $15600 The computation of the cost per equivalent unit is explained in a Multiple Choice Materials Requisition Report. Transfer-in Cost Report. Job Order Cost Sheet. Cost of Production Report