When a job costing $$5,000$ is completed, the following journal entry is made:

Group of answer choices

Finished Goods $5,000$

Cost of Goods Sold $5,000$

Cost of Goods Sold $5,000$

Finished Goods $5,000$

Work$-$in$-$Process $5,000$

Finished Goods $5,000$

Finished Goods $5,000$

Work$-$in$-$Process $5,000$

Cost of Goods Sold $5,000$

Sales $5,000$

Flag question: Question $2$

Question $21$ pts

Which of the following statements describes a characteristic of overhead costs?

Group of answer choices

Overhead costs are distorted due to uneven production from period to period.

Overhead costs have a direct relationship with units produced like direct materials.

High production in a month leads to high unit overhead costs.

All of these are correct.

None of these are correct.

Flag question: Question $3$

Question $31$ pts

At the beginning of the year, Wilson Company estimated the following:

Overhead

$$360,000$

Direct labor hours

$60,000$ hrs$.$

$$

Wilson used normal costing and applies overhead on the basis of direct labor hours. For the month of September, direct labor hours equaled $9,350$ and actual overhead equaled $$46,750.$

Calculate the overhead applied to production in September.

Group of answer choices

$$56,100$

$$30,000$

$$46,750$

$$5$ per direct labor hour

None of these.

Flag question: Question $4$

Question $41$ pts

Jack$$s Water Slides makes custom water slides for hotels. On October $1,$ there were three jobs in process: Jobs $812,813,$ and $814.$ Two more jobs were started during October: Jobs $815$ and $816.$ By October $31,$ Jobs $812,814,$ and $816$ were finished. The following data has been collected:

$$

Job $812$

Job $813$

Job $814$

Job $815$

Job $816$

$10/1$ Balance $($BWIP$)$

$$500$

$$900$

$$780$

$---$

$---$

Direct materials

$400$

$270$

$1,140$

$$300$

$$300$

Direct labor

$300$

$180$

$600$

$400$

$800$

$$

Overhead is applied at the rate of $110\%$ of direct labor cost. Jobs are sold at cost plus $50\%.$ Selling and administrative expenses for October totaled $$3,000.$ By October $31,$ Jobs $812$ and $816$ are sold, but the customer who ordered Job $814$ decided he did not want the slide, so it is still in the warehouse.$$

$$

What is the selling price of Job $816?$

Group of answer choices

$$4,000$

$$2,000$

$$1,800$

$$2,970$

$$0,$ it is not completed yet.

Flag question: Question $5$

Question $51$ pts

Megan Company uses job$-$order costing. At the end of the month, the following data was gathered:

Job #

Total Cost

Complete?

Sold?

$803$

$$500$

yes

yes

$804$

$200$

yes

no

$805$

$900$

no

no

$806$

$600$

yes

yes

$807$

$400$

yes

no

$808$

$330$

no

no

$809$

$600$

yes

yes

$810$

$680$

yes

no

$811$

$225$

no

no

$812$

$440$

no

no

$$Megan$$s selling price is cost plus $40\%$ for each of its products.

$$

What is Cost of Goods Sold for the month?

Group of answer choices

$$1,700$

$$1,200$

$$1,300$

$$1,430$

$$2,220$

Flag question: Question $6$

Question $61$ pts

If the overhead variance is immaterial, it is allocated among the ending balances of Work in Process, Finished Goods, and Cost of Goods Sold.

Group of answer choices

True

False

Flag question: Question $7$

Question $71$ pts

Which of the following is not true about job$-$order costing?

Group of answer choices

It is used in firms that produce homogeneous products.

The cost of each job is accumulated on the job$-$order cost sheet.

The key document for accumulating manufacturing costs is the job$-$order cost sheet.

All of these are correct.

None of these are correct.

Flag question: Question $8$

Question $81$ pts

The cost of goods sold before an adjustment for an overhead variance is called $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Flag question: Question $9$

Question $91$ pts

Which of the following is false about actual overhead while using normal costing?

Group of answer choices

Actual overhead is recorded to the overhead control account during the period.

If the actual overhead is greater than the applied overhead then the overhead is underapplied

Overhead variance is the difference between actual overhead and applied overhead.

It is divided into many smaller accounts such as indirect labor, supplies, etc.

None of these.

Flag question: Question $10$

Question $101$ pts

Wright Corporation had the following information available for December of the current year:

Work in process, December $1$

$$20,000$

Materials placed into production, December

$27,500$

Direct labor, December

$37,500$

$$

Plantwide overhead rate is $150\%$ of direct labor costs. Job cost sheets had the following balances:

Job Z$1$

$$32,500$

Job Z$2$

$55,000$

Job Z$3$

$35,000$