Custom Written Essay on Costs and Manufacturing Overhead

By February 20, 2019Academic Papers
Custom Written Essay on Costs and Manufacturing Overhead
what is the formula for predetermined overhead rate
-estimated manufacturing overhead cost divided by estimated 
 
which of manufacturing overhead
-it can, it must be a manufacturing, indirect
 
labor costs that are easily traced to a job
-direct
 
which of indirect labor cost examples
-maintenance
 
into which of the companies classify manufacturing cost
-direct labor, manufacturing, direct, materials 
 
a factor that causes overhead costs is called
-cost driver
 
what kinds of costs are assigned to units of product in absorption costing -variable manufacturing, fixed manufacturing 
 
a journal entry that debits raw materials and credits accounts payable is recording the -purchase of materials
 
put the steps for calculating direct materials on the schedule of cost of goods manufactured in order -raw materials inventory, add, total, deduct raw, raw materials, deduct indirect
 
what account is debited for the issuance of direct materials -work in process
 
a job cost sheet contains
-manufacturing, materials, labor
 
when a job is completed its costs are transferred out of
-finished goods
 
smith inc uses a job order costing system with the predetermined overhead direct materials + direct labor+pre overdead rate*actual machine-hours=43200
 
what is the formula for applying overhead to a specific job
-predetermined
 
which costs can be directly traced to a particular product
-direct labor, direct materials
what is debited in the debited in the journal entry to record the purchase of materials -raw materials 
 
what accounts are debited in the journal ..production
-work in process and manufacturing 
 
manufacturing overhead costs 
-are indirect, consist 
 
What is credited in the journal…materials
-accounts payable
 
the schedule of cost of goods
-manufactured
 
Manufacturing overhead costs consist of all manufacturing costs other direct -true
 
Which of included in total cost if a job
-applied, direct materials, direct labor
 
when a job is completed its costs are transferred into
-finished goods
 
Which of widely used allocation manufacturing 
-direct labor cost, hours, machine, units
 
what account is debited for the issuance of indirect materials -manufacturing overhead
 
place these items in the order in which they appear on the schedule of cost of goods sold -goods,deduct,unadjusted, add, adjusted 
 
place these items in the order in which they appear on the schedule of cost of goods sold -finished, add, good, deduct, unadjusted
 
compared to a plantwide overhead rate system a multiple predetermined overhead rate system is -finished,add, good,deduct,unadjusted
 
the predetermined overhead rate is calculated by dividing the total manufacturing overhead by the total amount of the allocation base -estimated, estimated
 
a company purchased $70000 0f materials on account
-debit raw materials 
 
a journal entry that debits manufacturing overhead and credits accounts payable -the incurrence of rent, the incurrence of factory
 
manufacturing overhead consists of
-all manufacturing costs other than direct, all indirect
 
the transfer of cost from inventory account to the next parallels the physical transfer of goods from one inventory to the next -true
 
the cost of goods is the sum of amounts transferred from work in process to finished goods during a period -manufactured
 
the cost of goods is the sum of amounts transferred from work in process to finished goods during a period -finished, cost, work, manufacturing
 
Fillia inc worked
-51000 completed during the period-jobs 23A and 45B
 
What two accounts are involved when underapplied
-cost
 
which costs are charged directly to the income statement
-administrative costs, selling costs
 
a measure of activity that is used to assign overhead costs to products and services -allocation base
 
Based on the information presented
-2 per 
 
Which of the following statement are ture
-total, too much
 
which account is debited to record direct labor costs
-work in process
 
what methods can be used to dispose of underapplied or overapplied manufacturing overhead -closing it out to cost of good, allocating it among work in process
 
a credit balance in the manufacturing overhead account means overhead was -overapplied
 
when overhead is underapplied a must be made to the manufacturing overhead account to close it out -credit
Match each event ..entry
-actual, a job, the period 
 
when goods are shipped to customers the journal entry would credit -finished goods
 
Place the following steps in requisitioning and issuing materials in order -a production order, the pro, the materials, the storeroom
 
underapplied or overapplied overhead occurs because overhead is applied to fobs using a predetermined rate based pn estimates of costs and activity levels -true
 
a bill of materials contains the
-quantity of, type of each
 
When goods are sold on account credits
-finished goods and sales revenue
 
inventory consists of completed units that have not yet been sold -finished goods
 
Which of the 
-when materials, raw materials used
 
compared to a plantwide overhead rate system a multiple predetermined overhead rate system is -more complex but more accurate
 
if overapplied overhead is closed out to cost of goods sold will cost of goods sold be increased or decreased -decreased 
 
what is underapplied or overapplied overhead
-the difference
 
actual overhead costs may not be proportional to the actual amount of the allocation base used -overhead spending, many
 
actual manufacturing overhead was …would
-credit M
 
when overhead is overapplied a debit entry is required to close the manufacturing overhead account -debit
 
what are materials requisition forms used for summarizing
-controlling, making
 
when goods are shipped to customers the journal entry would debit -cost of goods sold
 
basing the
-true
 
which calculate goods available for sale
-beginning, cost of goods manufactured
 
When goods are sold on account debited
-cost of goods sold and account receivable
 
a journal entry debiting cost of goods sold and crediting finished goods is made when -goods are sold
 
the company applies overhead 
-25000 overapplied
 
cost of goods manufactured equals $234000
-228000
 
which of the following true
-fringe, it is best
 
if underapplied overhead is closed out to cost of goods sold will cost of goods sold be increased -increased
 
which of the following
-total, too
 
what is simpler method of closing out the balance in manufacturing —closing it out to cost of goods sold
 
place these items from the the income statement in the order I which they should appear -sales, cost, gross, selling, net
 
the process used to assign overhead costs to products
-application
 
after job 4260 costing 200000 in total and consisting of 1000 units was finished 600 of the units were sold. How much cost should be transferred to cost of goods sold? -120000
 
himber inc just completed a job that cost 14000
-debit finished goods $34000 and credit work in process 34000
 
the difference between the entries to record depreciation on office equipment ad depreciation on factory equipment is -one debits depreciation..manufacturing overhead
 
power outages and machine malfunctions can lead to
-idle time
 
by what point in time will all job costs be recorded
-when job completed
 
which of treatment of labor fringe benefits cost
-some
 
raw materials inventory account
-asset, balance sheet
 
overhead is underapplied if
-actual overhead is more than
 
for which kinds of reports does the united states require absorption costing -tax, external
 
an accurate calculation of the cost of an order is important to a company because they need to ensure that the sales -price
 
why do companies use a predetermined overhead rate
-an actual overhead rate
 
the cost of jobs still unfinished at the end of a period are included in -ending work in process inventory
 
the unit product cost is the same as the
-total, average
 
why are overtime premiums generally treated as overhead
-it is generally fairer
 
job order costing can only be used in manufacturing firms
-False
 
which a service firm that would most likely use job order costing -a law firm
 
which account is credited to record direct labor costs
-salaries 
 
which time ticket materials used on each job
-the job,the nature, the amount 
 
which of the following is not a service firm that might use job order costing -a fast food restaurant
 
calculate total manufacturing costs given the following 
-186000
 
average manufacturing overhead cost per unit usually varies from one period to them next -it usually contains fixed
 
a journal entry that debits advertising expense and credits cash would record the incurrence of a -selling cost 
 
consists of units that are only partially complete
-work in process
 
how can bar codes be used in accounting for manufacturing costs -they allow direct
 
jones company uses a 
-2.00
 
a normal costing system applies overhead by job by multiplying -predetermined overhead, actual
which of 
-it is generally best to treat labor fringe benefits that relate to direct labor as a direct labor cost 
 
what are the advantages of each method of disposing of underapplied or overapplied overhead -closing 
 
a total of 10000 in manufacturing 
-debit work in process
 
when preparing financial statements in a job order costing system finished goods flow first to the -balance sheet, income statement
 
sales minus cost of goods sold equals
-gross margin
 
a journal entry that debits manufacturing overhead and credits accumulateddepreciation records -depreciation on factory equipment
 
when are direct materials costs recorded on the job cost sheet -when direct materials are 
 
actual manufacturing overhead was 50000…method would
-debit work in process 500
 
which account is debited when manufacturing overhead is applied -work in process
 
what is the more accurate method of closing out the balance in manufacturing overhead -allocating it among work in process finished
 
cost of goods manufactured 
-includes all manufacturing costs of goods finished during the period
 
the purpose of the manufacturing overhead account is to accumulate -actual and applied overhead costs as they occur during a period
 
what is the simpler method if closing out the balance in manufacturing overhead -closing it out to cost of goods sold 
 
the beginning balance on a job cost sheet represents
-cost of work done in prior periods
 
an ideal allocation base should be
-a cost driver
 
how are costs that cannot be traced to a particular product assigned to products and -by averaging across time and across products
 
the value of work in process ending inventory can be calculated by -summing the costs of all unfinished jobs
 
a journal entry that debits manufacturing overhead and credits property taxes payable would record the -recognition of accrued property taxes
 
which of the would appear in a job cost sheet and in the work in process account -applied manufacturing overhead
 
a journal entry to record the expiration of prepaid factory insurance would -debit manufacturing overhead and credit prepaid insurance
 
applied manufacturing overhead is entered on what side of the manufacturing overhead account -always the credit side
 
when are actual manufacturing overhead costs recorded in the manufacturing overhead account -as they are incurred
 
what is overhead application
-the process of assigning manufacturing overhead cost to jobs
 
George corporation
-debit manufacturing overhead 1000
 
a journal entry that debits manufacturing overhead and credits prepaid insurance records the -expiration of prepaid factory insurance
 
actual manufacturing overhead is entered on what side of the manufacturing overhead account -always the debit side
 
the journal entry to record the more accurate allocation of overapplied or underapplied overhead involves which of the -manufacturing, work,cost,finishd
 

 

a journal entry that involves manufacturing overhead work in process finished goods and cost of goods sold is recorded to -dispose of underapplied

Originally posted 2017-09-26 12:06:48.

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