ACCT chapter 10 – Flashcards

The cost of a manufactured product generally consists of which of the following costs?

The cost of materials entering directly into the manufacturing process is classified as

Which of the following is an example of direct materials cost for an automobile manufacturer?

If the cost of direct materials is a small portion of total production cost, it may be classified as part of

The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as

Which of the following is FALSE in regards to direct materials for an auto manufacturer?

Which of the following is an example of direct labor cost for an airplane manufacturer?

Which of the following is considered a part of factory overhead cost?

The following are all product costs EXCEPT

Which of the following is an example of a factory overhead cost?

Which of the following items would NOT be classified as part of factory overhead?

Compute factory overhead cost from the following costs:

Which of the following manufacturing costs is an indirect cost of producing a product?

Which of the following are the two main types of cost accounting systems for manufacturing operations?

For which of the following businesses would the job order cost system be appropriate?

Which of the following would most likely use a job order costing system?

For which of the following businesses would the process cost system be appropriate?

Which of the following costs are NOT included in finished goods inventory?

The document authorizing the issuance of materials from the storeroom is the

Which of the following products probably would be manufactured using a job order costing system?

In a job order cost accounting system, the effect of the flow of direct materials into production is to

A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the materials account to

Job order costing and process costing are

In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a

The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on

Which of the following is NOT true about why a service firm will use the job order costing system?

The basis for recording direct and indirect labor costs incurred is a summary of the period's

Recording direct labor costs in a job order cost accounting system

Increases in the Work in Process account occur when

At the end of the fiscal year, the balance in Factory Overhead is small. This balance would normally be

Each account in the work in process subsidiary ledger is called a

The recording of the factory labor incurred for general factory use would increase

The recording of the application of factory overhead costs to jobs would decrease

The recording of the jobs completed would increase

The recording of the jobs completed would decrease

The recording of the jobs shipped and customers billed would increase

The finished goods account is the controlling account for the

The Cranford Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If the Crawford Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?

Bell Manufacturers Inc. has estimated total factory overhead costs of $60,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 2,000 direct labor hours, the work in process account will be increased and factory overhead will be decreased for

When Job 711 was completed, direct materials totaled $3,000; direct labor, $3,500; and factory overhead, $1,500. Units produced totaled 1,000. Unit costs are

Cambridge Corporation applied factory overhead costs of $205,000 to production during the current year. At the end of the year, total overapplied factory overhead is $17,000. What was the amount of actual factory overhead cost incurred during the year?

Hudson, Inc. has estimated total factory overhead costs of $400,000 and 20,000 direct labor hours for the current fiscal year. If direct labor hours for Job N41 total 1,500, calculate applied factory overhead applied to this job.

Hudson, Inc. has estimated total factory overhead costs of $400,000 and 20,000 direct labor hours for the current fiscal year. If direct labor hours for the year total 18,000 and actual factory overhead totals $350,000, what is the amount of overapplied or underapplied overhead for the year?

The sale of a finished good on account

Product costs include all of the following EXCEPT

Which of the following would most likely be a period cost?

Period costs include all of the following EXCEPT

The period costs of a textbook printer would include

Which types of inventories does a manufacturing business report on its balance sheet?

Costs that are treated as assets until the product is sold are called

The Crawford Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $4,000,000 and the actual machine hours are 100,000 hours. If the Crawford Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by

At the end of the year, overhead applied was $35,000,000. Actual overhead was $35,800,000. Closing over/under applied overhead into cost of goods sold would cause net income to

Which of the following would most likely be a product cost?

For a manufacturing business, inventory that is in the process of being manufactured is referred to as

Calculate cost of goods sold for Crawford, Inc.

Calculate direct materials cost used in production for Crawford, Inc.

Calculate direct labor cost for Brandt, Inc.

Job cost sheets can provide information to managers for all but which of the following?

A difference in quantity of materials used on two comparable jobs may be caused by

Which of the following would probably NOT be found in the accounting system of a service provider?

In a job order cost accounting system used by a service business, which of the following items would normally NOT be included as part of overhead?

The direct labor and overhead costs of providing services to clients are accumulated in

Just-in-time processing is a business philosophy that focuses on reducing time and cost and eliminating poor quality. One of the ways in which this is accomplished in manufacturing and nonmanufacturing processes is by:

A disadvantage of maintaining high inventory levels includes

Which of the following statements is TRUE regarding lead time?

Just-in-time manufacturing uses which of the following techniques?

Pull manufacturing is driven by which of the following?

Just-in-time manufacturing practices include all of the following EXCEPT

An activity-based costing system allocates factory overhead rates to products or services using

Heedy Winery accumulates the costs incurred in the labeling process in an activity cost pool. Costs for the labeling process are estimated to be $320,000 for the coming year, and the winery expects to generate 640,000 labels. Production for its top-selling wine is estimated at 160,000 bottles. How much overhead from the labeling process will be allocated to this particular variety of wine?