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Chapter 2

Chapter 2 - completed jobs and cost of goods sold 13 I...

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John Rubinetti 1/23/2008 Managerial Accounting Chapter 2 Questions 3. The type of industry that is likely to use a job order system is the manufacturing industry. Examples of these companies would be Gibson who makes guitars, GM who makes cars, Intel which produces computer components, and Apple which produces computers and iPods. 6. The three types of inventory control accounts in a job order system are, work in process which has direct materials, labor, overhead applied and cost of completed jobs, raw materials which include purchases and materials used, and finished goods which also consist of cost of
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Unformatted text preview: completed jobs and cost of goods sold. 13. I don’t agree Mel Finney because as a whole manufacturing overhead relates to the production operations. Stating that the overhead costs can’t be assigned to specific jobs on the basis of actual costs incurred. Rather, through the use of a predetermined overhead rate, companies assign manufacturing overhead to work in process and specific jobs on an estimated basis....
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