Chp_3_Quiz_solutions

Chp_3_Quiz_solutions - Chapter 3 Quiz 10 points...

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Chapter 3 Quiz – 10 points Name:___________________________Section _______ 1.In a job-order costing system, the incurrence of indirect labor costs would usually be recorded as a debit to: A) Manufacturing Overhead. B) Finished Goods. C) Work in Process. D) Cost of Goods Sold. Ans: A 2.What journal entry is made in a job-order costing system when $8,000 of materials are requisitioned for general factory use instead of for use in a particular job? A) Work in Process $8,00 0 Manufacturing Overhead $8,00 0 B) Work in Process $8,00 0 Raw Materials $8,00 0 C) Manufacturing Overhead $8,00 0 Work in Process $8,00 0 D) Manufacturing Overhead $8,00 0 Raw Materials $8,00 0 Ans: D 3.A good description of “cost of goods manufactured” is the recorded cost of the: A) units completed during the period. B) units started and completed during the period. C) work done on all units during the period. D) work done this period on units completed this period. Ans: A
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4.In a job-order costing system, the cost of a completed but unsold job is: A) closed to Cost of Goods Sold. B) part of the Work in Process inventory balance. C) adjusted to exclude any applied overhead. D) part of the Finished Goods inventory balance. Ans: D
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5.If overhead is underapplied, then: A) actual overhead cost is less than estimated overhead cost. B) the amount of overhead cost applied to Work in Process is less than the actual overhead cost incurred. C) the predetermined overhead rate is too high. D) the Manufacturing Overhead account will have a credit balance at the end of the year. Ans: B 6. Elliott Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company manufactures tools to customer specifications. The following data pertain to Job 1501: Direct materials used. ...................................................... $4,20
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This note was uploaded on 05/16/2010 for the course ACC MG taught by Professor Dr.leiter during the Spring '10 term at Andrew Jackson.

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Chp_3_Quiz_solutions - Chapter 3 Quiz 10 points...

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