Chapter 15 - Weyg_Mgrl_4e_Ch02_SM_Final

# Chapter 15 - Weyg_Mgrl_4e_Ch02_SM_Final - CHAPTER 2 Job...

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CHAPTER 2 Job Order Costing ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain the characteristics and purposes of cost accounting. 1, 2, 3, 4 2. Describe the flow of costs in a job order costing system. 5, 6, 7, 8 1, 2, 3, 4 1, 2, 3, 4, 6, 7, 8, 9,11 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 3. Explain the nature and importance of a job cost sheet. 9, 10, 11, 12 5 1, 2, 3, 6, 7, 8, 10, 12 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 4. Indicate how the predetermined overhead rate is determined and used. 13, 14, 15 6, 7 2, 3, 5, 6, 7, 8, 11,12, 13 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 5. Prepare entries for jobs completed and sold. 16 8 2, 3, 4, 6, 7, 8, 9, 10, 11 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 6. Distinguish between under- and overapplied manufacturing overhead. 17, 18 9 5, 12, 13 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B © 2008 For Instructor Use Only 2-1

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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare entries in a job cost system and job cost sheets. Simple 30 - 40 2A Prepare entries in a job cost system and partial income statement. Moderate 30 - 40 3A Prepare entries in a job cost system and cost of goods manufactured schedule. Simple 30 - 40 4A Compute predetermined overhead rates, apply overhead, and calculate under- or overapplied overhead. Simple 20 - 30 5A Analyze manufacturing accounts and determine missing amounts. Complex 30 - 40 1B Prepare entries in a job cost system and job cost sheets. Simple 30 - 40 2B Prepare entries in a job cost system and partial income statement. Moderate 30 - 40 3B Prepare entries in a job cost system and cost of goods manufactured schedule. Simple 30 - 40 4B Compute predetermined overhead rates, apply overhead, and calculate under- or overapplied overhead. Simple 20 - 30 5B Analyze manufacturing accounts and determine missing amounts. Complex 30 - 40 © 2008 For Instructor Use Only 2-2
BLOOM’S TAXONOMY TABLE © 2008 For Instructor Use Only 2-3

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ANSWERS TO QUESTIONS 1. (a) Cost accounting involves the measuring, recording, and reporting of product costs. A cost accounting system consists of manufacturing cost accounts that are fully integrated into the general ledger of a company. (b) An important feature of a cost accounting system is the use of a perpetual inventory system that provides immediate, up-to-date information on the cost of a product. 2. (a) The two principal types of cost accounting systems are: (1) job order cost system and (2) process cost system. Under a job order cost system, costs are assigned to each job or batch of goods; at all times each job or batch of goods can be separately identified. A job order cost system measures costs for each completed job, rather than for set time periods. Under a process cost system, product-related costs are accumulated by or assigned to departments or processes for a set period of time. Job order costing lends itself to specific, special-order manufacturing or servicing while process costing is better suited to similar, large- volume products and continuous process manufacturing.
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