Assignment - Chapter 3 Job Costing Chapter Review Quiz...

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Chapter 3 Job Costing Chapter Review Quiz Answers: 1. b 3. c 5. a 7. c 9. d 2. d 4. d 6. a 8. b 10. a Explanations: 5. a. Predetermined manufacturing = $90 million overhead rate 10 million machine hours = $9 / machine hour 6. a.Actual manufacturing overhead = Indirect labor ($10) + Depreciation on plant ($47) + Machinery repair ($15) + Plant supplies ($5) + Plant utilities ($8) = $85 7. c. Allocated manufacturing = 12 million machine hours overhead × $9 / machine hour = $108 million Managerial Accounting Solutions Manual 122
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Short Exercises S 3-1 a. A manufacturer of plywood would use process costing . b. A manufacturer of wakeboards would use process costing . c. A manufacturer of luxury yachts would use job costing . d. A professional services firm would use job costing . e. A landscape garden contractor would use job costing . (5-10 min.) S 3-3 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Raw Materials Inventory 71,100 Accounts Payable 71,100 To record purchase of materials.
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