AC505 Practice Quiz - AC505 Practice Quiz #1 1. For which...

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AC505 Practice Quiz #1 1. For which of the businesses would the job order cost system be appropriate? a. Auto repair shop b. Crude Oil refinery. c. Drug Manufacturer. d. Root beer producer. 2. Which of the following companies would most likely use job costing? a. Paper manufacturer. b. Paint Producer. c. Breakfast cereal maker. d. Advertising agency. 3. An equivalent unit of conversion costs is equal to the amount of conversion costs required to: a. Start a unit. b. Start and complete a unit. c. Transfer a unit in. d. Transfer a unit out. 4. Job 655 was recently completed. The following data has been recorded on its job cost sheet: Direct materials $ 78,000 Direct labor costs 45,000 Number of units completed 4,000 The company applies manufacturing overhead on the basis of direct labor costs. The predetermined overhead rate is 75% of direct labor costs. Required: Compute the unit product cost that would appear on the job cost sheet for this job: 5. Prepare the necessary journal entries from the following information for Kingston Company: a. Purchased raw materials on account, $ 45,000. b. Raw materials requisitioned for use in production. Direct Materials $ 23,000; Indirect materials, $ 12,000. c. Salaries and wages cost incurred: Direct Labor cost, $ 47,000; Indirect Labor Cost, $ 15,000. d. Depreciation on Factory Equipment, $ 12,000. e.
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This note was uploaded on 03/26/2012 for the course AC505 AC505 taught by Professor Dillan during the Spring '10 term at Keller Graduate School of Management.

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AC505 Practice Quiz - AC505 Practice Quiz #1 1. For which...

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