Overhead costs to jobs would include a credit to

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overhead costs to jobs would include a credit toFactory overheadThe details concerning the costs incurred on each job order are accumulated in a work in process account and supported by acost ledgerWhich of the following would NOT be found in the accounting system of a service provider?Finished goods ledgerThe recording of the factory labor incurred for general factory use would include a debit toFactory overheadA manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventoryfalseWhich of the following is NOT a reason a service firm would use a job order costing system?to determine department costs within the firm
A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factorytrueJob order costing and process costing arecost accounting systemsJob cost sheets can provide info to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over timeTrueThe Thomlin Co. forecasts that total overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Co. uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time, the over head is$500,000 overappliedFactory overhead is applied to production using a predetermined overhead rateTrue
The controlling account for the cost ledger isWork in processIf factory overhead applied exceeds the actual costs, the factory overhead account will have a credit balanceTrueThe job order costing system is used by service firms to determine revenues, expenses, and ultimately profitTrueWhich of the following would most likely use a job order costing systems?a swimming pool installerJob cost sheets can provide information to managers for all EXCEPTutilities, managerial salaries, and depreciation of computers in the corporate officeIf the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have adebit balance and be underapplied
All of the following are examples of activity bases EXCEPTSalaries of supervisorsIn a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and completea receiving reportAll of the following are true regarding product costsEXCEPTproduct costs include sales and administrative expensesWhich of the following would record the labor coststo an individual job?

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