The flow of costs in a job order cost system a

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38. The flow of costs in a job order cost system a. involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. b. cannot be measured until all jobs are complete. c. measures product costs for a set time period. d. generally follows a LIFO cost flow assumption. 2- 3
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Test Bank for Managerial Accounting, Second Edition 39. In a job order cost accounting system, the Raw Materials Inventory account is 40. When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is 41. The two major steps in the flow of costs are 42. The Raw Materials Inventory account is a. a subsidiary account. b. debited for invoice costs and freight costs chargeable to the purchaser. c. debited for purchase discounts taken. d. debited for purchase returns and allowances. 43. Records of individual items of raw materials would not be maintained 44. Cost of raw materials are debited to Raw Materials Inventory when the 45. Raw Materials Inventory records are also referred to as 46. After all postings have been completed, the sum of the balances in the raw materials 2- 4
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Job Order Cost Accounting subsidiary ledger should equal the a. balance in the Raw Materials Inventory control account. b. cost of materials charged to Work in Process Inventory. c. cost of materials purchased. d. cost of the materials placed into production. 47. Factory labor costs
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