Question :
61. A job cost sheet includes:
A. Direct materials, direct labor, operating costs.
B. Direct : 1225490
61. A job cost sheet includes:
A. Direct materials, direct labor, operating costs.
B. Direct materials, overhead, administrative costs.
C. Direct labor, overhead, selling costs.
D. Direct material, direct labor, overhead.
E. Direct materials, direct labor, selling costs.
62. The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $4,400 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $2,000 and direct labor cost of $800. Therefore, the company’s overhead application rate is:
A. 40%.
B. 50%.
C. 80%.
D. 200%.
E. 220%.
63. A perpetual record of a raw materials item that records data on the quantity and cost of units purchased, units issued for use in production, and units that remain in the raw materials inventory, is called a(n):
A. Materials ledger card.
B. Materials requisition.
C. Purchase order.
D. Materials voucher.
E. Purchase ledger.
64. A source document that production managers use to request materials for production and that is used to assign materials costs to specific jobs or to overhead is a:
A. Job cost sheet.
B. Production order.
C. Materials requisition.
D. Materials purchase order.
E. Receiving report.
65. A company that uses a job order cost accounting system would make the following entry to record the flow of direct materials into production:
A. debit Goods in Process Inventory, credit Cost of Goods Sold.
B. debit Goods in Process Inventory, credit Raw Materials Inventory.
C. debit Goods in Process Inventory, credit Factory Overhead.
D. debit Factory Overhead, credit Raw Materials Inventory.
E. debit Finished Goods Inventory, credit Raw Materials Inventory.
66. The Goods in Process Inventory account for AB Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.
The cost of units transferred to finished goods is:
A. $97,000.
B. $105,900.
C. $88,100.
D. $95,200.
E. $92,500.
67. A company’s overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
A. $106,400.
B. $113,120.
C. $30,240.
D. $211,680.
E. $324,800.
68. A source document that an employee uses to record the number of hours at work and that is used to determine the total labor cost for each pay period is a:
A. Job cost sheet.
B. Hours-of-production sheet.
C. Time ticket.
D. Job order ticket.
E. Clock card.
69. A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is used to determine the amount of direct labor to charge to the job or to determine the amount of indirect labor to charge to factory overhead is called a:
A. Payroll Register.
B. Factory payroll record.
C. General Ledger.
D. Time ticket.
E. Factory Overhead Ledger.
70. When factory payroll costs for labor are allocated in a job cost accounting system:
A. Factory Payroll is debited and Goods in Process Inventory is credited.
B. Goods in Process Inventory and Factory Overhead are debited and Factory Payroll is credited.
C. Cost of Goods Manufactured is debited and Direct Labor is credited.
D. Direct Labor and Indirect Labor are debited and Factory Payroll is credited.
E. Goods in Process Inventory is debited and Factory Payroll is credited.
