Question :
72.Job A3B was ordered by a customer September 25. During : 1258500
72.Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,500 of direct materials and used $4,000 of direct labor. The job was not finished by the end of the month, but needed an additional $3,000 of direct materials in October and additional direct labor of $6,500 to finish the job. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October?
A. $16,000
B. $22,500
C. $37,000
D. $26,500
E. $32,000
73.A job cost sheet includes:
A. Direct materials, direct labor, operating costs.
B. Direct materials, estimated overhead, administrative costs.
C. Direct labor, actual overhead, selling costs.
D. Direct materials, direct labor, estimated overhead.
E. Direct materials, direct labor, selling costs.
74.The balance in the Work In Process Inventory at any point in time is equal to:
A. The costs for jobs finished during the period but not yet sold.
B. The cost of jobs ordered but not yet started into production.
C. The sum of the costs for all jobs in process but not yet completed.
D. The costs of all jobs started during the period, completed or not.
E. The sum of the materials, labor and overhead costs paid during the period.
75.The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $3,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $1,400 and direct labor cost of $800. Therefore, the amount of the applied overhead is:
A. $1,800.
B. $2,200.
C. $1,000.
D. $800.
E. $2,400.
76.The Work 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%.
77.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.
78.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.
79.A company that uses a job order costing system would make the following entry to record the flow of direct materials into production:
A. debit Work in Process Inventory, credit Cost of Goods Sold.
B. debit Work in Process Inventory, credit Raw Materials Inventory.
C. debit Work in Process Inventory, credit Factory Overhead.
D. debit Factory Overhead, credit Raw Materials Inventory.
E. debit Finished Goods Inventory, credit Raw Materials Inventory.
80.The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory.
Work in Process Inventory
DRCR
Beginning balance4,500
Direct materials47,100
Direct labor29,600?Finished goods
Applied overhead15,800
Ending balance8,900
The cost of units transferred to finished goods is:
A. $97,000.
B. $105,900.
C. $88,100.
D. $95,200.
E. $92,500.
81.A company’s overhead rate is 60% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.
Work in Process InventoryFinished Goods Inventory
DRCRDRCR
Beg. Bal.100,800 Beg. Bal. 118,200
D.M.? 324,800 301,000
D.L. ?
O.H.?F.G.?
End. Bal. 131,040 End. Bal.142,000
Factory Overhead
DRCR
93,24090,720
A. $106,400.
B. $113,120.
C. $30,240.
D. $211,680.
E. $324,800.
