Question :
59.In a job cost system, the Work-in-Process Inventory controlling account : 1259584
59.In a job cost system, the Work-in-Process Inventory controlling account may be reconciled to the total of the:
A. Employee time cards.
B. Materials requisitions.
C. Work-in-Process Inventory records for each department or process.
D. Job cost sheets.
60.The year-end balance in the Materials Inventory controlling account is equal to:
A. The total of the various materials subsidiary ledger accounts (the materials on hand at the end of the period.)
B. The total amount of materials requisitioned during the period.
C. The total amount of materials purchased during the period.
D. The amount of materials debited to the Work-in-Process Inventory account during the period.
61.The employee time card for John Winter indicates that he spent last week performing routine maintenance on factory machinery. Payments made to Winter for last week’s work should be:
A. Debited to Work in Process Inventory.
B. Credited to the Direct Labor account.
C. Debited to the Direct Labor account.
D. Debited to the Manufacturing Overhead account.
62.When a job is completed:
A. Cost of goods sold is debited.
B. Work-in-process inventory is debited.
C. Materials inventory is credited.
D. Finished goods inventory is debited.
63.Debits to the Manufacturing Overhead account record:
A. The actual amounts of overhead costs incurred during a period.
B. The amount of overhead applied to production during a period.
C. The amount of overhead incurred on a specific job.
D. All conversion costs of a period.
64.Under-applied overhead at the end of a month:
A. Results when actual overhead costs are less than amounts applied to work in process.
B. Indicates a poorly designed cost accounting system.
C. Is represented by a debit balance remaining in the Manufacturing Overhead account.
D. Is represented by a credit balance remaining in the Work in Process Inventory account.
65.If manufacturing overhead is materially over-applied, it is best to close it to:
A. Work-in-process inventory.
B. Finished goods inventory.
C. Cost of goods sold.
D. Apportioned among work-in-process, finished goods, and cost of goods sold.
66.The account Work in Process Inventory:
A. Consists of completed goods that have not yet been sold.
B. Consists of goods being manufactured that are incomplete.
C. Consists of materials to be used in the production process.
D. Consists of the cost of new materials used, labor but not overhead.
67.The account Finished Goods:
A. Consists of completed goods that have not yet been sold.
B. Consists of goods being manufactured that are incomplete.
C. Consists of materials to be used in the production process.
D. Consists of the cost of new materials used, labor but not overhead.
68.The Work in Process account in a job order cost accounting system will be debited for:
A. Only direct labor and direct materials.
B. Direct labor, direct materials, and applied overhead.
C. Direct labor, direct materials, and actual overhead.
D. Only direct materials and applied overhead.
