Accounting: Supply Chain Management Terms and Ans

1358 words 6 pages
Chapter 2
Job Order Costing

TRUE/FALSE

1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department.

ANS: T

2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others.

ANS: T

3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

ANS: T

4. A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory.

ANS: F

5. A process cost
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| to determine profit |

ANS: C

11. Which of the following costs are NOT included in finished goods inventory? a. | Direct labor | b. | Factory overhead | c. | Company president's salary | d. | Direct materials |

ANS: C

12. Which of the following is the correct flow of manufacturing costs? a. | Raw materials, work in process, finished goods, cost of goods sold | b. | Raw materials, finished goods, cost of goods sold, work in process. | c. | Work in process, finished goods, raw materials, cost of goods sold | d. | Cost of goods sold, raw materials, work in process, finished goods. |

ANS: A

13. Which of the following would record the labor costs to an individual job? a. | Clock card | b. | In-and-out cards | c. | Time tickets | d. | Payroll register |

ANS: C 14. The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? a. | $71 per machine hour | b. | $78 per machine hour | c. | $68 per machine hour | d. | $75 per machine hour |

ANS: D

15. The Thomlin Company forecasts that total overhead for the current year will be

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