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Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions ABC Manufacturing Inc. ends the month with two jobs still in progress. Job 5 has $10,000 of materials, $2,000 of direct labor and $8,000 of manufacturing overhead allocated. Job 6 has $30,000 of materials, $2,000 of direct labor and $12,000 of manufacturing overhead allocated. The cost of goods sold for the month was $40,000 and there was no finished goods in stock as the month ended. If the manufacturing overhead was underallocated by $10,000, which of the following choices would be the correct way to prorate it based on ending balances before proration? (Round any allocation percentages to one decimal place, X.X%.) The Robinson Corporation manufactures automobile parts. During the year, the company sold Students also viewed
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Terms in this set (10)Actual costing is a costing system that traces direct costs to a cost object by ________. using the actual direct cost rates times the actual quantities of the direct-cost inputs Which of the following differentiates job costing from process costing? Process costing is used when each unit of output is identical, and job costing deals with unique products not produced in batches. The budgeted indirect-cost rate for each cost pool is computed as ________. budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base Which of the following items is debited to the Work-in-Process account? allocated manufacturing overhead Better Products Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for October 2018: Direct materials $370,000 Direct labor (3,300 hours @ $17/hour) 56,100 Indirect labor 22,000 Plant facility rent 53,000 Depreciation on plant machinery and equipment 41,000 Sales commissions 17,000 Administrative expenses 29,000 The actual amount of manufacturing overhead costs incurred in October 2018 totals ________. $116,000 Lancelot Manufacturing is a small textile manufacturer using machine-hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various jobs contracted during the year. The following estimates are provided for the coming year for the company and for the Case High School band jacket job. Company Case High School Job Direct materials $60,000 $2,400 Direct labor $15,000 $600 Manufacturing overhead costs $50,000 Machine-hours 100,000 mh 1,000 mh What amount of manufacturing overhead costs will be allocated to this job? $500 Actual (rather than allocated) manufacturing overhead costs are first recorded in the ________. Manufacturing Overhead Control account In a costing system, ________. a cost-allocation base can be either financial or nonfinancial When $10,0000 direct materials are requisitioned, which of the following would be the correct journal entry? Work-in-Process Control $10,000 Filippucci Company used a budgeted indirect-cost rate for its manufacturing operations, the amount allocated ($200,000) is different from the actual amount incurred ($225,000). Ending balances in the relevant accounts are: Work-in-Process $ 10,000 Finished Goods 20,000 Cost of Goods Sold 170,000 Under the writeoff approach, the difference between Manufacturing Overhead Control and Manufacturing Overhead Allocated is adjusted in the ________. COGS account Students also viewedACG 4341 - Chapter 4 Quiz10 terms hallej1228 Cost Acct Chapter #4 Review48 terms miguel_santibanez Cost CH 469 terms lozzz124 Job Costing76 terms gabriela_borzachini Sets found in the same folderACC 321 Chapter 228 terms aliciaburnside11 ACC 321 Chapter 320 terms aliciaburnside11 ACC 321 Exam 145 terms aliciaburnside11 ACC 321 Quiz 510 terms aliciaburnside11 Other sets by this creatorAUD Threats9 terms aliciaburnside11 ACC 513 FInal149 terms aliciaburnside11 ACC 513 Exam 247 terms aliciaburnside11 ACC 617 Exam 129 terms aliciaburnside11 Verified questionspsychology Write about a time when you were able to change the way you felt by doing something. For example, you ma! have deliberately worked yourself up into a rage or done something fun to put yourself in a better mood. Relate those personal experiences to the various theories of emotion. Verified answer sociology What are the reference groups in sociology? Verified answer finance Explain what a T-account is and what purpose it serves. Verified answer
question A company advertises that its premium mixture of nuts has $10 \%$ Brazil nuts, $20 \%$ cashews, $20 \%$ almonds, $10 \%$ hazelnuts, and that the rest are peanuts. You buy a large can and separate the various kinds of nuts. Upon weighing them, you find 112 grams of Brazil nuts, 183 grams of cashews, 207 grams of almonds, 71 grams of hazelnuts, and 446 grams of peanuts. You wonder whether your mix is very different from what the company advertises. b) What might you do rather than weigh the nuts in order to use a $\chi^2$ test? Verified answer Which of the following differentiate job costing from process costing?Differences Between Job Costing and Process Costing
Assignment: In job costing, it is calculating the cost of each job. In process costing, the cost is first determined by the process and then decided based on the number of units produced.
Which of the following statements describes the difference between job costing and process costing quizlet?D) Job costing enables all the specific aspects of each job to be identified, whereas process costing can be used to compute the cost of numerous identical or similar services.
Which of the following differentiates job costing?Which of the following differentiates job order costing from process costing? A: Process costing deals with unique products produced on large scale while job costing is used when each unit of output is identical and not produced in batches.
What is job costing method?Job costing is an accounting method designed to help you track the cost of individual projects and jobs. It involves looking at direct and indirect costs, and it's usually broken into three specific categories: labor, materials and overhead.
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Which of the following differentiates job costing from process costing quizlet?
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