Homework answers / question archive / Question 1 2 / 2 pts Which of the following product situations is better suited to job order costing than to process costing?    Costs are accumulated by department

Question 1 2 / 2 pts Which of the following product situations is better suited to job order costing than to process costing?    Costs are accumulated by department

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Question 1

2 / 2 pts

Which of the following product situations is better suited to job order costing than to process costing?

  

Costs are accumulated by department.

  

Each product batch is exactly the same as the prior batch.

  

The costs are easily traced to a specific product.

  

The value of work in process is based on assigning standard costs.

 

 

Question 2

0 / 2 pts

Which of the following is a prime cost?

  

factory depreciation expenses

  

indirect materials

  

administrative expenses

  

direct labor

 

 

Question 3

2 / 2 pts

Which of the following is a conversion cost?

 

factory depreciation expenses

  

direct materials

  

raw materials

  

administrative expenses

 

 

Question 4

2 / 2 pts

Which document shows the cost of direct materials, direct labor, and overhead applied for each specific job?

  

purchase order

  

receiving document

  

job cost sheet

 

materials requisition form

 

 

Question 5

2 / 2 pts

Assigning indirect costs to specific jobs is completed by which of the following?

  

using the predetermined overhead rate

  

applying the indirect labor to the work in process inventory

  

adding the costs to manufacturing overhead

  

using the manufacturing costs incurred

 

 

Question 6

2 / 2 pts

In a job order costing system, which account shows the overhead used by the company?

  

finished goods inventory

   

manufacturing overhead

   

cost of goods sold

   

work in process inventory

 

 

Question 7

2 / 2 pts

In a job order cost system, raw materials purchased are debited to which account?

  

raw materials inventory

   

cost of goods sold

   

finished goods inventory

   

work in process inventory

 

 

Question 8

2 / 2 pts

In a job order cost system, overhead applied is debited to which account?

  

cost of goods sold

   

work in process inventory

   

finished goods inventory

   

manufacturing overhead

 

 

Question 9

2 / 2 pts

In a job order cost system, factory wage expense is debited to which account?

  

work in process inventory

  

cost of goods sold

  

finished goods inventory

  

raw materials inventory

 

 

Question 10

2 / 2 pts

In a job order cost system, indirect labor incurred is debited to which account?

  

work in process inventory

  

finished goods inventory

   

manufacturing overhead

   

cost of goods sold