8)9)Which of the following is a characteristic of a manufacturing environment that woulduse job order costing?A) Continuous manufacturingB) Standardized production processC) Homogenous productsD) Differentiated products9) Show 10)The cost of materials used on a specific job is first captured on which source document?10) Get answer to your question and much more 11)All the costs assigned to an individual job are summarized on a:11) Get answer to your question and much more
12)A predetermined overhead rate is calculated by dividing:12) Get answer to your question and much more 13)Manufacturing overhead was estimated to be $400,000 for the year along with 20,000direct labor hours. Actual manufacturing overhead was $415,000 and actual labor hourswere 21,000. The predetermined manufacturing overhead rate per direct labor hourwould be:A) $19.05.B) $20.00.C) $20.75.D) $0.05.13) 6.Which of the following types of firms would most likely use process costing?A.Superior Auto Body & RepairB.Crammond Custom CabinetsC.Sunshine Soft DrinksD.Jackson & Taylor Tax ServiceProcess costing is used by companies that make or complete standardized or homogeneous products or services, such as asoft drink company. 7.The cost of materials used on a specific job is first captured on which source document? Get answer to your question and much more 8.A predetermined overhead rate is calculated by dividing: Get answer to your question and much more 9.Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours. Actualmanufacturing overhead was $415,000, actual labor hours were 21,000. The predetermined manufacturing overhead rateper direct labor hour would be: Get answer to your question and much more 10.Manufacturing overhead was estimated to be $400,000 for the year along with 20,000 direct labor hours. Actualmanufacturing overhead was $415,000, actual labor hours were 21,000. The amount of manufacturing overhead applied toproduction would be:A. $400,000. Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education How are the material costs for each job determined?Material requisition note is issued by the department who is in need of it. Against the material requisition , material is issued along with bill of material. hence material cost is determine from both.
Are indirect materials recorded directly on the job cost sheet?Indirect materials are recorded directly on the job cost sheet. Labor that can be traced to a specific job is recorded directly on the job cost sheet. When manufacturing overhead is applied to a job, a credit is made to the Work in Process account.
When materials are used in production which of the following accounts is credited?When indirect materials are used, the manufacturing overhead account is debited and the raw material inventory account is credited. A debit to the manufacturing overhead account represents an increase in actual manufacturing overhead used in production. 2.)
What is the purpose of materials requisition slip and job cost sheet?“A materials requisition slip forms part of a job cost system, and is used to accumulate direct and indirect material costs for raw materials used in production for a particular job.” The company can transfer the material costs to the job cost record form or template after completion of this requisition slip.
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The cost of materials used on a specific job is first captured on which source document
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