Now I have done all of my own work until this point, but the loss of a loved one and horrible weather have kept me from being able to study for this exam, and I need it! Help would be appreciated!
1. Job order costing and process are
a price systems
b cost accounting systems
c cost flow systems
d Inventory tracking systems
2. 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 the overhead rate?
A: $71 per machine hour
B: $78 per machine hour
C: $68 per machine hour
D: $75 per machine hour
3. A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for:
A: work in process and cost of goods sold
B: work in process and factory overhead
C: finished goods and cost of goods sold
D: work in process and finished goods.
4. In a job order cost accounting system, when the goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a:
A: Purchase order
B: sales invoice
C: receiving report
D: purchase requisition
5. The entry to record direct labor costs into production in a job order cost accounting system is:
A; debit factory overhead, credit work in process
B: debit finished goods, credit wages payable
C: debit work in progress, credit wages payable
D: debit factory overhead, credit wages payable
1. Job order costing and process are
a price systems
b cost accounting systems
c cost flow systems
d Inventory tracking systems
2. 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 the overhead rate?
A: $71 per machine hour
B: $78 per machine hour
C: $68 per machine hour
D: $75 per machine hour
3. A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for:
A: work in process and cost of goods sold
B: work in process and factory overhead
C: finished goods and cost of goods sold
D: work in process and finished goods.
4. In a job order cost accounting system, when the goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a:
A: Purchase order
B: sales invoice
C: receiving report
D: purchase requisition
5. The entry to record direct labor costs into production in a job order cost accounting system is:
A; debit factory overhead, credit work in process
B: debit finished goods, credit wages payable
C: debit work in progress, credit wages payable
D: debit factory overhead, credit wages payable