Quiz #2
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Grade Details |
Page: | 1 2 | 1. | Question : | (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:
i. Custom boat builder ii. Frozen cranberry juice processor iii. Concrete block manufacturer iv. Winery that produces a number of varietal wines
v. Aluminum refiner that makes aluminum ingots from bauxite ore
Required:
For each company, indicate whether the company is most likely to use job-order costing or process costing. | | | Student Answer: | | i process costing ii process costing iii job order costing iv process costing v. job order costing | | Instructor Explanation: | | | | | Points Received: | 3 of 15 | | Comments: | Job Process Process Job Process | | | 2. | Question : | (TCO F) Job 827 was recently completed. The following data have been recorded on its job cost sheet:
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour.
Required: Compute the unit product cost that would appear on the job cost sheet for this job. | | | Student Answer: | | dm 61050 dl 18648 oh 481000 tota l560698 | | Instructor Explanation: | | | | | Points Received: | 10 of 15 | | Comments: | oh 19240 | | | 3. | Question : | (TCO F) Alake Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company 's inventory balances were as follows:
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 36,000 machine-hours and incur $216,000 in manufacturing overhead cost. The following transactions were recorded for the year:
i. Raw materials were purchased,
Top of Form
Grade Details |
Page: | 1 2 | 1. | Question : | (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:
i. Custom boat builder ii. Frozen cranberry juice processor iii. Concrete block manufacturer iv. Winery that produces a number of varietal wines
v. Aluminum refiner that makes aluminum ingots from bauxite ore
Required:
For each company, indicate whether the company is most likely to use job-order costing or process costing. | | | Student Answer: | | i process costing ii process costing iii job order costing iv process costing v. job order costing | | Instructor Explanation: | | | | | Points Received: | 3 of 15 | | Comments: | Job Process Process Job Process | | | 2. | Question : | (TCO F) Job 827 was recently completed. The following data have been recorded on its job cost sheet:
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour.
Required: Compute the unit product cost that would appear on the job cost sheet for this job. | | | Student Answer: | | dm 61050 dl 18648 oh 481000 tota l560698 | | Instructor Explanation: | | | | | Points Received: | 10 of 15 | | Comments: | oh 19240 | | | 3. | Question : | (TCO F) Alake Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company 's inventory balances were as follows:
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 36,000 machine-hours and incur $216,000 in manufacturing overhead cost. The following transactions were recorded for the year:
i. Raw materials were purchased,