Asked by parkshinhyee on coursehero.com ANSWER THE FOLLOWING QUESTIONS. 1. Under job order costing system, which of the following costs would be recorded as debit to manufacturing overhead account? * Direct materials cost Indirect materials cost Direct labor cost None of the above 2. Cost incurred in ordering inventory from suppliers excluding the cost of purchase such as delivery costs and order processing costs. * Reorder
Point Cost to Order Cost to Carry Safety Stock 3. This department is responsible for protecting materials against physical deterioration and ensuring that stocks are properly issued. * Storeroom (Stockroom) Purchasing Department Receiving Department Cash Department 4. Which of the following is a correct journal entry to record the shipment of a completed job to to customer? * Accounts receivable Dr. & Sales Cr. Accounts
receivable Dr. & Cost of goods sold Cr. Accounts receivable Dr. & Finished goods Cr. Cost of goods sold Dr. & Accounts receivable Cr. 5. A tyres company uses 300 air-cap a week. The Lead Time to have the air-cap is 2 weeks. Compute the reorder point. * 800 air-cap 600 air-cap 900 air-cap 700 air-cap 6. Calculate the Economic Order Quantity (EOQ) based on the given data below. * 7. During the month of April, Lucena
Company reported Direct Labor of P72,000 and Direct labor was equal to 60% of Total Prime Cost. If total Manufacturing Cost during April amounted to P170,000, how much is total Factory Overhead? * 8. It reflects the cost of raw materials, direct labor and the manufacturing overhead of goods on which manufacturing has begun but has not been completed at the end of the fiscal period. * Raw Materials Inventory Finished Goods Inventory Current Assets Work in
Progress Inventory 9. The prime cost is Php 50,000 and the direct manufacturing labor is Php 10,000. Then the direct manufacturing labor is___ * Php 40,000 Php 10,000 Php 5,000 Php 60,000 10. This department is charged with the responsibility of placing orders for materials with reliable suppliers at the right time and at the right place. * Accounting Department Cash Department Receiving Department Purchasing Department 11. The direct material cost is Php 85,000 and direct manufacturing labor cost is Php 25,000. The prime cost is ____ * Php 110,000 Php 80,000 Php 60,000 Php 10,000 12. It is the length of time it takes for the material to be delivered from the supplier after an order has been placed. * Safety stock Reorder point Lead time Frequency 13. Often referred to as average costing. Accumulates costs without attempting to allocate them during the accounting period to specific units of goods being manufactured. * Normal Cost System Job order Cost System Dual System Process Cost System 14. The amount by which the overhead applied to jobs during a period with the predetermined overhead application rate exceeds the overhead incurred during the period. * Manufacturing Overhead Applied Overhead Overapplied Overhead Underapplied Overhead 15. The GSM company uses job order costing system and provides you the following data for the current period. Based on the below information, what is the cost of goods manufactured of GSM Company? * Php. 984,000 Php.594,000 Php.960,000 Php.1,000,000 Calculate the Economic Order Quantity (EOQ) based on the given data below. * 16. Which of the following journal entries is correct for the issuance of direct materials to production? * Work in process Dr. & Materials Cr. Materials Dr. & Work in process Cr. Materials Dr. & Accounts payable Cr. Work in process Dr. & Accounts payable Cr. 17. The conversion cost is Php. 35,000 and the manufacturing overhead cost is Php. 18,000 , then the direct manufacturing labor cost will be * Php. 20,000 Php. 19,000 Php. 16,000 Php. 17,000 18. Calculate the Economic Order Quantity (EOQ) based on the given data below. * 6000 2000 3000 5000 19 Which of the following is a correct journal entry to record the transfer of finished goods from production department to finished goods store room? * Finished goods Dr. & Store room Cr. Work in process Dr. & Finished goods Cr. Finished goods Dr. & Cost of goods sold Cr. Finished goods Dr. & Work in process Cr. 20. A furniture company uses 100 kg of wood every day. The Lead Time to obtain the wood is 7 days. What is the reorder point? * 1400 kg 500 kg 700 kg 600 kg 21. Which of the following journal entries correctly records the cost of the job shipped to a customer? * Accounts receivable Dr. & Work in process Cr. Finished goods Dr. & Cost of goods sold Cr. Cost of goods sold Dr. & Finished goods Cr. Accounts receivable Dr. & Finished goods Cr. 22. The direct manufacturing labor costs is Php. 73,000 and manufacturing overhead cost is Php. 44, 000, then conversion cost would be * Php. 117,000 Php. 29,000 Php. 171,000 Php. 92,000 23. If the direct material cost is Php 90,000 and direct manufacturing labor is Php. 10,000 , then prime cost would be * Pho 1,000,000 Php 80,000 Php 100,000 Php 90,000 24. In cost terms, the direct manufacturing labor cost is included in * Prime and Conversion Cost Prime costs Manufacturing costs Conversion costs 25. If the direct material cost is Php 55,000 and direct manufacturing labor is Php. 30,000 , then prime cost would be * Php. 58,000 Php. 85,000 Php. 60,000 Php. 25,000 26. The companies that produce many different products or services usually use: * none of the above process costing job order costing both process costing and job order costing 27. In a job order cost accounting system, which account would be debited in recording a purchase invoice for raw materials? * Factory Overhead Raw Materials Inventory Goods in Process Inventory Finished Goods Inventory 28. The prime cost is Php. 80,000 and the direct manufacturing labor is Php. 30,000, then the direct material cost will be * Php. 50,000 Php. 80,000 Php. 30,000 Php. 70,000 29. Manufacturing overhead would be overapplied if: * actual overhead < applied overhead applied overhead > direct materials cost + direct labor cost actual overhead > applied overhead actual overhead = applied overhead Given the data below, compute for the safety stock. * 1 point 30. Which of the following source documents is used to record the amount of direct materials on the job cost sheet? * Bill of materials Materials requisition form Production order Materials purchase order 31. It is a written authorization to the supplier to ship specified material. * Purchase Order Comparing Documents Recording Voucher Receiving Report 32. This department pays all invoices after approval by the accounting department. * Storeroom (Stockroom) Receiving Department Cash Department Purchasing Department 33. The minimum level of materials that should be maintained to ensure that the company does not run out of materials. * Reorder point Safety stock Frequency Lead time 34. The following cost data relates to job 201B: * 35. A source document that production managers use to request materials for manufacturing and that is used to assign material costs to specific jobs or to overhead. * Purchase Requisition Receiving Report Materials Requisition Purchase Order 36. In a job order costing system, which of the following costs is not an example of manufacturing overhead cost? * Fuel used in factory Indirect labor cost Sales commission Salary of production manager 37. It reflects the costs of goods that have been completed and are ready for sale. * Finished Goods Inventory Raw Materials Inventory Current Assets Work in Progress Inventory 38. Which of the following is a correct journal entry to apply manufacturing overhead cost to jobs? * 1 point Manufacturing overhead Dr. & Work in process Cr. Work in process Dr. & Finished goods Cr Finished goods Dr. & Manufacturing overhead Cr. Work in process Dr. & Manufacturing overhead Cr. 39. Which of the following is a correct journal entry to record direct labor cost? * Wages payable Dr. & Work in process Cr. Production Dr. & Direct labor Cr. Work in process Dr. & Direct labor Cr. Work in process Dr. & Wages payable Cr. 40. The direct material cost is Php. 33,000 and direct manufacturing labor is Php.19,000, then prime cost would be * 41. This department records all transactions in the accounts after documentary evidences have been supplied by other departments. * Accounting Department Purchasing Department Receiving Department Cash Department 42. Which of the following costs is recorded on the job cost sheet? * Manufacturing overhead cost Direct materials cost All of the above Direct labor cost 43. It is also known as holding cost. It is the total cost in holding inventory. * Cost to Order Reorder Point Cost to Carry Safety Stock 44. In a job order cost accounting system, which account would be debited in recording a materials requisition for direct materials? * 45. It reflects the raw materials and factory supplies that will be used in the manufacturing process. * 46. This department is charged with the inspection of incoming shipments and verification of the quantities received on order. * 47. Calculate the Safety stock based on the given data below * 48. The conversion cost is Php 20,000 and the manufacturing cost is Php 7,000. Then the direct manufacturing labor cost is ___ * Answered by bushrashaikh719 on coursehero.com um dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam ris  Unlock access to this and over Have an account? Log In Step-by-step explanationum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat |
When a manufacturing company uses indirect materials, it accumulates the cost by debiting
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