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
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