Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes selling and administrative costs. O b. Individual job cost sheets are used by companies which produce socks. O c. None of the given answers is TRUE. O d. Actual manufacturing overhead costs are included in job cost sheets. O e. Job cost sheets are used by companies which produce customized furniture. Ali is a member of a family that consists of him, his father, his mother and his older brother. Each member of the family has his own mobile phone. Each mobile phone is on a post-paid plan, for which a monthly bill is received at the end of each month. The electricity, on the other hand, is provided to the entire house in general, with one bill is received at the end of each month. The father has recently received the phone bill of Ali and wishes to do some analysis of the phone consumption. Assuming that the value of the phone bill is calculated based on the number of minutes consumed with no subscription fees. In the above information, the cost of the phone bill to Ali is: O a. An indirect, variable cost O b. A direct fixed cost Oc. A direct, variable cost O d. An indirect fixed cost O e. An indirect mixed cost

Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes selling and administrative costs. O b. Individual job cost sheets are used by companies which produce socks. O c. None of the given answers is TRUE. O d. Actual manufacturing overhead costs are included in job cost sheets. O e. Job cost sheets are used by companies which produce customized furniture. Ali is a member of a family that consists of him, his father, his mother and his older brother. Each member of the family has his own mobile phone. Each mobile phone is on a post-paid plan, for which a monthly bill is received at the end of each month. The electricity, on the other hand, is provided to the entire house in general, with one bill is received at the end of each month. The father has recently received the phone bill of Ali and wishes to do some analysis of the phone consumption. Assuming that the value of the phone bill is calculated based on the number of minutes consumed with no subscription fees. In the above information, the cost of the phone bill to Ali is: O a. An indirect, variable cost O b. A direct fixed cost Oc. A direct, variable cost O d. An indirect fixed cost O e. An indirect mixed cost

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Description: Time left 1:59:0Which of the following statements related to job cost sheets is TRUE?O a. Ajob cost sheet includes selling and administrative costs.O b. Individual job cost sheets are used by companies which produce socks.O c. None of the given answ

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4PA: Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable...

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Tir Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes selling and administrative costs. O b. Actual manufacturing overhead costs are included in job cost sheets. O c. Individual job cost sheeßs are used by companies which produce socks. O d. Job cost sheets do not normally include the selling price of the job completed. O e. None of the given answers is TRUE. on Overhead costs are overapplied if the amount applied to Work in Process is: hp fs 米 16 10 17 f1o #3 3 & 4 6 7 8 E R Y U D H b. 5 F. %24 47
i). How cost accounting is useful where financial accounting could not be answered. Give any example to support your answer. ii) A furniture manufacturing firm with the designing beds and related item. Books of accounts show different amounts of Material „FOH ,Work in process at different dates of time. Once the material with amount 34,000 dollar is credit. How you interpret this with other accounts. What is the stage of company in job order costing. Give some examples of job order costing. iii) How cost accounting is useful for external user as Government ,and customer etc, Support your answer by an example. iv) The optimal quantity order to reduce the overall cost is usually stated as EOQ. why it is related to one time order? How carrying and ordering cost is related to each other? v) Identify the flow of cost in manufacturing firm step by step and how it is related to prime cost and conversion cost?
Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
Which business would most likely use a job-costing system? A) concrete block producer B) antique automobile restorer C) custom saddle maker D) companies B and C only E) all of these businesses are likely to use job-costing 2. The cost of direct manufacturing labor will be treated as an expense on the income statement when resulting: A) payroll costs are paid B) payroll costs are incurred C) products are completed D) products are sold 3. Actual manufacturing overhead costs are first recorded in the A) Work-in-Process Control account B) Finished Goods Control account C) Manufacturing Overhead Control account D) Cost of Goods Sold account 4. The advantage of using normal costing of actual costing is A) indirect costs are assigned at the end of the year when they are known B) the job cost is more accurate under normal costing C) indirect costs are assigned to jobs on a timelier basis D) normal costing provides a higher gross profit margin
Which of the following statements related to job cost sheets is FALSE? a. None of the given answers is FALSE. O b. Actual manufacturing overhead costs are included in job cost sheets. c. Job cost sheets normally do not include the selling price of the job completed. O d. Ajob cost sheet does not include selling and administrative costs. Individual job cost sheets are used by companies which produce customized furniture. O e.
Mohammed was recently interviewed for an accounting job. His employer told him that the job emphasizes future orientation and less verifiability and involves preparing reports to be primarily used by internal users. Mohammed is probably going to work as: O a. A Financial accountant O b. None of the given answers O C. AHuman resource manager O d. AManagement accountant O e. A Marketing specialist ion In a job-order costing system, indirect labor cost is usually recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. out of 4 O C. Work in Process. O d. Cost of Goods Sold. on O e. Cash or Wage Payable.
Which of the following statements related to job cost sheets is FALSE ? a. Applied manufacturing overhead costs are included in job cost sheets . b. Individual job cost sheets are used by companies which produce customized furniture c. Job cost sheets normally include the selling price of the job completed . d. Ajob cost sheet does not include selling and administrative costs . e. None of the given answers is FALSE .
Evilene makes flying brooms. She has characterized the company's costs below. Indicate in the shaded box whether she is correct, by using YES if you agree and NO if you disagree. YES / NO No Yes Broom inspectors' salaries Assembly worker hourly wages Research and development for new motors Factory manager's salary Depreciation - broom assembly equipment CEO administrative assistant salary Wood for handles Customer service agents' salaries Salespersons' commissions Cost Classifications Factory maintenance crew salaries. Raw materials receiving department salaries Newspaper advertising Depreciation - CFO company car Straw for brooms Salespersons' salaries Shipping costs to customers Manufacturing Non-Manufacturing Product or Period X PRODUCT PRODUCT X PERIOD PRODUCT PRODUCT PERIOD PRODUCT PERIOD PERIOD PRODUCT PRODUCT PERIOD PERIOD PRODUCT PERIOD PERIOD X X X X X X X X X X X X X X X Inventory YES YES NO YES YES NO YES NO NO YES YES NO NO YES NO NO Variable or Fixed ▼ V-F >>44""> "> "…
Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the same as below. Is Jane correct ?
Darnell Poston, owner of Poston Manufacturing, Inc., wants to determine the cost behavior of labor and overhead. Darnell pays his workers a salary; during busy times, everyone works to get the orders out. Temps (temporary workers hired through an agency) may be hired to pack and prepare completed orders for shipment. During slower times, Darnell catches up on bookkeeping and administrative tasks while the salaried workers do preventive maintenance, clean the lines and building, etc. Temps are not hired during slow times. Darnell found that workers salaries, temp agency payments, rentals, utilities, and plant and equipment depreciation are the largest dollar accounts. He believes that workers salaries and plant and equipment depreciation are fixed, temp agency payments are associated with the number of orders (since temp workers are used to pack and prepare completed orders for shipment), and electricity is associated with the number of machine hours. When the number of different parts stored by Poston exceeds the space in the materials storeroom, Darnell rents nearby warehouse space. He can rent as much or as little space as he wants on a month-to-month basis. Therefore, he believes warehouse rental payments are variable with the number of parts purchased and stored. The account balances for the past six months as well as the six-month total are as follows: Information on number of machine hours, orders, and parts for the six-month period follows: Required: 1. Calculate the monthly average account balance for each account. Calculate the average monthly amount for each of the three drivers. 2. Calculate fixed monthly cost and the variable rates for temp agency payments, warehouse rent, and electricity. Express the results in the form of an equation for total cost. 3. In July, Darnell predicts there will be 420 orders, 250 parts, and 5,900 machine hours. What is the total labor and overhead cost for July? 4. What if Darnell buys a new machine in July for 24,000? The machine is expected to last 10 years and will have no salvage value at the end of that time. What part of the cost equation will be affected? How? What is the new expected cost in July?
Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost. Wages of administrative staff Shipping costs on merchandise sold Wages of workers assembling computers Cost of lease on factory equipment Insurance on factory Direct materials used in production of lamps Supervisor salary, factory Advertising costs Property taxes, factory Health insurance cost for company executives Rent on factory
Following is a list of manufactured products. For each product, would a job order or a process cost system be used to account for the costs of production? a. lumber b. buildings c. airplanes d. gasoline e. cereal f. textbooks g. paint h. jeans