Job Order Cost Accounting: True-False Statements

JOB ORDER COST ACCOUNTING
TRUE-FALSE STATEMENTS
1. Cost accounting is primarily concerned with accumulating information about product costs.
2. A job order cost system is most appropriate when a large volume of uniform products are
produced.
3. A process cost accounting system is appropriate for homogeneous products that are
continuously mass produced.
4. The perpetual inventory method cannot be used in a job order cost system.
. A job order cost system and a process cost system are two alternative methods for
valuing inventories.
!. A job order cost system identifies costs with a particular job rather than with a set time
period.
". A company may use either a job order cost system or a process cost system# but not both.
$. %aw &aterials 'nventory# (actory )abor# and &anufacturing *verhead are all control
accounts in the general ledger when a job order cost accounting system is used.
+. Accumulating and assigning manufacturing costs are two important activities in a job order
cost system.
1,. %ecording the ac-uisition of raw materials is a part of accumulating manufacturing costs.
11. &anufacturing costs are generally incurred in one period and recorded in a subse-uent
period.
12. The .urchases account is credited for all raw materials purchase returns and allowances.
13. The stores ledger cards are the subsidiary ledger for %aw &aterials 'nventory control
account in the general ledger.
14. /hen raw materials are purchased# the /or0 in .rocess 'nventory account is debited.
1. (actory labor should be assigned to selling and administrative e1penses on a
proportionate basis.
1!. (ringe benefits and payroll ta1es associated with factory wor0ers should be accumulated
as a part of (actory )abor.
1". 2ob order cost sheets constitute the subsidiary ledger of the control account /or0 'n
.rocess 'nventory.
2ob *rder Cost Accounting
1$. 'n a job order cost system# each entry to the /or0 'n .rocess 'nventory account should be
accompanied by a posting to one or more job cost sheets.
1+. 3irect materials re-uisitioned from the storeroom should be charged to the /or0 'n
.rocess 'nventory account and the job cost sheets for the individual jobs on which the
material was used.
2,. &anufacturing overhead is the only product cost that can be assigned to jobs as soon as
the costs are incurred.
21. There should be a separate job cost sheet for each job.
22. Actual manufacturing overhead costs are assigned to each job by tracing each overhead
cost to a specific job.
23. The formula for the predetermined overhead rate is estimated annual overhead costs
divided by an estimated activity base.
24. Actual manufacturing overhead costs should be charged to the /or0 in .rocess 'nventory
account as they are incurred.
2. A good system of internal control re-uires that the job order cost sheet be destroyed as
soon as the job is complete.
2!. (inished 4oods 'nventory is charged for the cost of jobs completed during a period.
2". /hen goods are sold# the Cost of 4oods 5old account is debited and the /or0 in .rocess
'nventory account is credited.
2$. Total manufacturing costs for a period consists of the costs of direct material used# the
cost of direct labor incurred# and the manufacturing overhead applied during the period.
2+. *verapplied overhead means that actual manufacturing overhead costs were greater than
the manufacturing overhead costs applied to jobs.
3,. 'f monthly financial statements are prepared# underapplied overhead is shown as a
prepaid e1pense on the balance sheet.
Answers to True-False Statements
Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans.
1. T !. T 11. ( 1!. T 21. T 2!. T
2. ( ". ( 12. ( 1". T 22. ( 2". (
3. T $. ( 13. T 1$. T 23. T 2$. T
4. ( +. T 14. ( 1+. T 24. ( 2+. (
. T 1,. T 1. ( 2,. ( 2. ( 3,. T
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2ob *rder Cost Accounting -!
Test Ban" #or Mana$er%al A&&ount%n$' Se&on( E(%t%on
MULTIPLE CHOICE QUESTIONS
31. A major purpose of cost accounting is to
a. classify all costs as operating or nonoperating.
b. measure# record# and report period costs.
c. provide information to stoc0holders for investment decisions.
d. measure# record# and report product costs.
32. The two basic types of cost accounting systems are
a. job order and job accumulation systems.
b. job order and process cost systems.
c. process cost and batch systems.
d. job order and batch systems.
33. A process cost system would most li0ely be used by a company that ma0es
a. motion pictures.
b. repairs to automobiles.
c. brea0fast cereal.
d. college graduation announcements.
34. /hich of the following would be accounted for using a job order cost system6
a. The production of personal computers
b. The production of automobiles
c. The refining of petroleum
d. The construction of a new campus building
3. .rocess costing is used when
a. the production process is continuous.
b. production is aimed at filling a specific customer order.
c. heterogeneous products are involved.
d. costs are to be assigned to specific jobs.
3!. .rocess costing is not used when
a. homogeneous goods are being produced.
b. large volumes are produced.
c. jobs have distinguishing characteristics.
d. a series of connected manufacturing processes is necessary.
3". An important feature of a job order cost system is that each job
a. must be similar to previous jobs completed.
b. has its own distinguishing characteristics.
c. must be completed before a new job is accepted.
d. consists of one unit of output.
3$. The flow of costs in a job order cost system
a. involves accumulating manufacturing costs incurred and assigning the accumulated
costs to wor0 done.
b. cannot be measured until all jobs are complete.
c. measures product costs for a set time period.
d. generally follows a )'(* cost flow assumption.
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3+. 'n a job order cost accounting system# the %aw &aterials 'nventory account is
a. an e1pense.
b. a control account.
c. not used.
d. a period cost.
4,. /hen a job is completed and all costs have been accumulated on a job cost sheet# the
journal entry that should be made is
a. (inished 4oods 'nventory
3irect &aterials
3irect )abor
&anufacturing *verhead
b. /or0 'n .rocess 'nventory
3irect &aterials
3irect )abor
c. %aw &aterials 'nventory
/or0 'n .rocess 'nventory
d. (inished 4oods 'nventory
/or0 'n .rocess 'nventory
41. The two major steps in the flow of costs are
a. allocating and assigning.
b. ac-uiring and accumulating.
c. accumulating and assigning.
d. accumulating and amorti7ing.
42. The %aw &aterials 'nventory account is
a. a subsidiary account.
b. debited for invoice costs and freight costs chargeable to the purchaser.
c. debited for purchase discounts ta0en.
d. debited for purchase returns and allowances.
43. %ecords of individual items of raw materials would not be maintained
a. electronically.
b. manually.
c. on stores ledger cards.
d. in the %aw &aterials 'nventory account.
44. Cost of raw materials are debited to %aw &aterials 'nventory when the
a. materials are ordered.
b. materials are received.
c. materials are put into production.
d. the bill for the materials is paid.
4. %aw &aterials 'nventory records are also referred to as
a. the %aw &aterials control account.
b. the stores ledger cards.
c. the purchases journal.
d. periodic inventory records.
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4!. After all postings have been completed# the sum of the balances in the raw materials
subsidiary ledger should e-ual the
a. balance in the %aw &aterials 'nventory control account.
b. cost of materials charged to /or0 in .rocess 'nventory.
c. cost of materials purchased.
d. cost of the materials placed into production.
4". (actory labor costs
a. are accumulated in a control account.
b. do not include pension costs.
c. include vacation pay.
d. are based on wor0ers net pay.
4$. (actory )abor is a8n9
a. e1pense account.
b. control account.
c. subsidiary account.
d. manufacturing cost clearing account.
4+. :line &anufacturing has the following labor costs;
(actory<4ross wages =11"#,,,
(actory<>et wages +!#,,,
?mployer .ayroll Ta1es .ayable 1#,,,
The entry to record the cost of factory labor and the associated payroll ta1 e1pense will
include a debit to (actory )abor for
a. =132#,,,.
b. =11"#,,,.
c. =111#,,,.
d. =1,2#,,,.
,. (actory labor costs
a. accumulate in advance of utili7ation.
b. accumulate in a control account.
c. include sic0 pay earned by factory wor0ers.
d. accumulate in the (actory )abor ?1pense account.
1. /hich of the following is not a control account6
a. &anufacturing *verhead
b. (actory )abor
c. Accounts %eceivable
d. %aw &aterials 'nventory
2. &anufacturing *verhead would not have a subsidiary account for
a. utilities.
b. property ta1es.
c. insurance.
d. raw materials inventory.
-+
3. The entry to record the ac-uisition of raw materials on account is
a. /or0 in .rocess 'nventory
Accounts .ayable
b. &anufacturing *verhead
%aw &aterials 'nventory
Accounts .ayable
c. Accounts .ayable
d. %aw &aterials 'nventory
Accounts .ayable
4. 2ob cost sheets constitute the subsidiary ledger for the
a. (inished 4oods 'nventory account.
b. Cost of 4oods 5old account.
c. /or0 'n .rocess 'nventory account.
d. Cost of 4oods &anufactured account.
. A materials re-uisition slip showed that direct materials re-uested were =3,#,,, and
indirect materials re-uested were =!#,,,. The entry to record the transfer of materials
from the storeroom is
a. /or0 'n .rocess 'nventory .................................................. 3,#,,,
%aw &aterials 'nventory ............................................. 3,#,,,
b. 3irect &aterials ................................................................... 3,#,,,
'ndirect &aterials ................................................................ !#,,,
/or0 in .rocess 'nventory ......................................... 3!#,,,
c. &anufacturing *verhead .................................................... 3!#,,,
%aw &aterials 'nventory ............................................. 3!#,,,
d. /or0 'n .rocess 'nventory .................................................. 3,#,,,
&anufacturing *verhead .................................................... !#,,,
%aw &aterials 'nventory ............................................. 3!#,,,
!. The job cost sheet does not show
a. costs chargeable to a specific job.
b. the total costs of a completed job.
c. the unit cost of a completed job.
d. the cost of goods sold.
". @nder an effective system of internal control# the authori7ation for issuing materials is
made
a. orally.
b. on a prenumbered materials re-uisition slip.
c. by the accounting department.
d. by anyone on the production line.
$. A copy of the materials re-uisition slip
a. is routed to the treasurerAs office for payment.
b. becomes the subsidiary ledger for the /or0 in .rocess 'nventory.
c. can be used as a subsidiary ledger for %aw &aterials 'nventory.
d. is retained by the storeroom# and the original is sent to accounting.
-,
+. &aterials re-uisition slips are costed
a. by production supervisors.
b. by factory personnel who wor0 on the production line.
c. after the goods have been sold.
d. using any of the inventory costing methods.
!,. .ostings to control accounts in a costing system are made
a. monthly.
b. daily.
c. annually.
d. semiBannually.
!1. /hich of the following shows entries only to control accounts6
a. (actory )abor
/ages .ayable
b. /or0 in .rocess
(actory )abor
/ages .ayable
c. /or0 in .rocess
d. (actory )abor
Accounts .ayable
/ages .ayable
!2. A time tic0et does not indicate the
a. employeeAs name.
b. account to be charged.
c. number of personal e1emptions claimed by the employee.
d. job number.
!3. Time tic0ets should be approved by
a. the audit committee.
b. coBwor0ers.
c. the employeeAs supervisor.
d. the payroll department.
!4. 'f the entry to assign factory labor shows only a debit to /or0 'n .rocess 'nventory# then
all labor costs were
a. direct labor.
b. indirect labor.
c. overtime related.
d. regular hours.
!. The principal accounting record used in assigning costs to jobs is
a. a job cost sheet.
b. the cost of goods manufactured schedule.
c. the &anufacturing *verhead Control account.
d. the stores ledger cards.
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!!. The following information is available for completed 2ob >o. 4,2; 3irect materials#
=2,#,,,C direct labor# =3,#,,,C manufacturing overhead applied# =1#,,,C units produced#
#,,, unitsC units sold# 4#,,, units. The cost of the finished goods on hand from this job is
a. =1,#,,,.
b. =!#,,,.
c. =13#,,,.
d. =2#,,,.
!". The labor costs that have been identified as indirect labor should be charged to
a. manufacturing overhead.
b. direct labor.
c. the individual jobs wor0ed on.
d. salary e1pense.
!$. &anufacturing overhead is applied to each job
a. at the time when the overhead cost is incurred.
b. by means of a predetermined overhead rate.
c. at the end of the year when actual costs are 0nown.
d. only if the overhead costs can be directly traced to that job.
!+. The predetermined overhead rate is based on the relationship between
a. estimated annual costs and actual activity.
b. estimated annual costs and e1pected annual activity.
c. actual monthly costs and actual annual activity.
d. estimated monthly costs and actual monthly activity.
",. The predetermined overhead rate is
a. determined on a moving average basis throughout the year.
b. not calculated until actual overhead costs are incurred.
c. determined at the beginning of the year.
d. determined at the end of the current year.
"1. 'n calculating a predetermined overhead rate# a recent trend in automated manufacturing
operations is to choose an activity base related to
a. direct labor hours.
b. indirect labor dollars.
c. machine hours.
d. raw material dollars.
"2. 'f annual overhead costs are e1pected to be =!,,#,,, and direct labor costs are e1pected
to be =1#,,,#,,,# then
a. =1.!" is the predetermined overhead rate.
b. for every dollar of manufacturing overhead# !, cents of direct labor will be assigned.
c. for every dollar of direct labor# !, cents of manufacturing overhead will be assigned.
d. a predetermined overhead rate cannot be determined.
"3. *verhead application is recorded with a
a. credit to /or0 in .rocess 'nventory.
b. credit to &anufacturing *verhead.
c. debit to &anufacturing *verhead.
d. credit to job cost sheets.
-.
"4. At the beginning of the year# &onroe Company estimates annual overhead costs to be
=!,,#,,, and that 3,,#,,, machine hours will be operated. @sing machine hours as a
base# the amount of overhead applied during the year if actual machine hours for the year
was 31#,,, hours is
a. =1"#,,.
b. ="1#42+.
c. =31#,,,.
d. =!3,#,,,.
". The predetermined overhead rate may be computed using all of the following activity
bases except
a. direct labor costs.
b. direct labor hours.
c. machine hours.
d. indirect labor costs.
"!. Distorically# the activity base used in computing the predetermined overhead rate has
been
a. machine hours.
b. direct labor costs.
c. direct labor hours.
d. direct labor costs or direct labor hours.
"". At the end of each month# the sum of the costs shown on the job cost sheets should e-ual
the balance in
a. Cost of 4oods 5old.
b. (inished 4oods 'nventory.
c. &anufacturing *verhead.
d. /or0 in .rocess 'nventory.
"$. ?ach of the following costs can be assigned to specific jobs on the basis of actual costs
incurred except
a. direct materials.
b. direct labor.
c. manufacturing overhead.
d. All of these costs can be assigned based on actual costs.
"+. The predetermined overhead rate is computed using
a. actual overhead costs.
b. applied overhead costs.
c. estimated overhead costs.
d. predetermined overhead costs.
$,. 'n determining total manufacturing costs on the cost of goods manufactured schedule#
a. beginning wor0 in process inventory should have a 7ero balance.
b. actual manufacturing overhead costs appear as a deduction.
c. manufacturing overhead applied is added to direct materials and direct labor.
d. ending wor0 in process inventory is deducted from beginning wor0 in process
inventory.
-/0
@se the following information for -uestions $1E$2.
Fec0er Company developed the following data for the current year;
Feginning wor0 in process inventory = !,#,,,
3irect materials used 3!#,,,
Actual overhead "2#,,,
*verhead applied 4#,,,
Cost of goods manufactured !!#,,,
Total manufacturing costs 1$,#,,,
$1. Fec0er CompanyAs direct labor cost for the year is
a. =1$#,,,.
b. =+,#,,,.
c. =4#,,,.
d. ="2#,,,.
$2. Fec0er CompanyAs ending wor0 in process inventory is
a. =1"4#,,,.
b. =12,#,,,.
c. =114#,,,.
d. =4#,,,.
$3. %eich &anufacturing Company developed the following data;
Feginning wor0 in process inventory = +,#,,,
3irect materials used ",#,,,
Actual overhead 11,#,,,
*verhead applied $,#,,,
Cost of goods manufactured 12,#,,,
?nding wor0 in process 2,,#,,,
%eich &anufacturing CompanyAs total manufacturing costs for the period are
a. =24,#,,,.
b. =23,#,,,.
c. =1$,#,,,.
d. cannot be determined from the data provided.
$4. /hich of the following is not used in assigning manufacturing costs to wor0 in process
inventory6
a. Actual manufacturing overhead
b. Time tic0ets
c. &aterials re-uisitions
d. .redetermined overhead rate
$. *n the cost of goods manufactured schedule# the cost of goods manufactured agrees with
the
a. balance of (inished 4oods 'nventory at the end of the period.
b. total debits to /or0 in .rocess 'nventory during the period.
c. amount transferred from /or0 in .rocess 'nventory to (inished 4oods during the
period.
d. debits to Cost of 4oods 5old during the period.
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$!. 4annon Company had the following information at 3ecember 31;
(inished goods inventory# 2anuary 1 =2,#,,,
(inished goods inventory# 3ecember 31 !,#,,,
'f the cost of goods manufactured during the year amounted to =$4,#,,, and annual sales
were =1#1,,#,,,# the amount of gross profit for the year is
a. =2!,#,,,.
b. =$,,#,,,.
c. =3,,#,,,.
d. =22,#,,,.
$". /inter Company incurred direct materials costs of =,,#,,, during the year. &anufacturB
ing overhead applied was =+,#,,, and is applied at the rate of !,G of direct labor costs.
/inter CompanyHs total manufacturing costs for the year were
a. ="4,#,,,.
b. =!44#,,,.
c. =+,#,,,.
d. =+44#,,,.
$$. Cost of goods sold is obtained from
a. analysis of all the control accounts in the cost system.
b. the finished goods inventory records.
c. the wor0 in process inventory records.
d. the %aw &aterials 'nventory control account.
$+. 'n a job order cost system# a credit to &anufacturing *verhead will be accompanied by a
debit to
a. Cost of 4oods &anufactured.
c. /or0 in .rocess 'nventory.
d. %aw &aterials 'nventory.
+,. 3ebits to /or0 in .rocess 'nventory are accompanied by a credit to all but one of the
following accounts;
a. %aw &aterials 'nventory.
b. (actory )abor.
c. &anufacturing *verhead.
d. Cost of 4oods 5old.
+1. /hich of the following is not viewed as part of accumulating manufacturing costs in a job
order cost system6
a. Cost of goods sold is recogni7ed
b. %aw materials are purchased
c. (actory labor is incurred
d. &anufacturing overhead is incurred
+2. /hich of the following is not viewed as part of assigning manufacturing costs in a job
order cost system6
a. &anufacturing overhead is applied
b. %aw materials are used
c. &anufacturing overhead is incurred
d. Completed goods are recogni7ed
-/
+3. The entry to recogni7e cost of goods sold includes a credit to
a. Cost of 4oods 5old.
c. 5ales.
d. /or0 in .rocess 'nventory.
+4. Total manufacturing costs include
a. actual overhead costs.
b. applied overhead costs.
c. budgeted overhead costs.
d. estimated overhead costs.
+. /hen monthly financial statements are prepared# underapplied overhead will appear as
a. unearned revenue.
b. a current asset.
c. I*ther %evenues and 4ains#I on the income statement.
d. a reduction to cost of goods sold.
+!. 'f manufacturing overhead has been underapplied during the year# the adjusting entry at
the end of the year will show a
a. debit to &anufacturing *verhead.
b. credit to Cost of 4oods 5old.
c. debit to /or0 in .rocess 'nventory.
d. debit to Cost of 4oods 5old.
+". 'f manufacturing overhead has been overapplied during the year# the adjusting entry at the
end of the year will show a
a. debit to &anufacturing *verhead.
b. credit to (inished 4oods 'nventory
c. debit to Cost of 4oods 5old.
d. credit to /or0 in .rocess 'nventory.
+$. The e1istence of underB or overapplied overhead at the end of the month
a. is e1pected to be offset in future months.
b. indicates that an error has been made.
c. re-uires a retroactive adjustment to the cost of all jobs completed.
d. is written off as a bad estimate e1pense.
++. Conceptually# any underB or overapplied overhead at the end of the year should be
allocated among all of the following e1cept
a. cost of goods sold.
b. ending wor0 in process inventory.
c. ending raw materials inventory.
d. ending finished goods inventory.
1,,. 'f at the end of the year# &anufacturing *verhead has been overapplied# it means that
a. actual overhead costs were greater than the overhead assigned to jobs.
b. actual overhead costs were less than the overhead assigned to jobs.
c. overhead has not been applied to jobs still in process.
d. cost of goods will have to be increased by the amount of the overapplied overhead.
-/!
1,1. 'f the &anufacturing *verhead account has a debit balance at the end of a period# it
means that
a. actual overhead costs were less than overhead costs applied to jobs.
b. actual overhead costs were greater than overhead costs applied to jobs.
c. actual overhead costs were e-ual to overhead costs applied to jobs.
d. no jobs have been completed.
1,2. 'f the manufacturing overhead costs applied to jobs wor0ed on were greater than the
actual manufacturing costs incurred during a period# overhead is said to be
a. underapplied.
b. overapplied.
c. in error.
d. prepaid.
1,3. At the end of the year# any balance in the &anufacturing *verhead account is generally
eliminated by adjusting
a. /or0 'n .rocess 'nventory.
c. Cost of 4oods 5old.
d. %aw &aterials 'nventory.
1,4. 'f &anufacturing *verhead has a credit balance at the end of the period# then
a. overhead has been underapplied.
b. the overhead assigned to /or0 in .rocess 'nventory is less than the overhead
incurred.
c. overhead has been overapplied.
d. management must ta0e corrective action.
1,. The &anufacturing *verhead account shows debits of =2,#,,,# =24#,,,# and =2$#,,,
and one credit for ="!#,,,. Fased on this information# manufacturing overhead
a. has been overapplied.
b. has been underapplied.
c. has not been applied.
d. shows a 7ero balance.
1,!. /hen monthly financial statements are prepared# a difference between actual overhead
and overhead applied will appear on
a. the balance sheet.
b. the income statement.
c. the statement of stoc0holdersA e-uity.
d. none of the financial statements.
1,". /hen monthly financial statements are prepared# overapplied overhead will appear as
a. unearned revenue.
b. a current asset.
c. a loss on the income statement under I*ther ?1penses and )osses.I
d. miscellaneous e1pense.
1,$. *verapplied overhead means that the overhead assigned to wor0 in process is
a. less than the actual overhead.
b. less than the estimated overhead costs.
c. greater than the overhead incurred.
d. greater than the estimated overhead costs.
-/)
1,+. A credit balance in the &anufacturing *verhead account at the end of the period indicates
that
a. actual overhead was greater than estimated overhead costs.
b. overhead was underapplied.
c. actual overhead was less than estimated overhead costs.
d. actual overhead was less than applied overhead.
11,. @nderapplied overhead is
a. reported as unearned revenue in the balance sheet.
b. added to the &anufacturing *verhead account.
c. added to Cost of 4oods 5old.
d. credited to Cost of 4oods 5old.
Answers to Mult%1le C2o%&e 3uest%ons
Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans.
31. d 43. d . d !". a "+. c +1. a 1,3. c
32. b 44. b !. d !$. b $,. c +2. c 1,4. c
33. c 4. b ". b !+. b $1. b +3. b 1,. a
34. d 4!. a $. d ",. c $2. a +4. b 1,!. a
3. a 4". c +. d "1. c $3. b +. b 1,". a
3!. c 4$. d !,. a "2. c $4. a +!. d 1,$. c
3". b 4+. a !1. c "3. b $. c +". a 1,+. d
3$. a ,. c !2. c "4. d $!. c +$. a 11,. c
3+. b 1. b !3. c ". d $". a ++. c
4,. d 2. d !4. a "!. d $$. b 1,,. b
41. c 3. d !. a "". d $+. c 1,1. b
42. b 4. c !!. c "$. c +,. d 1,2. b
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Exercises
E4. ///
A selected list of accounts used by 5loan &anufacturing Company follows;
Code
A Cash
F Accounts %eceivable
C %aw &aterials 'nventory
3 /or0 'n .rocess 'nventory
? (inished 4oods 'nventory
( Accounts .ayable
4 (actory )abor
D &anufacturing *verhead
' Cost of 4oods 5old
2 5ales
5loan &anufacturing Company uses a job order system and maintains perpetual inventory
records.
Instru&t%ons
.lace the appropriate code letter in the columns indicating the appropriate account8s9 to be
debited and credited for the transactions listed below.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Account8s9 Account8s9
Transactions 3ebited Credited
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
1. %aw materials were purchased on account.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
2. 'ssued a chec0 to ?stes &achine 5hop for
repair wor0 on factory e-uipment.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
3. 3irect materials were re-uisitioned for 2ob 2$,.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
4. (actory labor was paid as incurred.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
. %ecogni7ed direct labor and indirect labor used.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
!. The production department re-uisitioned indirect
materials for use in the factory.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
". *verhead was applied to production based on a
predetermined overhead rate of =$ per labor hour.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
$. 4oods that were completed were transferred to
finished goods.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
+. 4oods costing =$,#,,, were sold for =1,#,,,
on account.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
1,. .aid for raw materials purchased previously
on account.
-/+
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Solut%on /// 81,E1 min.9
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Account8s9 Account8s9
Transactions 3ebited Credited
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
1. %aw materials were purchased on account. C (
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
2. 'ssued a chec0 to ?stes &achine 5hop for D A
repair wor0 on factory e-uipment.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
3. 3irect materials were re-uisitioned for 2ob 2$, 3 C
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
4. (actory labor was paid as incurred. 4 A
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
. %ecogni7ed direct labor and indirect labor used 3# D 4
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
!. The production department re-uisitioned indirect D C
materials for use in the factory.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
". *verhead was applied to production based on a
on a predetermined overhead rate of =$ per labor hour 3 D
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
$. 4oods that were completed were transferred to ? 3
finished goods.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
+. 4oods costing =$,#,,, were sold for =1,#,,, F# ' 2# ?
on account.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
1,. .aid for raw materials purchased previously ( A
on account.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
E4. //
(inn &anufacturing Company uses a job order cost accounting system and 0eeps perpetual
inventory records. .repare journal entries to record the following transactions during the month of
2une.
2une 1 .urchased raw materials for =2#,,, on account.
$ %aw materials re-uisitioned by production;
3irect materials =!#,,,
'ndirect materials 1#,,,
1 .aid factory utilities# =2#1,, and repairs for factory e-uipment# =3#,,,.
2 'ncurred ="2#,,, of factory labor.
2 Time tic0ets indicated the following;
-/,
3irect )abor 84#,,, hrs J =12 per hr9 K =4$#,,,
'ndirect )abor 83#,,, hrs J =$ per hr9 K 24#,,,
="2#,,,
E4. // 8cont.9
2 Applied manufacturing overhead to production based on a predetermined overhead
rate of =+ per direct labor hour wor0ed.
2$ 4oods costing =1$#,,, were completed in the factory and were transferred to finished
goods.
3, 4oods costing =1#,,, were sold for =2#,,, on account.
Solut%on // 81!E23 min.9
2une 1 %aw &aterials 'nventory ..................................................... 2#,,,
Accounts .ayable ...................................................... 2#,,,
8.urchase of raw materials on account9
$ /or0 'n .rocess 'nventory .................................................. !#,,,
&anufacturing *verhead .................................................... 1#,,,
%aw &aterials 'nventory ............................................. "#,,,
8To record materials used9
1 &anufacturing *verhead .................................................... #1,,
Cash .......................................................................... #1,,
8To record payment of factory utilities and repairs9
2 (actory )abor ...................................................................... "2#,,,
(actory /ages .ayable ............................................. "2#,,,
8To record factory labor costs9
2 /or0 'n .rocess 'nventory .................................................. 4$#,,,
&anufacturing *verhead .................................................... 24#,,,
(actory )abor ............................................................. "2#,,,
8To assign factory labor to production9
2 /or0 'n .rocess 'nventory .................................................. 3!#,,,
&anufacturing *verhead ............................................ 3!#,,,
8To apply manufacturing overhead to production9
2$ (inished 4oods 'nventory ................................................... 1$#,,,
/or0 'n .rocess 'nventory ......................................... 1$#,,,
8To record completion of production9
3, Accounts %eceivable .......................................................... 2#,,,
Cost of 4oods 5old ............................................................. 1#,,,
5ales .......................................................................... 2#,,,
(inished 4oods 'nventory .......................................... 1#,,,
8To record sales of finished goods and its cost9
-/-
2ob *rder Cost Accounting -/.
Ex. 113
5elected accounts of :osar &anufacturing Company at year end appear below;
%A/ &AT?%'A)5 '>L?>T*%M /*%: '> .%*C?55 '>L?>T*%M
8a9 4,#,,, 8d9 3,#,,, 8d9 3,#,,, 8g9 1,#,,,
8e9 ",#,,,
8f9 +,#,,,
('>'5D?3 4**35 '>L?>T*%MC*5T *( 4**35 5*)3
8g9 1,#,,, 8h9 12,#,,, 8h9 12,#,,,
(ACT*%M )AF*%&A>@(ACT@%'>4 *L?%D?A3
8b9 11,#,,, 8e9 +#,,, 8c9 "#,,, 8f9 +,#,,,
8e9 2#,,,
Instru&t%ons
?1plain the probable transaction that too0 place for each of the items identified by letters in the
accounts. (or e1ample;
8a9 %aw materials costing =4,#,,, were purchased.
Solut%on //! 8+E14 min.9
8a9 %aw materials costing =4,#,,, were purchased.
8b9 (actory labor costs incurred amounted to =11,#,,,.
8c9 Actual manufacturing overhead costs incurred were ="#,,,.
8d9 3irect materials re-uisitioned for production amounted to =3,#,,,.
8e9 (actory labor used consisted of;
3irect labor =",#,,,
'ndirect labor 2#,,,
8f9 &anufacturing overhead applied to production was =+,#,,,.
8g9 Completed goods costing =1,#,,, were transferred to finished goods inventory.
8h9 (inished goods costing =12,#,,, were sold.
E4. //)
The gross earnings of factory wor0ers for 3in0el Company during the month of 2anuary are
=1,,#,,,. The employerAs payroll ta1es for the factory payroll are =12#,,,. *f the total accumuB
lated cost of factory labor# "G is related to direct labor and 2G is attributable to indirect labor.
Instru&t%ons
8a9 .repare the entry to record the factory labor costs for the month of 2anuary.
8b9 .repare the entry to assign factory labor to production.
8c9 .repare the entry to assign manufacturing overhead to production# assuming the
predetermined overhead rate is 12G of direct labor cost.
-0
Solut%on //) 8$E12 min.9
8a9 (actory )abor .............................................................................. 112#,,,
(actory /ages .ayable ...................................................... 1,,#,,,
.ayroll Ta1es .ayable ......................................................... 12#,,,
8b9 /or0 in .rocess 'nventory ........................................................... $4#,,,
&anufacturing *verhead ............................................................. 2$#,,,
(actory )abor ...................................................................... 112#,,,
8=112#,,, J "G K =$4#,,,9
8c9 /or0 in .rocess 'nventory ........................................................... 1,#,,,
&anufacturing *verhead .................................................... 1,#,,,
8=$4#,,, J 12G K =1,#,,,9
E4. //*
Futler &anufacturing uses a job order cost accounting system. *n April 1# the company has /or0
in .rocess 'nventory of ="#!,, and two jobs in process; 2ob >o. 221# =3#!,,# and 2ob >o. 222#
=4#,,,. 3uring April# a summary of source documents reveals the following;
(or
&aterials %e-uisition 5lips )abor Time Tic0ets
2ob >o. 221 =1#2,, =2#!,,
222 1#",, 1#2,,
223 2#4,, 2#+,,
224 2#1,, 2#$,,
4eneral use !,, 4,,
Totals =$#,,, =+#+,,
Futler applies manufacturing overhead to jobs at an overhead rate of !,G of direct labor cost.
2ob >o. 221 is completed during the month.
Instru&t%ons
8a9 .repare summary journal entries to record the raw materials re-uisitioned# factory labor
used# the assignment of manufacturing overhead to jobs# and the completion of 2ob >o.
221.
8b9 Calculate the balance of the /or0 in .rocess 'nventory account at April 3,.
Solut%on //* 81,E1 min.9
8a9 April 3, /or0 in .rocess 'nventory ............................................ "#4,,
&anufacturing *verhead ............................................... !,,
%aw &aterials 'nventory ....................................... $#,,,
-/
/or0 in .rocess 'nventory ............................................ +#,,
&anufacturing *verhead ............................................... 4,,
(actory )abor ....................................................... +#+,,
-
Solution 115 (cont.)
/or0 in .rocess 'nventory ............................................ #",,
&anufacturing *verhead ...................................... #",,
8=+#,, J !,G K =#",,9
(inished 4oods 'nventory ............................................. $#+!,
/or0 in .rocess 'nventory .................................... $#+!,
8=3#!,, N =1#2,, N =2#!,, N =1#!, K =$#+!,9
8b9 /or0 in .rocess 'nventory# April 3, K =21#24,
2ob >o. 222 = "#!2, 8=4#,,, N =1#",, N =1#2,, N ="2,9
2ob >o. 223 "#,4, 8=2#4,, N =2#+,, N =1#"4,9
2ob >o. 224 !#$, 8=2#1,, N =2#$,, N =1#!$,9
=21#24,
E4. //+
&anufacturing cost data for 3olan Company# which uses a job order cost system# are presented
below;
Case A Case F
3irect &aterials @sed 8a9 =1,3#,,,
3irect )abor = ",#,,, 14,#,,,
&anufacturing *verhead Applied !3#,,, 8d9
Total &anufacturing Costs 24,#,,, 8e9
/or0 in .rocess# 1O1O,2 8b9 4#,,,
Total Cost of /or0 in .rocess 3,,#,,, 8f9
/or0 in .rocess# 12O31O,2 8c9 4,#,,,
Cost of 4oods &anufactured 2,#,,, 8g9
Instru&t%ons
'ndicate the missing amount for each letter. Assume that overhead is applied on the basis of
direct labor cost and that the rate is the same for both cases.
Solut%on //+ 8+E12 min.9
Case A
8a9 N =",#,,, N =!3#,,, K =24,#,,,
8a9 K =1,"#,,,
=24,#,,, N 8b9 K =3,,#,,,
8b9 K =!,#,,,
=3,,#,,, E 8c9 K =2,#,,,
8c9 K =+#,,,
-!
Test Ban" #or Mana$er%al A&&ount%n$' Se&on( E(%t%on -)
Solution 11 (cont.)
Case F P>ote that the overhead rate from Case A is +,G 8=!3#,,, Q =",#,,,9R
=14,#,,, J +,G K 8d9
8d9 K =12!#,,,
=1,3#,,, N =14,#,,, N =12!#,,, K 8e9
8e9 K =3!+#,,,
=3!+#,,, N =4#,,, K 8f9
8f9 K =414#,,,
=414#,,, E =4,#,,, K 8g9
8g9 K =3"4#,,,
E4. //,
4ray Corporation had the following transactions during its first month of operations;
1. .urchased raw materials on account# =$#,,,.
2. %aw materials of =3,#,,, were re-uisitioned to the factory. An analysis of the materials
re-uisition slips indicated that =!#,,, was classified as indirect materials.
3. (actory labor costs incurred were =+#,,, of which =$4#,,, pertained to factory wages
payable and =11#,,, pertained to employer payroll ta1es payable.
4. Time tic0ets indicated that =$,#,,, was direct labor and =1#,,, was indirect labor.
. *verhead costs incurred on account were =+!#,,,.
!. &anufacturing overhead was applied at the rate of 1,G of direct labor cost.
". 4oods costing =11#,,, are still incomplete at the end of the monthC the other goods were
completed and transferred to finished goods.
$. (inished goods costing =+,#,,, to manufacture were sold on account for =12,#,,,.
Instru&t%ons
2ournali7e the above transactions for 4ray Corporation.
Solut%on //, 812E1" min.9
1. %aw &aterials 'nventory ................................................................. $#,,,
Accounts .ayable .................................................................. $#,,,
2. /or0 in .rocess 'nventory .............................................................. 24#,,,
&anufacturing *verhead ................................................................ !#,,,
%aw &aterials 'nventory ........................................................ 3,#,,,
3. (actory )abor ................................................................................. +#,,,
(actory /ages .ayable ......................................................... $4#,,,
-*
.ayroll Ta1es .ayable ........................................................... 11#,,,
Solut%on //, 8cont.9
4. /or0 in .rocess 'nventory .............................................................. $,#,,,
&anufacturing *verhead ................................................................ 1#,,,
(actory )abor ........................................ +#,,,
. &anufacturing *verhead ................................................................ +!#,,,
Accounts .ayable .................................................................. +!#,,,
!. /or0 in .rocess 'nventory .............................................................. 12,#,,,
&anufacturing *verhead ....................................................... 12,#,,,
8=$,#,,, J 1,G K =12,#,,,9
". (inished 4oods 'nventory ............................................................... 1,+#,,,
/or0 in .rocess 'nventory ..................................................... 1,+#,,,
8=24#,,, N =$,#,,, N =12,#,,, K =224#,,,9
8=224#,,, E =11#,,, K =1,+#,,,9
$. Accounts %eceivable ...................................................................... 12,#,,,
5ales ..................................................................................... 12,#,,,
Cost of 4oods 5old ........................................................................ +,#,,,
(inished 4oods 'nventory ...................................................... +,#,,,
E4. //-
/atson &anufacturing Company employs a job order cost accounting system and 0eeps
perpetual inventory records. The following transactions occurred in the first month of operations;
1. 3irect materials re-uisitioned during the month;
2ob 1,1 =22#,,,
2ob 1,2 1!#,,,
2ob 1,3 24#,,,
=!2#,,,
2. 3irect labor incurred and charged to jobs during the month was;
2ob 1,1 =3,#,,,
2ob 1,2 2!#,,,
2ob 1,3 2,#,,,
="!#,,,
3. &anufacturing overhead was applied to jobs wor0ed on using a predetermined overhead rate
based on "G of direct labor costs.
4. Actual manufacturing overhead costs incurred during the month amounted to =!!#,,,.
-+
. 2ob 1,1 consisting of 1#,,, units and 2ob 1,3 consisting of 2,, units were completed during
the month.
-,
Ex. 11! (cont.)
Instru&t%ons
8a9 .repare journal entries to record the above transactions.
8b9 Answer the following;
1. Dow much manufacturing overhead was applied to 2ob 1,3 during the month6
2. Compute the unit cost of 2obs 1,1 and 1,3.
3. /hat is the balance in /or0 'n .rocess 'nventory at the end of the month6
4. 3etermine if manufacturing overhead was underB or overapplied during the month. Dow
much6
Solut%on //- 81E2, min.9
8a9 1. /or0 in .rocess 'nventory ...................................................... !2#,,,
%aw &aterials 'nventory ................................................. !2#,,,
2. /or0 in .rocess 'nventory ...................................................... "!#,,,
(actory )abor ................................................................. "!#,,,
3. /or0 in .rocess 'nventory ...................................................... "#,,,
&anufacturing *verhead ................................................ "#,,,
4. &anufacturing *verhead ......................................................... !!#,,,
Cash# .ayables# etc. ....................................................... !!#,,,
. (inished 4oods 'nventory ....................................................... 133#,,
/or0 in .rocess 'nventory .............................................. 133#,,
P2ob 1,1 ="4#,,C 2ob 1,3 =+#,,,<see 8b9 2R
8b9 1. =1#,,, 8=2,#,,, J "G9.
2. @nit cost; 2ob 1,1# ="4.,C 2ob 1,3# =2+.,,.
2ob 1,1 2ob 1,3
3irect materials =22#,,, =24#,,,
3irect labor 3,#,,, 2,#,,,
*verhead applied 22#,, 1#,,,
Total cost "4#,, +#,,,
@nits Q 1#,,, Q 2,,
@nit cost ="4., =2+
3. /or0 'n .rocess 'nventory is =!1#,, and consists of wor0 performed on 2ob 1,2.
2ob 1,2
3irect materials =1!#,,,
3irect labor 2!#,,,
*verhead applied 1+#,,
Total cost =!1#,,
4. &anufacturing overhead costs were underapplied by =+#,,, during the month.
Actual manufacturing overhead =!!#,,,
&anufacturing overhead applied "#,,,
@nderapplied overhead = +#,,,
--
E4. //.
The following inventory information is available for %icci &anufacturing Corporation for the year
ended 3ecember 31# 2,,2;
Feginning ?nding
'nventories;
%aw materials =1"#,,, =1+#,,,
/or0 in process +#,,, 14#,,,
(inished goods 11#,,, $#,,,
Total =3"#,,, =41#,,,
'n addition# the following transactions occurred in 2,,2;
1. %aw materials purchased on account# ="#,,,.
2. 'ncurred factory labor# =$,#,,,# all is direct labor. 8Credit (actory /ages .ayable9.
3. 'ncurred the following overhead costs during the year; @tilities =!#$,,# 3epreciation on
manufacturing machinery =$#,,,# &anufacturing machinery repairs =!#2,,# (actory insurance
=+#,,, 8Credit Accounts .ayable and Accumulated 3epreciation9.
4. Assigned =$,#,,, of factory labor to jobs.
. Applied =32#,,, of overhead to jobs.
Instru&t%ons
8a9 2ournali7e the above transactions.
8b9 %eproduce the manufacturing cost and inventory accounts. @se TBaccounts.
8c9 (rom an analysis of the accounts# compute the following;
1. %aw materials used.
2. Completed jobs transferred to finished goods.
3. Cost of goods sold.
4. @nderB or overapplied overhead.
Solut%on //. 81!E22 min.9
8a9 1. %aw &aterials 'nventory .......................................................... "#,,,
Accounts .ayable ........................................................... "#,,,
2. (actory )abor .......................................................................... $,#,,,
(actory /ages .ayable .................................................. $,#,,,
3. &anufacturing *verhead ......................................................... 3,#,,,
Accounts .ayable ........................................................... 22#,,,
Accumulated 3epreciation .............................................. $#,,,
4. /or0 in .rocess 'nventory ...................................................... $,#,,,
(actory )abor ................................................................. $,#,,,
. /or0 in .rocess 'nventory ...................................................... 32#,,,
&anufacturing *verhead ................................................ 32#,,,
8b9
%aw &aterials 'nventory /or0 in .rocess 'nventory
Fal. 1"#,,, Fal. +#,,,
-.
819 "#,,, 849 $,#,,,
Fal. 1+#,,, 89 32#,,,
Fal. 14#,,,
Solut%on //. 8cont.9
(inished 4oods 'nventory (actory )abor
Fal. 11#,,, 829 $,#,,, 849 $,#,,,

$#,,,
&anufacturing *verhead Cost of 4oods 5old
839 3,#,,, 89 32#,,,
8c9 1. %aw materials used K =1"#,,, N ="#,,, E =1+#,,, K ="3#,,,.
2. Completed jobs transferred to finished goods K /O. debits
=+#,,, N =112#,,, E =14#,,, K =1,"#,,,.
3. Cost of goods sold K =11#,,, N =1,"#,,, E =$#,,, K =11,#,,,.
4. *verhead overapplied K =2#,,, 8credit balance in &anufacturing *verhead9.
E4. /0
2ob cost sheets for Doward &anufacturing are as follows;
2ob >o 21, Suantity 1#,,
&anufacturing
3ate 3irect &aterials 3irect )abor *verhead
2uly 1 "#,,, $#,,, 12#,,,
$ "#$,,
1, 1,#,,,
1 !#,,
2 1#,,,
2ob >o 211 Suantity 1#2,,
&anufacturing
3ate 3irect &aterials 3irect )abor *verhead
2uly 1 4#,,, !#,,, +#,,,
1, +#,,,
1 $#,,,
2, "#,,,
2" 12#,,,
-!0
Ex. 1"# (cont.)
Instru&t%ons
8a9 Answer the following -uestions;
1. /hat was the balance in /or0 in .rocess 'nventory on 2uly 1 if these were the only
unfinished jobs6
2. /hat was the predetermined overhead rate in 2une if overhead was applied on the basis
of direct labor cost6
3. 'f 2uly is the start of a new fiscal year and the overhead rate is 2,G higher than in the
preceding year# how much overhead should be applied to 2ob 21, in 2uly6
4. Assuming 2ob 21, is complete# what is the total and unit cost of the job6
. Assuming 2ob 211 is the only unfinished job at 2uly 31# what is the balance in /or0 in
.rocess 'nventory on this date6
8b9 2ournali7e the summary entries to record the assignment of costs to the jobs in 2uly.
8Note: &a0e one entry in total for each manufacturing cost element.9
Solut%on /0 81E2, min.9
8a9 1. 2ob 21, < ="#,,, N =$#,,, N =12#,,, K =2"#,,,
2ob 211 < =4#,,, N =!#,,, N =+#,,, K 1+#,,,
=4!#,,,
2. &anufacturing overhead rate K 1,G of direct labor cost 8=12#,,, Q =$#,,,
or =+#,,, Q =!#,,,9
3. 2uly overhead rate K 1,G J 12,G K 1$,G
*verhead applied in 2uly K =2#,,, J 1$,G K =4#,,,
4. 3irect materials = 21#3,,
3irect labor 33#,,,
&anufacturing overhead 8=12#,,, N =4#,,,9 "#,,,
Total cost =111#3,,
@nit cost 8=111#3,, Q 1#,,9 ="4.2,
. 3irect materials =2,#,,,
3irect labor 2!#,,,
&anufacturing overhead 8=+#,,, N =3!#,,,9 4#,,,
Total cost of wor0 in process =+1#,,,
8b9 /or0 in .rocess 'nventory............................................................. 3,#3,,
%aw &aterials 'nventory........................................................ 3,#3,,
/or0 in .rocess 'nventory............................................................. 4#,,,
(actory )abor........................................................................ 4#,,,
/or0 in .rocess 'nventory............................................................. $1#,,,
&anufacturing *verhead....................................................... $1#,,,
-!/
E4. //
4arner Company begins operations on 2uly 1# 2,,2. 'nformation from job cost sheets shows the
following;
&anufacturing Costs Assigned
2ob >o. 2uly August 5eptember
1,, =12#,,, =$#$,,
1,1 "#$,, +#",, =12#,,,
1,2 #,,,
1,3 11#$,, !#,,,
1,4 #$,, "#,,,
2ob 1,2 was completed in 2uly. 2ob 1,, was completed in August# and 2obs 1,1 and 1,3 were
completed in 5eptember. ?ach job was sold for !,G above its cost in the month following
completion.
Instru&t%ons
8a9 Compute the balance in /or0 in .rocess 'nventory at the end of 2uly.
8b9 Compute the balance in (inished 4oods 'nventory at the end of 5eptember.
8c9 Compute the gross profit for August.
Solut%on // 81,E13 min.9
8a9 /or0 in .rocess 'nventory
2uly 2ob 1,, =12#,,,
2ob 1,1 "#$,,
Falance# 2uly 31 =1+#$,,
8b9 (inished 4oods 'nventory
2ob 1,1 =2+#,,
2ob 1,3 1"#$,,
Falance# 5ept. 3, =4"#3,,
8c9 4ross .rofit
&onth 2ob >umber 5ales C*45 4ross .rofit
August 1,2 =$#,,, =#,,, =3#,,,
E4. /
The accounting records of %oland &anufacturing Company include the following information;
3ec. 31 2an. 1
/or0 in process inventory = 2,#,,, = ,#,,,
(inished goods inventory 12,#,,, 14,#,,,
3irect materials used 3,#,,,
3irect labor 1!,#,,,
5elling e1penses 12#,,,
-!
&anufacturing overhead is applied at a rate of 1,G of direct labor cost.
-!!
Ex. 1"" (cont.)
Instru&t%ons
Answer the following -uestions;
1. /hat are the total of the debits to /or0 in .rocess 'nventory during the year6
2. /hat is the amount transferred to (inished 4oods 'nventory during the year6
3. /hat is the cost of goods sold6
Solut%on / 81,E14 min.9
1. 3irect &aterials = 3,#,,,
3irect )abor 1!,#,,,
&anufacturing *verhead Applied 8=1!,#,,, J 1,G9 24,#,,,
Total debits =",#,,,
2. /*%: '> .%*C?55 '>L?>T*%M
Falance ,#,,, Transferred to
(rom 819 ",#,,, (inished 4oods "$,#,,,
Falance 2,#,,,
3. ('>'5D?3 4**35 '>L?>T*%M
Falance 14,#,,, Cost of 4oods 5old $,,#,,,
(rom /'. 8see 29 "$,#,,,
Falance 12,#,,,
E4. /!
5toll &anufacturing# 'nc. uses a job order costing system. The company uses predetermined
overhead rates in applying manufacturing overhead to individual jobs. The predetermined
overhead rate in 3epartment T is based on direct labor hours# the rate in 3epartment M is based
on machine hours# and the rate in 3epartment U is based on direct labor cost. At the beginning of
the most recent year# members of 5tollAs management team made the following estimates for the
year;
3epartment
T M U
3irect labor hours $,#,,, 2!#,,, !,#,,,
&achine hours ,#,,, $#,,, 23#,,,
3irect labor cost =4,,#,,, =1,#,,, =$,,#,,,
3irect materials =2,,#,,, = 2!#,,, = 42#,,,
&anufacturing overhead =!,#,,, =34,#,,, =24,#,,,
a. Compute the predetermined overhead rates for 3epartments T# M# and U.
-!)
Ex. 1"3 (cont.)
b. 5toll &anufacturingAs records show the following information for 2ob V!$4# which was
entered into production on 2anuary 1" and completed on &arch ".
3epartment
T M U
3irect labor hours 42, 4 3"
&achine hours 2,, 12, 12
3irect labor cost =2#4,, =1#,$, =1#3+,
3irect materials = $42 =1#2!, =2#,!
Compute the total manufacturing overhead applied to 2ob V!$4.
c. *n 3ecember 31# 5toll showed the following actual costs and operating data for all jobs
wor0ed on during the year;
3epartment
T M U
3irect labor hours "!#,,, 2$#+2, !3#,,,
&achine hours 4#,,, $"#2,, 21#,,,
3irect labor cost =3+#2,, =13$#,,, =$1#,,,
3irect materials =21#+,, = 24#3$, = 3+#,$,
&anufacturing overhead =4,#,,, =34#,,, =24#,,,
Compute the amount of underB or overapplied overhead in each department at the end of the
year and indicate whether it is underB or overapplied.
Solut%on /! 81E2, min.9
a. .redetermined overhead rates for 3epartments T# M# and U;
3epartment T < =!,#,,, Q $,#,,, direct labor hours K =" per direct labor hour
3epartment M < =34,#,,, Q $#,,, machine hours K =4 per machine hour
3epartment U < =24,#,,, Q =$,,#,,, direct labor cost K 3,G of direct labor cost
b. 3epartment T < 42, direct labor hours J =" per direct labor hour K =2#+4,
3epartment M< 12, machine hours J =4 per machine hour K 4$,
3epartment U < =1#3+, direct labor cost J 3,G K 41"
Total overhead applied to 2ob V!$4 K =3#$3"

c. 3epartment T < "!#,,, 3)D J =" K =32#,,,
compared to actual overhead =4,#,,, E =$#,,, underapplied
3epartment M < $"#2,, &D J =4 K =34$#$,,
compared to actual overhead =34#,,, E =3#$,, overapplied
3epartment U < =$1#,,, 3)C J 3,G K =244#,,
compared to actual overhead =24#,,, E =+#,, underapplied
-!*
E4. /)
&r. 2. 4. .igg# ''' is the sole owner of a bric0 company that manufactures custom bric0s used in
upscale homes. >o two customers have the same type of bric0s. The bric0s go through three
processes; mi1ing# shaping# and firing. The company uses a job order cost system and computes
a predetermined overhead rate in each department. The mi1ing department bases its rate on
direct materials# the shaping department bases its rate on machine hours# and the firing
department bases its rate on direct labor hours. At the beginning of the year# the company made
the following estimates;
3epartment
&i1ing 5haping (iring
3irect labor hours $,#,,, 4#,,, !,#,,,
&achine hours 3,#,,, ",#,,, 21#,,,
3irect materials =3,,#,,, = 4,#,,, =1#,,,
&anufacturing overhead =1,#,,, =14,#,,, ="#,,,
a. Compute the predetermined overhead rate to be used in each department during the
upcoming year.
b. Assume the overhead rates that you computed in a. above are in effect. Compute the total
overhead cost to be assigned to 3r. 5noutAs order<2ob V41"# assuming the following data;
3epartment
&i1ing 5haping (iring
3irect labor hours 3,, $, +2
&achine hours $, 12, 12,
3irect materials =!#,,, =12, =3,,
c. 'f actual overhead incurred totaled =3#,,# compute the amount of overB or underapplied
manufacturing overhead.
Solut%on /) 81E2, min.9
a. &i1ing < =1,#,,, Q =3,,#,,, direct materials K ,G of direct materials
5haping < =14,#,,, Q ",#,,, machine hours K =2.,, per machine hour
(iring < ="#,,, Q !,#,,, direct labor hours K =1.2 per direct labor hour
b. *verhead in 3r. 5noutAs order;
&i1ing < =!#,,, direct materials J ,G K =3#,,,
5haping < 12, machine hours J =2.,, K 24,
(iring < +2 direct labor hours J =1.2 K 11
Total overhead K =3#3
c. Actual overhead =3#,, compared to applied overhead =3#3 K =14 underapplied overhead
-!+
Ex. 1"5
)andis Company uses a job order cost system in each of its two manufacturing departments.
&anufacturing overhead is applied to jobs on the basis of direct labor cost in 3epartment A and
machine hours in 3epartment F.
'n establishing the predetermined overhead rates for 2,,2# the following estimates were made for
the year;
3epartment
A F
&anufacturing overhead =2#1,,#,,, =1#!,,#,,,
3irect labor cost 1#2,,#,,, 1#2,,#,,,
3irect labor hours 1,,#,,, 1,,#,,,
&achine hours 2,,#,,, 4,,#,,,
3uring 2anuary# the job cost sheet showed the following costs and production data;
3epartment
A F
3irect materials used =1+#,,, =12$#,,,
3irect labor cost 1,,#,,, 11,#,,,
&anufacturing overhead incurred 1$,#,,, 13#,,,
3irect labor hours $#,,, $#4,,
&achine hours 1!#,,, 34#,,,
Instru&t%ons
8a9 Compute the predetermined overhead rate for each department.
8b9 Compute the total manufacturing cost assigned to jobs in 2anuary in each department.
8c9 Compute the balance in the &anufacturing *verhead account at the end of 2anuary and
indicate whether overhead is overB or underapplied.
Solut%on /* 81E2, min.9
8a9 .redetermined overhead rates;
3epartment A 8using direct labor cost9; =2#1,,#,,, Q =1#2,,#,,, K 1"G
3epartment F 8using machine hours9; =1#!,,#,,, Q 4,,#,,, K =4 per machine hour
8b9 Total manufacturing costs by department;
3epartment A;
3irect materials =1+#,,,
3irect labor cost 1,,#,,,
&anufacturing overhead applied 8=1,,#,,, J 1"G9 1"#,,,
Total manufacturing costs =4",#,,,
3epartment F;
3irect materials =12$#,,,
3irect labor cost 11,#,,,
&anufacturing overhead applied 834#,,, hrs. J =49 13!#,,,
Total manufacturing costs =3"4#,,,
-!,
Test Ban" #or Mana$er%al A&&ount%n$' Se&on( E(%t%on -!-
Solution 1"5 (cont.)
8c9 &A>@(ACT@%'>4 *L?%D?A3
3ept. A 1$,#,,, 3ept. A 1"#,,,
3ept. F 13#,,, 3ept. F 13!#,,,
31#,,, 311#,,,
Fal. @nderapplied 4#,,,
E4. /+
?dwards Company applies manufacturing overhead to jobs on the basis of machine hours used.
*verhead costs are e1pected to total =+,,#,,, for the year# and machine usage is estimated at
2,,#,,, hours.
'n 2anuary# =+3#,,, of overhead costs are incurred and 22#,,, machine hours are used. (or the
remainder of the year# =+"4#,,, of additional overhead costs are incurred and 214#,,, additional
machine hours are wor0ed.
Instru&t%ons
8a9 Compute the manufacturing overhead rate for the year.
8b9 /hat is the amount of overB or underapplied overhead at 2anuary 316 Dow should this
amount be reported in the financial statements prepared on 2anuary 316
8c9 /hat is the amount of overB or underapplied overhead at 3ecember 316
Solut%on /+ 811E14 min.9
8a9 =4., per machine hour 8=+,,#,,, Q 2,,#,,,9
8b9 'ncurred =+3#,,,
Applied 8=4., J 22#,,,9 ++#,,,
*verapplied overhead = !#,,,
This amount should be reported as an unearned revenue in the current liability section of
the 2anuary 31 balance sheet.
8c9 'ncurred 8=+3#,,, N =+"4#,,,9 =1#,!"#,,,
Applied 8=4., J 23!#,,,9 1#,!2#,,,
@nderapplied overhead = #,,,
E4. /,
:linger Company estimates that annual manufacturing overhead costs will be =1#$,,#,,, for
2,,2. The actual overhead costs at the end of 2,,2 are =1#"+,#,,,. Activity base information for
2,,2 follows;
Activity Fase ?stimated Actual
-!.
3irect )abor Cost =2#,,,#,,, =2#1,,#,,,
3irect )abor Dours 1$,#,,, 1+,#,,,
&achine Dours 2,,#,,, 1+2#,,,
E4. /, 8cont.9
Instru&t%ons
8a9 Compute the predetermined overhead rate for each activity base.
8b9 Compute the amount of overhead applied in 2,,2 for each activity base.
8c9 Compute the amount of underB or overapplied overhead for 2,,2 for each activity base.
Solut%on /, 812E1! min.9
8a9 .redetermined *verhead rate as a G of direct labor cost;
=1#$,,#,,, Q =2#,,,#,,, K +,G
.redetermined *verhead rate per hour of direct labor;
=1#$,,#,,, Q 1$,#,,, K =1,.,, per hour
.redetermined *verhead rate per machine hour used;
=1#$,,#,,, Q 2,,#,,, K =+.,, per machine hour
8b9 *verhead applied as a G of direct labor cost; 8c9 *verB or @nderapplied *verhead
=2#1,,#,,, J .+, K =1#$+,#,,, 8=1#$+,#,,, E =1#"+,#,,, K
=1,,#,,, *verapplied9
*verhead applied per hour of direct labor;
1+,#,,, J =1,.,, K =1#+,,#,,, =1#+,,#,,, E =1#"+,#,,, K
=11,#,,, *verapplied9
*verhead applied per machine hour used;
1+2#,,, J =+.,, K =1#"2$#,,, 8=1#"2$#,,, E =1#"+,#,,, K
=!2#,,, @nderapplied9
E4. /-
@ric0 &anufacturing Company ma0es specialty tools. 'n 2anuary# @ric0 incurs manufacturing
costs of =12#,,,#,,, for direct materials# direct labor# and overhead. 2G of the total costs
represents overhead applied. The overhead rate is =1 for every =2 of direct labor costs incurred.
'nventory balances were;
2anuary 1 2anuary 31
%aw materials =4,,#,,, =!,,#,,,
/or0 in process !,,#,,, $,,#,,,
(inished goods 4,,#,,, ,,#,,,
At the end of 2anuary# there was =1#,,, of overapplied overhead.
Instru&t%ons
8a9 3etermine the cost of raw materials purchased in 2anuary.
8b9 .repare a cost of goods manufactured schedule for 2anuary 2,,2.
8c9 Compute the cost of goods sold for 2anuary.
-)0
2ob *rder Cost Accounting -)/
Solution 1"! (15$"# %in.)
8a9 *verhead applied 8=12#,,,#,,, J 2G9 K =3#,,,#,,,
3irect labor used 8=2 J =3#,,,#,,,9 K =!#,,,#,,,
3irect materials used 8=12#,,,#,,, E =+#,,,#,,,9 K =3#,,,#,,,
?nding raw materials inventory = !,,#,,,
3irect materials used 3#,,,#,,,
3#!,,#,,,
)ess; Feginning raw materials inventory 4,,#,,,
%aw materials purchases =3#2,,#,,,
8b9 @%'C: &A>@(ACT@%'>4 C*&.A>M
Cost of 4oods &anufactured 5chedule
(or the &onth ?nded 2anuary 31# 2,,2
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
/or0 in process# 2anuary 1............................................... = !,,#,,,
3irect materials used........................................................ =3#,,,#,,,
3irect labor....................................................................... !#,,,#,,,
&anufacturing overhead applied....................................... 3#,,,#,,,
Total manufacturing costs........................................... 12#,,,#,,,
Total cost of wor0 in process............................................. 12#!,,#,,,
)ess; /or0 in process# 2anuary 31.................................. $,,#,,,
Cost of goods manufactured............................................. =11#$,,#,,,
8c9 (inished goods# 2anuary 1....................................................................... = 4,,#,,,
Cost of goods manufactured.................................................................... 11#$,,#,,,
Cost of goods available for sale............................................................... 12#2,,#,,,
(inished goods# 2anuary 31..................................................................... ,,#,,,
Cost of goods sold .................................................................................. =11#",,#,,,
E4. /.
The following information is available for Danson Company at 3ecember 31# 2,,2;
1. 'nventory balance Feginning of Mear ?nd of Mear
(inished 4oods =14#,,, =1,#,,,
/or0 in .rocess !#,,, $#,,,
%aw &aterials 1,#3,, !#,,
2. 3ebit postings to /or0 in .rocess 'nventory during the year were;
3irect materials = ",#,,,
3irect labor ,#,,,
&anufacturing overhead applied 1,,#,,,
3. 5ales totaled =3,#,,, for the year.
Instru&t%ons
8a9 .repare a condensed cost of goods manufactured schedule.
8b9 .repare an income statement for the year through gross profit.
-)
Solut%on /. 814E1$ min.9
8a9 DA>5*> C*&.A>M
Cost of 4oods &anufactured 5chedule
(or the Mear ?nded 3ecember 31# 2,,2
/or0 in process# 2anuary 1 = !#,,,
3irect material used = ",#,,,
3irect labor ,#,,,
&anufacturing overhead applied 1,,#,,,
Total manufacturing costs 22,#,,,
Total cost of wor0 in process 22!#,,,
)ess; /or0 in process# 3ecember 31 $#,,,
Cost of goods manufactured =21$#,,,
8b9
DA>5*> C*&.A>M
8.artial9 'ncome 5tatement
(or the Mear ?nded 3ecember 31# 2,,2
5ales =3,#,,,
Cost of 4oods 5old
(inished 4oods# 2anuary 1 = 14#,,,
Cost of goods manufactured 21$#,,,
Cost of goods available for sale 232#,,,
(inished 4oods# 3ecember 31 1,#,,,
Cost of goods sold 222#,,,
4ross profit =12$#,,,
-)!
COMPLETION ST&TEMENTS
13,. Cost accounting involves the measuring# recording# and reporting of WWWWWWWWWWWWWW
costs.
131. There are two basic types of cost accounting systems; 819WWWWWWWWWWWWWWWWWW system#
and 829WWWWWWWWWWWWWWWWWW system.
132. A WWWWWWWWWWWWWW cost system is appropriate when homogeneous products are
continuously produced# whereas a WWWWWWWWWWWWWW cost system would be more
appropriate if the product is customBmade.
133. 'n a job order system# raw materials purchased are charged to the WWWWWWWWWWWWWW
account.
134. *f these three accountsC %aw &aterials 'nventory# (actory )abor# and &anufacturing
*verhead# WWWWWWWWWWWWWW is not a control account.
13. 'f =3,#,,, direct materials are re-uisitioned for a job and ="#,,, of indirect materials are
re-uisitioned for general use# the debit to /or0 'n .rocess 'nventory should be for
=WWWWWWWWWWWWWW.
13!. The cost of producing a particular job under a job cost system is accumulated on a record
called a WWWWWWWWWWWWWWWWWWW.
13". &anufacturing overhead is applied to jobs by means of a WWWWWWWWWWWWWWWWWWW rate.
13$. 'f actual manufacturing overhead was greater than the amount of manufacturing overhead
applied to jobs# the &anufacturing *verhead account will have a WWWWWWWWWWW balance
and overhead is said to be WWWWWWWWWWWWWW.
13+. At the end of the year# any balance in the &anufacturing *verhead account should be
eliminated as an adjustment to WWWWWWWWWWWWWWWWWWW.
Answers to Com1let%on Statements
13,. product
131. job order cost# process cost
132. process# job order
133. %aw &aterials 'nventory
134. (actory )abor
13. 3,#,,,
13!. job cost sheet
13". predetermined overhead
13$. debit# underapplied
13+. cost of goods sold
-))
MATC5ING
14,. &atch the items in the two columns below by entering the appropriate code letter in the
space provided.
A. Cost accounting (. .rocess cost system
F. &aterials re-uisition slip 4. 2ob cost sheets
C. Time tic0et D. .redetermined overhead rate
3. Cost accounting system '. *verapplied overhead
?. 2ob order cost system 2. @nderapplied overhead
WWWW 1. @sed to apply manufacturing overhead to jobs.
WWWW 2. &easures# records# and reports product costs.
WWWW 3. /hen actual manufacturing overhead costs are greater than the overhead applied to
products.
WWWW 4. &anufacturing cost accounts are fully integrated into the general ledger.
WWWW . 5ource document which authori7es issuance of raw materials to production.
WWWW !. Appropriate when products have distinguishing and heterogeneous characteristics.
WWWW ". Constitute a subsidiary ledger for /or0 in .rocess 'nventory.
WWWW $. 'ndicates number of hours that employees wor0 and the account to be charged.
WWWW +. Appropriate when products are homogeneous and are produced continuously.
WWWW 1,. /hen actual manufacturing overhead costs are less than the overhead applied to
products.
Answers to Mat&2%n$
1. D !. ?
2. A ". 4
3. 2 $. C
4. 3 +. (
. F 1,. '
-)*
SHO'T(&NS)E' ESS&* QUESTIONS
S-A E /)/
A job order cost accounting system is fully integrated into the general ledger of a company.
'dentify the major general ledger accounts used in a job order cost system. ?1plain how
manufacturing costs flow through these accounts so that inventories may be costed and income
determined when goods are sold.
Solut%on /)/
/hen a job order cost accounting system is fully integrated into the general ledger of a company#
the major general ledger accounts used are %aw &aterials 'nventory# (actory )abor#
&anufacturing *verhead# /or0 in .rocess 'nventory# and (inished 4oods 'nventory. As
manufacturing costs are incurred# they are debited to the %aw &aterials 'nventory# (actory )abor#
and &anufacturing *verhead accounts. As materials are used# labor is assigned# or overhead is
applied# the costs are ta0en out of these accounts and debited to /or0 in .rocess 'nventory.
/hen jobs are finished# the costs flow from the /or0 in .rocess 'nventory account to the
(inished 4oods 'nventory account# and when jobs are sold# the costs are transferred to Cost of
4oods 5old from (inished 4oods 'nventory.
S-A E /)
&anufacturing overhead items are indirect product costs that cannot be traced to individual
products. ?1plain how manufacturing overhead costs are accumulated and how they are
assigned to products in a job order cost system.
Solut%on /)
As manufacturing overhead costs are incurred# they are debited to the &anufacturing *verhead
account. As jobs move through the factory# manufacturing overhead costs are applied to specific
jobs using the predetermined overhead rate. This rate is computed prior to the beginning of the
year by dividing estimated annual overhead costs by e1pected annual operating activity
8generally e1pressed as direct labor hours# direct labor cost# or machine hours9. The overhead is
applied by determining how much activity was e1pended on a particular job 8for e1ample# direct
labor hours9# and applying the rate to that activity.
S-A E /)! 8?thics9
.eople Carrier 5ystems# 'nc. 8.C59 modifies vans that seat 1E2, people by adding additional
safety features or wheelchair ramps. &ost of its customers are cities and counties# who use the
vans to transport school children# the elderly# or the handicapped. The company has speciali7ed
in a noBfrills approach# emphasi7ing safety# high -uality# and low cost. The companyAs president
was -uoted as saying# I)et the other guys ma0e a van pretty. /e get people where they need to
go<faster# better# and cheaper than anybody else.I
-)+
The company obtains jobs by being the lowest bidder in a sealed bidding process. %ecently# the
company was solicited to submit a bid for a topB1, college# for a van to be used by its athletic
team. 5ome speciali7ed items were re-uired# such as the schoolAs logo on the outside of the van#
and the vinyl seats had to be covered in school colors. The company submitted a bid# and was
very surprised to obtain it.
S-A E /)! 8cont.9
/hen the job was being prepared# the job manager pointed out that several e1tra costs could
result in this job showing a loss. The boss# an ardent supporter of sports in general and this team
in particular# told the manager to just record the standard labor and overhead cost for this job. De
says that they could use the present rate for speciali7ed jobs# and increase the overhead
application rate 8used in submitting bids9 by G for future routine jobs. IAfter all#I he says#
Inobody else comes close to our price anyway. This could start a whole new line of business for
us.I
Re6u%re(7
1. /ho are the sta0eholders in the decision to increase overhead for routine jobs6
2. 's the decision to subsidi7e special jobs by increasing the overhead rate on routine jobs
ethical6 Friefly e1plain.
Solut%on /)!
1. The sta0eholders include;
The employees and managers of .C5
Customers who purchase standard vans
Customers who purchase sports vans
5hareholders of .C5
2. The decision could be considered ethical# if the company clearly understands that it is
allowing the customers of the standard vans to cover some of the costs of the specialty ones.
This might not be a bad decision# especially if the specialty business is only a small fraction of
the total business.
The company might be compromising its own best interests# however# if it arbitrarily damages
relationships with e1isting customers in order to gain others. 't seems undeniable that
established customers are preferable to untested ones. Thus# the decision# while probably
ethical# may not be a good decision.
S-A E /)) 8Communication9
Fridal Treasures# 'nc. ma0es customi7ed wedding gowns. The customer selects a pattern for the
basic gown# and then selects fabric and trim. *nce the design and the materials have been
agreed upon# a 5tatement of ?stimated Cost is signed by the company and by the customer.
*verhead is applied based on the number of days a gown is in process. @sually# five gowns are
being wor0ed on at a time. Therefore# each gown is charged 1O of a daily estimated overhead
amount.
-),
Customer %uth (inneyAs wedding dress too0 four days to complete. Dowever# after the first three
days had elapsed# 3iane )ange# a movie personality# suddenly decided to get married# and
ordered a very lavish gown. All other wor0 was suspended# and the wor0 on &s. (inneyAs dress
was delayed si1 days. The final day of its construction was on the tenth day after it had been
begun.
Re6u%re(7
Mou are the accounting manager for Fridal Treasures. /rite a memo to the billing department.
'nstruct them as to the appropriate number of overhead days to charge to &s. (inneyAs account.
Solut%on /))
T*; Filling 3epartment
(%*&; &. )ong# Accounting &anager
%?; *verhead billing# (inney account
As you 0now# our standard procedure in billing overhead is to simply multiply our
daily overhead rate by the number of days the gown was in our possession.
Dowever# for the (inney gown# and any other jobs we suspended for the 3iane
)ange gown# we should not charge for the days the gowns were in our possession
but not being wor0ed on.
/e should adjust the billing for the 3iane )ange gown# so that it absorbs the full
daily cost of overhead# since it actually was the only job wor0ed on during those
si1 days. The (inney job should be charged only four days of overhead. *ther
suspended jobs should be treated similarly.
.lease call if you have -uestions.
8signed9
-)-

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