2. Which of the following companies would use a job costing system? A. Health ca

Question

2. Which of the following companies would use a job costing system? A. Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3. Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A. B. C. D. Raw materials record Job cost record WIP inventory Cost Assignment record 4. When accounting for materials and labor, materials used are recorded in: A. B. C. D. materials inventory. finished goods inventory work in process inventory. cost of goods sold. 5. When accounting for materials and labor, indirect labor is recorded in: A w materials inventory. B. manufacturing overhead C. Work in process inventory D. finished goods inventory. 6. Smart Corporation is a manufacturer of smartphones. Assume Smart allocates manufacturing overhead based on machine hours. Additional information for Smart is as follows: Budgeted 5 million machine hours and $50 million of manufacturing overhead costs Actual machine hours of 6 million Actual total manufacturing overhead costs of $48 million What is Smart's predetermined manufacturing overhead rate? A. $ 8.00/machine hour B. S 9.60/machine hour C. 8.33/machine hour D. $10.00/machine hour

Explanation / Answer

Q2. Answer is A. Health Care provider. Q3. Answer is B. Job cost record Q4. Answer is C. Work in process inventory account Q5. Answer is B. Manufacturing overheads Q6. Answer is d. $ 10.00 / machine hour Explanation: Estimated Overheads 50 million Divide: Estimated MH 5 Million Pre-determined OH rate per MH 10 per MH

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