2.1 Smartbook

All manufacturing costs are assigned to units of product and all nonmanufacturing costs are treated as period cost under _________ costing.

absorption

The type and quantity of each type of direct material needed to complete a unit of product is listed on the Blank______.

bill of materials

Costs assigned to units of product in absorption costing include Blank______ manufacturing costs.

both variable and fixed

Categories of manufacturing costs include Blank______.

direct labor direct materials manufacturing overhead

All hours on computerized time tickets are automatically posted directly to job cost sheets.

false

A bill of materials contains the Blank______.

quantity of each direct material needed to complete a unit of product type of each direct material needed to complete a unit of product

Which of the following is not a manufacturing cost category?

selling & administrative costs

The document that provides an hour-by-hour summary of the employee's activities throughout the day is called a Blank______.

time ticket

The document that records the materials, labor, and manufacturing overhead costs charged to a job is the Blank______.

job cost sheet

Companies that make many different products each period use _______-_______ costing.

job-order

A job cost sheet contains Blank______ the job.

labor costs charged to materials costs charged to manufacturing overhead charged to

Materials requisition forms are used for Blank______.

making journal entries in accounting records controlling the flow of materials into production

Companies that use job-order costing make Blank______.

many different products

The type and quantity of materials to be drawn from the storeroom and the job that will be charged for the materials is specified on the Blank______.

materials requisition form