JOB ORDER COSTING T/F

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A company that manufactures custom bridal gowns will use a process costing system to track costs

FALSE

A company that manufactures large quantities of homogenous goods will use a job order costing system.

FALSE

A company that manufactures small quantities of identifiable products will use a process costing system

FALSE

A company that produces sugar will use a job order costing system to track production costs.

FALSE

Cost flows and physical flows of units are identical.

FALSE

If a normal loss is anticipated on all jobs, the overhead application rate should include an amount for the cost of defective units less disposal value

FALSE

In a normal job order costing system, actual factory overhead is applied at the end of the period

FALSE

In a normal job order costing system, factory overhead is applied using actual rates times actual input

FALSE

In a normal job order costing system, factory overhead is applied using predetermined rates times standard input

FALSE

In a standard job order costing system, factory overhead is applied using actual rates times standard input.

FALSE

In a standard job order costing system, factory overhead is applied using predetermined rates times actual input

FALSE

In an actual job-order costing system, factory overhead is assigned to a job continuously during the production process.

FALSE

Normal spoilage is considered a period cost

FALSE

Overapplied factory overhead that is material in amount is closed to cost of good sold at year end

FALSE

Standards can be used in a job order costing system if the products manufactured are varied in nature

FALSE

A company that manufactures custom bridal gowns will use a job order costing system to track production costs

TRUE

A company that manufactures large quantities of homogenous goods will use a process costing system

TRUE

A company that manufactures small quantities of identifiable products will use a job order costing system

TRUE

When indirect labor is applied to a job in process, the manufacturing overhead account is debited

FALSE

When indirect labor is recorded for a job in process, the work in process account is debited

FALSE

When manufacturing overhead is charged to a job, the manufacturing overhead account is debited.

FALSE

When manufacturing overhead is charged to a job, the work in process account is credited.

FALSE

When raw materials are placed into production, the materials inventory account is debited

FALSE

A company that produces sugar will use a process costing system to track production costs.

TRUE

Abnormal spoilage is considered a period cost

TRUE

If a normal loss is anticipated on a specific job, the overhead application rate should include an amount for the cost of defective units less disposal value.

TRUE

In a job order costing system, costs are accumulated for each individual job

TRUE

In a normal job order costing system, factory overhead is applied using predetermined rates times actual input.

TRUE

In a standard job order costing system, factory overhead is applied using predetermined rates times standard input

TRUE

In an actual job order costing system, factory overhead is assigned to a job on a periodic basis.

TRUE

Overapplied factory overhead that is immaterial in amount is closed to cost of good sold at year end.

TRUE

Overapplied overhead that is material in amount is allocated between Finished Goods Inventory, Work in Process, and Cost of Goods Sold at year end

TRUE

Standards can be computed for materials, labor, and overhead.

TRUE

Standards can be used in a job order costing system if the products manufactured are similar in nature

TRUE

When manufacturing overhead is charged to a job, the work in process account is debited

TRUE


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