Managerial Accounting Chapter 3

production schedule

indicates quantity and types of inventory scheduled to be manufactured during the period

B. Examples of manufacturing overhead include costs of raw​ materials, assembly line​ workers, and other costs to produce the product..

Which statement is FALSE regarding Manufacturing​ Overhead? A. Examples of manufacturing overhead​ include: plant​ supervision, depreciation of plant and factory​ equipment, insurance and taxes on the​ plant, indirect materials and indirect labor. B. Examples of manufacturing overhead include costs of raw​ materials, assembly line​ workers, and other costs to produce the product.. C. Manufacturing overhead can include indirect materials and indirect labor​ (supervision, janitorial,​ engineers, etc.) D. Manufactuirng overhead includes manufacturing costs of making the​ product, that are not direct materials and direct labor.

invoice

bill from the supplier Match PO, receiving report, and invoice amounts prior to paying supplier

receiving report

incoming raw materials are counted and recorded on

receiving report

is typically a duplicate of the purchase order but without the quantity​ pre-listed on the form.

raw materials record

shows detailed information about each item in stock

D. All of the above

What is the difference between a service firm and a​ manufacturer? A. service firms allocate indirect period costs and a manufacturer allocates manufacturing overhead B. a service firms largest cost of a job is labor where as a typical manufacturer direct labor is not the largest component but only part of the total cost of a job. C. the cost of a job for a service firm consists of direct labor and indirect costs and a cost of a job for a manufacturer consists of direct​ materials, direct labor and manufacturing overhead D. All of the above are differences between a service firm and a manufacturer

labor time record

All direct laborers in the factory fill out​ a(n) __________

bill of materials

is like a list of ingredients in a​ recipe, stating the materials needed to produce a product.

job cost record

A ____________is used to accumulate all of the costs affiliated with each job

raw materials record

Each item in the raw materials storeroom has its own __________

bill of materials

lists all raw materials needed to manufacture job

stock inventory

products sold on a regular basis

raw materials, materials requisition

The ______________ is a control for the materials stored in the storeroom. In order to get direct​ materials, a(n) ____________ must be presented

purchase orders

Before production​ begins, the​ manufacturer's purchasing department issues___________ to its supplier for needed direct materials.

A. Manufacturer of mass-produced carbonated beverages

For which of the following would job costing not be​ appropriate? A. Manufacturer of​ mass-produced carbonated beverages B. Law firm C. Electrician D. Manufacturer of​ custom-ordered production equipment

A. direct materials, direct labor and manufacturing overhead

In job​ costing, what is included in the cost of a​ job? A. direct​ materials, direct labor and manufacturing overhead B. direct materials and direct labor C. manufacturing overhead D. direct labor and manufacturing overhead

invoice

he accounting department will not pay​ a(n) ______________ unless it agrees with the quantity of parts both ordered and received.

purchase order

purchasing department issues to suppliers to order any parts not in stock

B. allocated overhead all year long is greater than the actual manacturing overhead at year end

Overallocated/overcosted overhead occurs when A. estimated overhead at the beginning of the year is less than the actual manacturing overhead at year end B. allocated overhead all year long is greater than the actual manacturing overhead at year end C. estimated overhead at the beginning of the year is greater than the actual manacturing overhead at year end D. allocated overhead all year long is less than the actual manacturing overhead at year end

B. allocating manufacturing overhead to the job

The amount of manufacturing overhead recorded on a job cost record for a particular job is found by A. either tracing or allocating manufacturing overhead costs​ (management's choice). B. allocating manufacturing overhead to the job. C. tracing manufacturing overhead to the job. D. None of the answers listed is correct.

C. job cost record

What form is used to accumulate the all costs associated with making the​ product? A. labor time record B. raw materials record C. job cost record D. materials requisition