2.3 Smartbook

Based on the table, the cost of goods sold for July is $

566

The adjustment for overapplied overhead Blank______ net income. Multiple choice question. -increases both cost of goods sold and -decreases both cost of goods sold and -increases cost of goods sold and decreases -decreases cost of goods sold and increases

decreases cost of goods sold and increases

A single predetermined overhead rate is called a(n) _______ overhead rate.

plantwide

Based on the table, the finished goods inventory is Blank______. units completed - units sold = units in finished goods inventory units in finished goods inventory x unit product cost = cost of ending bb+dm+dl+moha= total job cost total job cost/units completed= unit product cost

484

Based on the table, the cost of ending work-in-process is Blank______. bb+dm+dl+moha=cost of ending work in process inv

755

Based on the table, the ending work-in-process on July 31 is $________

825

Job XYZ has a total manufacturing cost of $600. If the mark-up percentage is 40%, the job will sell for $_______

840

Cost-plus pricing occurs when Blank______. Multiple choice question. -a markup percentage is added to the cost of a job -the cost of the job is multiplied by 2 -non-manufacturing costs are added to manufacturing costs

a markup percentage is added to the cost of a job

Based on the table, the cost of ending work-in-process is Blank______. Multiple choice question. -$755 -$1,239 -$476 -$484 Add up job X and job Z

$755

Based on the table, cost of goods sold for July is Blank______. bb+dm+dl+moha=total job cost total job cost/units completed= unit product cost unit product cost x units sold

476

Based on the table, cost of goods sold for July is Blank______. (bb+dm+dl+overhead applied)/units completed

$476

Based on the table, finished goods inventory at July 31 is $_________ calculate the number of units in ending finished goods inventory multiply the units in finished goods inventory by each jobs respective unit product cost

359

A cost driver is Blank______. Multiple choice question. -a measure that is used to assign overhead costs to products and services -a factor that causes overhead costs to occur -something you want to know the cost of -the amount of overhead assigned to a job

a factor that causes overhead costs to occur

The adjustment for underapplied overhead Blank______ net income. Multiple choice question. -decreases both cost of goods sold and -decreases cost of goods sold and increases -increases both cost of goods sold and -increases cost of goods sold and decreases

increases cost of goods sold and decreases

Multiple Choice Question Which of the following would be considered direct materials in a service firm that uses job-order costing? Multiple choice question. -Tools in an auto repair shop -Scissors at a hair salon -Paperwork at a law firm -Beds in a hospital

paperwork at a law firm

When a company assumes that direct labor-hours is the only manufacturing overhead cost driver, the company will choose to use a(n) _______ predetermined overhead rate.

single

Which of the following would not be considered a job in a service firm that uses job-order costing? Multiple choice question. -A client at a law firm -A patient in a hospital -The tax department in an accounting firm -A repair job at an auto repair shop

the tax department in an accounting firm

Allocation bases that do not drive overhead costs Blank______. Multiple choice question. -will always cause job costs to be overstated -cannot be used to calculate overhead -are difficult to keep track of -will not accurately measure costs used by jobs

will not accurately measure costs used by jobs