ACCT 2170: Test Chapters 7 & 8

For which of the following businesses would a job costing system be appropriate?

• Water bottle manufacturer

• Crude oil refinery

• Computer repair shop

• Chocolate manufacturer

Which account shows actual overhead incurred during a period?

• Applied Manufacturing Overhead

• Manufacturing Overhead Control

• Cost of Goods Sold

• Work-In-Process Inventory

How to calculate ending balance?

• BB + TI - TO

• BB -TI + TO

• BB + TI + TO

• BB - TI - TO

What do you debit and credit when direct labor is recorded?

• Debit: Work-In-Process

• Debit: Manufacturing Overhead

• Credit: Wages Payable

• Credit: Work-In-Process

Applied Manufacturing > Manufacturing Overhead Control

• Underapplied Overhead

• Overapplied Overhead

Cost of job determined by actual direct material, actual direct labor, and applied overhead.

• Standard Costing

• Actual Costing

• Normal Costing

Which products would be made using process costing? Check all that apply.

• 10k Race T-Shirt

• Hershey Candy Bars

• Lays Potato Chips

• Custom Built Home

Which method provides measurements of work done during the current period?

• Weighted-Average Method

• FIFO Method

Summarizes production and cost results for a period.

• Budgeted Cost Report

• Income Statement

• Schedule of Cost of Goods Sold

• Production Cost Report

Which costs are included when manufacturing products? Check all that apply.

• Direct Materials

• Direct Labor

• Advertising Costs

• Overhead