Practice Quiz 12A
Complete the following quiz for the lesson: Manufacturing Product Costs
Process cost systems are typically used by manufacturing companies that repetitively produce a standardized product In that case the cost per unit can be determined by taking the total direct material, direct labor and manufacturing overhead costs for a period of time and divide that total amount by the number of units produced during that same period. *
1 point
Job order cost systems are used by companies that produce a variety of differing products where the costs of production vary product by product In this case the cost per unit produced can be determined only after accumulating direct labor, direct material and manufacturing overhead costs for each job order or by separate product orders, runs or batches ("job orders") and then dividing by the number of units produced in that specific job order. *
1 point
A home construction company specializing in custom homes would probably accumulate product costs through *
1 point
In a job order cost system, job cost sheets may serve as a *
1 point
In a job order cost system, the journal entry to record the purchase of direct materials on account would include a *
1 point
In a job order cost system, the journal entry to record the requisition of direct materials into production for a specific job order would include a *
1 point
In a job order cost system, the journal entry to record the incurring of direct labor costs would include a *
1 point
In a job order cost system, the journal entry to record the completed production of a specific job order would include a *
1 point
On September 1, the work in process inventory account totaled $4,200. Throughout September, manufacturing costs totaling $21,300 were charged to work in process inventory. If on September 30, work in process inventory should only be $3,200, what entry records the production completed during September? *
1 point
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