ACCT 212 Learnsmart Assignment 2 Liberty University Solution
Managers use a predetermined overhead rate for which of the following reasons?
Choose the product(s) that are most likely to be manufactured as a job, rather than as a job lot. (Check all that apply.)
Time tickets are used in job order costing to record the time and cost of:
The production factor to which overhead costs are linked, such as direct labor or machine hours, is known as the overhead ___________ base
Which of the following are characteristic of materials ledger cards?
Job order production is most likely used by companies that produce:
Match the following overhead costs with their source documents.
The recording of direct labor will result in a:
Designate the following as either from job order or process operations.
A company works on three jobs and incurs the following: Direct materials - $50,000 and Direct labor - $100,000. The company uses a predetermined overhead rate of 60% of direct labor cost. How much overhead will be allocated to the three jobs?
The predetermined overhead rate is based on total _____ overhead costs and activity base.
The journal entry to record depreciation on factory equipment is to:
Job cost sheets can be used to:
Match the following activities to their effect on the general ledger accounts.
To determine the cost of producing each job or job lot, companies use a:
Characteristics of cost accounting systems include:
The journal entry to record indirect labor costs used in production includes a debit to Factory .
A consulting firm has a predetermined overhead rate of $120 per labor hour. The Smith job required 5 hours to complete. The overhead cost applied to this job is $ .
The journal entry to record the allocation of factory overhead to work in process is:
Journal entries for materials used in production are posted to:
List the following documents in the order in which they are used when recording indirect labor costs in job order costing, with the first document on top.
The journal entry to record indirect materials costs used in production includes a debit to factory .
At the end of the accounting period, a company's overhead was overapplied by $400. The Factory Overhead account was properly adjusted. What effect did the adjustment have on net income?
List the following documents in the order in which they are used when recording indirect materials costs in job order cost accounting, with the first document on top.
Match the following activities to their effect on the general ledge accounts.
If the factory overhead is over applied, then:
The journal entry to record the purchase of materials on account is to:
After adjusting for over- or underapplied overhead, the balance in the Factory Overhead account will be .