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Question 1

Job Cost Sheet

Answer 1

Classifies costs as direct materials, direct labor, or factory overhead; accumulate JCS are kept in Goods in Process Inventory while goods are being manufactured; Finished JCS are moved from goods in process to Finished Goods inventory

Question 2

Receiving Report

Answer 2

Used to record the quantity and cost of items received

Question 3

Materials Ledger Card

Answer 3

Perpetual records updated each time units are purchased and/or issued into production.

Question 4

Materials requisitioned

Answer 4

Submitted when materials are needed in production.

Question 5

Materials Consumption Report

Answer 5

Tracks how much raw materials and goods in process are used to produce products during a period.

Question 6

Clock Cards

Answer 6

Used by employees to record hours worked in a pay period.

Question 7

Time Tickets

Answer 7

Used to record times spent at each job.

Question 8

Pre-determined Overhead Allocation Rate=

Answer 8

Estimated Overhead costs/Estimated Activity Base

Question 9

Materials Purchased (JE)

Answer 9

Debit:Raw Materials Inventory
Credit:Accounts Payable

(Record at given amount)

Question 10

Use of Direct Materials (JE)

Answer 10

Debit: Work in Process Inv.
Credit: Raw Materials Inv.

(Compute in table)

Question 11

Use of Indirect Materials (JE)

Answer 11

Debit: Factory Overhead
Credit: Raw Materials Inventory

Question 12

Record Factory Wages (JE)

Answer 12

Debit: Factory Payroll
Credit: Cash

Question 13

Use of Direct Labor (JE)

Answer 13

Debit: Work in Process Inv.
Credit: Factory Payroll

Question 14

Use of Indirect Labor (JE)

Answer 14

Debit: Factory Overhead
Credit: Factory Payroll

Question 15

Other Factory Overhead Items (JE)

Answer 15

Debit: Factory Overhead
Credit: (All other accounts)

Question 16

Factory Overhead at Pre-determined rate (JE)

Answer 16

Debit: Work in Process Inv.
Credit: Factory Overhead

Question 17

Transfer Goods to Finished Goods (JE)

Answer 17

Debit:Finished Goods Inv.
Credit:Work in Process Inv.

Question 18

Record the Sale of Goods (JE)

Answer 18

Debit: Cost of Goods Sold
Credit: Finished Goods Inv.

(Recognition of COGS)

Debit: Accounts Receivable
Credit:Sales

(Bought goods on Account)

Question 19

Under-Applied (JE)

Answer 19

Debit: Cost of Goods Sold
Credit: Factory Overhead

Question 20

Over-Applied (JE)

Answer 20

Debit: Factory Overhead
Credit: Cost of Goods Sold