Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Chapter 11, Problem 5DQ
To determine
Explain the reason for separating 06110 Rough Carpentry from 06120 Lumber in the
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Students have asked these similar questions
Which of the following represents the cost of jobs completed but not yet
sold?
O a. Raw Materials Inventory
O b. Cost of Goods Sold
O c. Work in Process Inventory
O d. Finished Goods Inventory
O e. None of the given answer is correct
please help me understand why and what the answer is.
Period costs are
a.found on the balance sheet
b.found on the job order cost sheets
c.not involved in the production process
d.classified as direct labor, direct material, or factory overhead
Total manufacturing cost in a job-sheet for job-order costing, includes:
a.
Actual direct materials costs
b. None of the given costs in the answers.
С.
Actual direct labor costs
d. All of the given costs in the answers.
e. Applied manufacturing overhead costs
Chapter 11 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 11 - How can the estimator increase the profit the...Ch. 11 - Prob. 2DQCh. 11 - What are the six ways to allocate overhead to...Ch. 11 - Why is it important for profit center managers to...Ch. 11 - Prob. 5DQCh. 11 - What are the three ways that job-based profit...Ch. 11 - Prob. 7DQCh. 11 - In Figure 2-8, why was equipment repairs and...Ch. 11 - Your company completed the site work for the South...Ch. 11 - Prob. 10P
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Similar questions
- Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expensesarrow_forwardWhich of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. Process costing is used only for services. c. Job-order costing is simpler to use than process costing because the recordkeeping requirements are less. d. The job cost sheet is subsidiary to the work-in-process account. e. All of these.arrow_forwardGive an example of a product that would most likely be manufactured using a process cost system and give an example of a product that would most likely be manufactured using a job order cost system (don't use the book examples.)arrow_forward
- Which one of the following would not be classified as manufacturing overhead? Indirect labor Direct materials O Insurance on factory building Indirect materialsarrow_forwardHow much is the amount of direct materials charged to Job No. 100?arrow_forwardWhat items are included on a job cost sheet? How do the items differ and why is that important to understand when applying cost to the job cost sheet? What is manufacturing overhead? Why is it important to include manufacturing overhead in the cost of a job? What is meant by “applying manufacturing overhead?” Why is it necessary to use the concept in determining the cost for a job? What is meant by “predetermined overhead rate?” How is a predetermined overhead rate calculated? What are the pros and cons to this type of approach to determining costs of a product? What is a cost driver? What issues do you need to consider when choosing a cost driver? Why is that important to evaluating jobs?arrow_forward
- Which of the following statements is TRUE about job - order costing system: a. Actual direct labor and Actual direct materials are used to calculate total manufacturing cost. b. Applied manufacturing overhead costs are traceable costs. Actual manufacturing overhead costs are used to calculate total manufacturing cost. d. Applied overhead for the period is not known until the end of the period. All of the given answers are false. e.arrow_forward1.What kind of firm would use a job order cost system? 2.Which account is used in the job order cost system to accumulate direct materials, direct labor, and factory overhead applied to production costs for individual jobs?arrow_forwardWhat is the cost per unit of Job Order 01 if the rework costs were attributable to the exacting specification of Job Order 01?arrow_forward
- Google applies overhead to product costs. What account(s) is(are) used to eliminate overapplied or underapplied overhead from the Factory Overhead account, assuming the amount is not material?arrow_forwardWhich of the following does not accurately describe the application of job-order costing? a. Finished goods that are purchased by customers will directly impact cost of goods sold. b. Indirect manufacturing labor and indirect materials are part of the actual manufacturing costs incurred. c. Direct materials and direct manufacturing labor are included in total manufacturing costs. d. Manufacturing overhead costs incurred is used to determine total manufacturing costs.arrow_forwardIn a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.arrow_forward
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