Recommended textbooks for you Show  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education QuestionWhich of the following would usually be found on a job cost sheet under a normal cost system? Actual direct material cost Actual manufacturing overhead cost A) Yes Yes B) Yes No C) No Yes D) No No A) Choice A AnswerThis answer is hidden. Related questionsQ: Which of the following is an example of a cost-oriented price setting approach? A. Negotiated prices B. Price sensitivity C. Value in use pricing D. Markup pricing E. Reference prices
Q: Average-cost pricing works well if the firm actually sells the quantity which was used in setting the price, but losses may result if actual sales are much higher than were expected-due to higher total variable costs. Q: Which of the following observations is false? A. Competition needs to be considered when adding in overhead and profit for a bid price. B. Some sellers fake their records to make costs seem higher than they really are. C. Negotiated price is a price set based on bargaining between the buyer and seller. D. Negotiated pricing is rare in situations where the marketing mix is adjusted for each customer. E. Negotiated pricing is a demand-oriented approach. Q: Which of the following pricing approaches should be used by a profit-oriented retailer if its demand curve is down-sloping to the right for a while-but then actually bends back to the left at lower prices? A. Psychological pricing B. Prestige pricing C. Average-cost pricing D. Bait pricing E. Penetration pricing Q: Which of the following statements concerning "reference prices" is FALSE?A. A reference price is the price consumers expect to pay for an item.B. Retailers sometimes want consumers to use the manufacturer's list price as the reference price even though their actual retail selling price is lower.C. Different customers may have different reference prices for the same type of purchase.D. Leader pricing is normally used with products for which consumers do not have a specific reference price.E. None of these statements about "reference prices" is FALSE. Q: Which of the following pricing tools combines both, the cost-oriented price setting approach as well as the demand-oriented price setting approach? A. Break-even analysis B. Average-cost pricing C. Markup pricing D. Marginal analysis E. Price sensitivity Q: The BEP, in units, can be found by dividing A. total fixed costs by the fixed cost contribution per unit. B. total variable costs by the variable cost contribution per unit. C. total variable costs by the fixed cost contribution per unit. D. the assumed selling price per unit by the variable cost per unit. E. total variable costs by total fixed costs. Q: Which of the following costs decrease with increase in output? A. Total variable cost B. Total fixed cost C. Total cost D. Average fixed cost per unit E. Sales commissions Q: Which of the following statements is true about average cost-pricing? A. It can result in losses if actual sales are higher than expected. B. It is more profitable if actual sales are lower than expected. C. It does not take the demand curve into account when setting prices. D. It works better in practice than it does in theory. E. It can be used to set a price without an estimate of the quantity to be sold. Q: Which of the following costs do not change with an increase in output? A. Total variable cost B. Total fixed cost C. Total cost D. Average total cost per unit E. Average fixed cost per unit Q: Which of the following would NOT be included in a producer's total fixed cost? A. Rent B. Property taxes C. Insurance D. Depreciation E. Component parts Q: Which of the following is an example of a fixed cost? A. Wages B. Outgoing freight C. Depreciation D. Sales commissions E. Packaging material expense Q: Henry has classified the following items under variable costs. Which item has he classified incorrectly? A. Expenses for parts B. Wages C. Outgoing freight D. Property taxes E. Packaging material expense Q: Which of the following is an example of a variable cost for a producer? A. Depreciation B. Managers' salaries C. Rent D. Packaging materials E. Property taxes Q: Which of the following would NOT be included in a firm's total variable cost? A. Outgoing freight B. Packaging materials C. Depreciation on buildings D. Expenses for parts E. Sales commissions Q: Which of the following geographic pricing policies would probably handicap a producer wanting to compete with other producers who are closer to a potential buyer? A. F.O.B. mill B. F.O.B. delivered C. Zone pricing D. Freight absorption E. All of these would probably handicap a producer. Q: Which of the following give a producer a way to be certain that final consumers actually get the price reduction? A. Rebates B. Push money allowances C. Spiffs D. Trade-in allowance E. Noncumulative quantity discount Q: Order-getting salespeople would be required for which one of the following jobs? A. Helping a buyer plan and install a computer and software for use as a website server B. Helping drug retailers figure out better ways to display and promote their products C. Seeking orders from supermarket buyers for a new brand of high protein diet supplement that has been added to the company's line D. "Helping" an indecisive consumer in a supermarket select the kind of meat she should buy for dinner E. Handling a complaint from a furniture store about a shipment that is late Q: Which of the following is NOT true about Internet retailing? A. By 2015, retail sales on the Internet are expected to top $300 billion. B. Users of tablet computers like the iPad especially enjoy online shopping. C. About three quarters of all books are now sold online. D. Online retailers usually have lower operating costs than brick-and-mortar stores. E. Online stores cannot sell products like eyeglasses because of a need to try them on. Q: Which of the following most likely reflects the experience of a general store in the post-Civil War south? A. Its business declined due to decreased product demand. B. Its business stayed level due to consumer loyalty. C. Its business increased because it added locations. D. Its business declined due to lack of variety of goods. E. Its business increased due to reduced production costs. Q: Which of the following is an economic need which helps explain why consumers choose a particular retailer? A. Prestige B. Status C. Comfort D. Value E. Safety Q: Which of the following is a characteristic of agent wholesalers?A. They are more common in domestic trade than in international trade.B. They operate at relatively high costs.C. They own the products they sell.D. They normally specialize by customer type and by product or product line.E. None of these is a characteristic of agent wholesalers. Q: Limited-function wholesalers: A. usually cost more than single-line wholesalers. B. include manufacturers' agents. C. own (take title to) the products they sell. D. usually cost more than specialty wholesalers. E. All of these alternatives are correct for limited-function wholesalers. Q: Regarding wholesalers, which of the following types has the LOWEST costs as a percent of sales? A. Specialty wholesalers B. Merchant wholesalers C. Manufacturers' sales branches D. Agent wholesalers E. Service wholesalers Q: Regarding types of wholesalers, which of the following has the HIGHEST costs as a percent of sales? A. Manufacturers' sales branches (with stock) B. Merchant wholesalers C. Brokers D. Manufacturers' agents E. Agent wholesalers Q: Which of the following does NOT contribute to total inventory cost? A. Costs of damage to products while in inventory B. Costs of risks such as theft and fire C. Costs of inventory becoming obsolete D. Increase in the value of goods E. Handling costs Q: Considering weight, which one of the following transporting modes usually has the LOWEST cost? A. Waterways B. Airways C. Trucks D. Railroads E. Pipelines Q: Which of the following products would have the lowest transporting costs as a percentage of the selling price? A. Electronic equipment B. Chemicals and plastics C. Pharmaceuticals D. Sand and gravel E. Manufactured food Q: Fresh Farm Produce Co. has examined transportation costs and found that shipping its fruits and vegetables by rail to distant markets would cost them only $89,000, while airfreight would cost $250,000. Because the costs of the actual fruits and vegetables are the same for each transportation mode, Fresh Farm Produce should A. try to determine other physical distribution costs before deciding on whether to use airfreight. B. immediately switch to rail to save money. C. conduct marketing research to determine which fruits and vegetables customers want most. D. immediately switch to airfreight because it is clearly a faster mode of transportation. E. ship with airfreight and store the fruits and vegetables in warehouses. Q: Which of the following observations about the total cost approach is NOT true? A. Includes transportation costs. B. Helps find the lowest total cost for the right service level. C. Focuses on direct costs and doesn't consider the possible costs of lost sales. D. Uses the tools of cost accounting and economics. E. Involves evaluating each possible physical distribution system and identifying all of the costs of each alternative. What would be found on a job cost sheet under a normal cost system?Some important characteristics found on a job cost sheet include the name and address of the customer, a job description, a job number, important dates, and all of the costs, such as direct materials, direct labor, and overhead.
Which of the following is recorded on the job cost sheet?4.7 Prepare Journal Entries for a Job Order Cost System
Job cost sheets record the material, labor, and overhead costs for each job, whereas journal entries actually transfer the costs into the work in process inventory, the finished goods inventory, and cost of goods sold.
What are the 3 components of job order costing?Job order costing requires the assignment of direct materials, direct labor, and overhead to each production unit.
What is included in the cost of a job?The basic formula includes adding together the costs of labor, material and overhead. But to calculate the cost of a job accurately, it takes meticulous analysis of each step and component of these three areas.
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Which of the following would usually be found on a job cost sheet under a normal cost system?
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