管理会计1

CHAPTER 4 JOB COSTINGTRUE/FALSE1. Direct costs are allocated to the cost object using a cost-allocation method. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: cost-allocation base Indirect costs are allocated to the cost object using a cost-allocation method.2. Quality control costs may be a direct cost of the Manufacturing Department, but an indirect cost of an individual job. Answer: True Difficulty: 2 Objective: 1 Terms to Learn: job3. Cost objects may be jobs, products, or customers. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: job4. The cost driver of an indirect cost is often used as the cost-allocation base. Answer: True Difficulty: 1 Objective: 1 Terms to Learn: cost-allocation base5. A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line. Answer: True Difficulty: 2 Objective: 2 Terms to Learn: job-costing system, process-costing system6. Job costing is commonly used to estimate costs in beverage production. Answer: False Difficulty: 1 Objective: 2 Terms to Learn: job-costing system, process-costing system Process costing is commonly used to estimate costs in beverage production.7. In a job-costing system the cost object is an individual unit, batch, or lot of a distinct product or service. Answer: True Difficulty: 1 Objective: 2 Terms to Learn: job-costing system8. Actual costing is a method of job costing that allocates an indirect cost based on the actual indirect-cost rate times the actual quantity of the cost-allocation base. Answer: True Difficulty: 1 Objective: 2 Terms to Learn: actual costing9. Process costing is used to assign manufacturing costs to unique batches of a product. Answer: False Difficulty: 1 Objective: 2 Terms to Learn: process-costing system Job costing is used to assign manufacturing costs to unique batches of a product.10. Job costing and process costing systems share the same objective of estimating product costs. Answer: True Difficulty: 1 Objective: 2 Terms to Learn: job-costing system, process-costing system11. While costs are measured for individual jobs in a job cost system, they are measured for individual process stages in a process costing system. Answer: True Difficulty: 1 Objective: 2 Terms to Learn: process-costing system12. If indirect-cost rates were based on actual short-term usage, periods of lower demand would result in higher costs per unit. Answer: True Difficulty: 3 Objective: 3 Terms to Learn: indirect-cost rate13. In job costing, only direct costs are used to determine the cost of a job. Answer: False Difficulty: 1 Objective: 3 Terms to Learn: job-costing system Both direct and indirect costs are used to determine the cost of a job.14. Indirect manufacturing costs should be allocated equally to each job. Answer: False Difficulty: 2 Objective: 3 Terms to Learn: indirect-cost rate Not equally to each job, but according to the use of indirect resources by individual jobs.15. Each cost pool may have multiple cost allocation bases. Answer: False Difficulty: 2 Objective: 3 Terms to Learn: cost pool There is only one cost-allocation base for each cost pool.MULTIPLE CHOICE16. Job costing information is used: a. to develop strategies b. to make pricing decisions c. for external financial reporting d. All of these answers are correct. Answer: d Difficulty: 1 Objective: 1 Terms to Learn: job17. Product costing information is used by managers: a. to make decisions and strategy b. for planning and control c. for cost management d. All of these answers are correct. Answer: d Difficulty: 1 Objective: 1 Terms to Learn: job-costing system18. Each indirect-cost pool of a manufacturing firm: a. utilizes a separate cost-allocation rate b. is a subset of total indirect costs c. relates to one cost object d. All of these answers are correct. Answer: d Difficulty: 1 Objective: 1 Terms to Learn: cost pool19. An updated costing system should: a. be installed even if the costs outweigh the additional benefits b. be tailored to fit the underlying operations rather than the current cost system c. focus specifically on the costing needs of the CFO d. provide all information for management decision needs Answer: b Difficulty: 2 Objective: 1 Terms to Learn: job-costing system20. In a costing system: a. cost tracing allocates indirect costs b. cost allocation assigns direct costs c. a cost-allocation base can be either financial or nonfinancial d. a cost object should be a product and not a department or a geographic territory Answer: c Difficulty: 2 Objective: 1 Terms to Learn: cost-allocation base21. Assigning direct costs to a cost object is called: a. cost allocation b. cost assignment c. cost pooling d. cost tracing Answer: d Difficulty: 1 Objective: 1 Terms to Learn: job-costing system22. __________ is the process of distributing indirect costs to products. a. Cost allocation b. Job cost recording c. Cost pooling d. Cost tracing Answer: a Difficulty: 1 Objective: 1 Terms to Learn: cost allocation base23. A __________ links an indirect cost to a cost object. a. cost-allocation base b. cost pool c. cost assignment d. cost tracing Answer: a Difficulty: 1 Objective: 1 Terms to Learn: cost allocation base24. Which of the following includes both traced direct costs and allocated indirect costs? a. cost tracing b. cost pools c. cost assignments d. cost allocations Answer: c Difficulty: 1 Objective: 1 Terms to Learn: job-costing system25. __________ costing is a cost management system that measures the cost of products, services, and customers. a. Job b. Process c. Normal d. All of these answers are correct. Answer: d Difficulty: 2 Objective: 2 Terms to Learn: job-costing system, process-costing system, normal costing26. Fox Manufacturing is a small textile manufacturer using machine-hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various jobs contracted during the year. The following estimates are provided for the coming year for the company and for the Maize High School Science Olympiad Jacket job. Company Maize High School Job Direct materials $50,000 $500 Direct manufacturing labor $10,000 $100 Manufacturing overhead costs $40,000 Machine-hours 100,000 mh 800 mh Required: a. For Fox Manufacturing, determine the annual manufacturing overhead cost-allocation rate. b. Determine the amount of manufacturing overhead costs allocated to the Maize High School job. c. Determine the estimated total manufacturing costs for the Maize High School job. Answer: a. Manufacturing overhead cost-allocation rate = $0.40 per mh = $40,000/100,000 mh b. $320 estimated manufacturing overhead costs = 800 mh x $0.40 per mh c. Direct materials $500 Direct manufacturing labor $100 Manufacturing overhead costs $320 Estimated total manufacturing costs $920 Difficulty: 2 Objectives: 3, 4 Terms to Learn: job costing system, manufacturing overhead allocated27. Jordan Company has two departments, X and Y. Overhead is applied based on direct labor cost in Department X and machine-hours in Department Y. The following additional information is available:Budgeted Amounts Department X Department YDirect labor cost $180,000 $165,000Factory overhead $225,000 $180,000Machine-hours 51,000 mh 40,000 mhActual data for Job #10 Department X Department YDirect materials requisitioned $10,000 $16,000Direct labor cost $11,000 $14,000Machine-hours 5,000 mh 3,000 mh Required: a. Compute the budgeted factory overhead rate for Department X. b. Compute the budgeted factory overhead rate for Department Y. c. What is the total overhead cost of Job 10? d. If Job 10 consists of 50 units of product, what is the unit cost of this job? Answer: a. $225,000/$180,000 = 125% b. $180,000/40,000 hrs. = $4.50 per hour c. ($11,000 x 125 percent) + ($4.50 x 3,000 hrs.) = $27,250 d. $10,000 + $16,000 + $11,000 + $14,000 + $27,250 = $78,250/50 units = $1,565 per unit Difficulty: 2 Objectives: 3, 5 Terms to Learn: job costing system28. Isabelle, Inc., uses a budgeted factory overhead rate to apply overhead to production. The following data are available for the year ended December 31, 20X5. Budgeted Actual Factory overhead $675,000 $716,000 Direct labor costs $450,000 $432,000 Direct labor-hours 12,500 dlh 13,325 dlh Required: a. Determine the budgeted factory overhead rate based on direct labor-hours. b. What is the applied overhead based on direct labor-hours? c. Is overhead overapplied or underapplied? Explain. Answer: a. $675,000/12,500 hrs. = $54.00 per hour b. $54.00 x 13,325 hrs. = $719,550 c. $716,000 – $719,550 = $3,550 overapplied。