Which of the following would most likely use a job order costing system?

16. Which of the following would most likely use a job order costing system? A. A paper mill B. An oil refinery C. A swimming pool installer D. A company that manufactures chlorine for swimming pools 17 Management should focus its sales and production efforts on the product or products that will provide A. the highest sales revenue B. the lowest direct labor hours C the lowest product costs D. the maximum contribution margin 18Goods that are partway through the manufacturing process, but not yet complete, are referred to as materials inventory A. True B. False 19 classified as part of factory overhead cost If the cost of materials is not a significant portion of the total product cost, the materials may be A. True B. False 20- What term is used to refer to the cost of changing direct materials into a finished manufactured product? A. Factory overhcad cost B. Direct labor cost C. Period cost D. Conversion cost Cost of goods manufactured is equal to: A. total manufacturing costs plus ending materials inventory less beginning materials inventory B. total manufacturing costs plus beginning work in process inventory less ending work in process inventory 21 C. cost of goods sold plus beginning work in process D. total manufacturing costs plus ending work in process inventory less beginning work in process inventory inventory less ending work in process inventory Cost of goods sold for a manufacturer equals cost of goods manufactured plus: A. beginning work in process inventory less ending work in process inventory B. ending finished goods inventory less beginning finished goods inventory C. ending work in process inventory less beginning work in process inventory D. beginning finished goods inventory less ending finished goods inventory 23- When the goods are sold, their costs are transferred from Work in Process to Finished Goods. A. True B. False 24 Costs that are treated as assets until the product is sold are called: A. Product costs B. Selling expenses C. Period costs D. Conversion costs Page 3 of 5

16. Which of the following would most likely use a job order costing system? A. A paper mill B. An oil refinery C. A swimming pool installer D. A company that manufactures chlorine for swimming pools 17 Management should focus its sales and production efforts on the product or products that will provide A. the highest sales revenue B. the lowest direct labor hours C the lowest product costs D. the maximum contribution margin 18Goods that are partway through the manufacturing process, but not yet complete, are referred to as materials inventory A. True B. False 19 classified as part of factory overhead cost If the cost of materials is not a significant portion of the total product cost, the materials may be A. True B. False 20- What term is used to refer to the cost of changing direct materials into a finished manufactured product? A. Factory overhcad cost B. Direct labor cost C. Period cost D. Conversion cost Cost of goods manufactured is equal to: A. total manufacturing costs plus ending materials inventory less beginning materials inventory B. total manufacturing costs plus beginning work in process inventory less ending work in process inventory 21 C. cost of goods sold plus beginning work in process D. total manufacturing costs plus ending work in process inventory less beginning work in process inventory inventory less ending work in process inventory Cost of goods sold for a manufacturer equals cost of goods manufactured plus: A. beginning work in process inventory less ending work in process inventory B. ending finished goods inventory less beginning finished goods inventory C. ending work in process inventory less beginning work in process inventory D. beginning finished goods inventory less ending finished goods inventory 23- When the goods are sold, their costs are transferred from Work in Process to Finished Goods. A. True B. False 24 Costs that are treated as assets until the product is sold are called: A. Product costs B. Selling expenses C. Period costs D. Conversion costs Page 3 of 5

Q16. Answer is C.
A swimming pool installer
Due to specific customer
request
Q17. Answer is D. maximum
contribution margin
Q18. Answer is True.
It is refered as Work in
process inventory
Q19. Answer is false
It is treated as factory oh
only when the material is not dirctly traceable to product
Q20. Answer is D. Conversion
cost
Q21. Answer is B. Total
manufacturing cost+Beginning WIP less Ending WIP.
Q22 Answer is D. Beginning
Finished Goods less ending finished Goods
Q23. Answer is False.
It is transferred from
Finished goods to Cost of Goods sold
Q24. Answer is A. product
cost

Leave a Comment