QUESTION 1

Would job order costing or process costing be more appropriate for a company that manufactures refrigerated, bottled smoothie drinks?

QUESTION 2

Would job order costing or process costing be more appropriate for a company that manufactures a Goldie's Gym Home Gym Multi Station Single Unit Weight Lifting Machine?

QUESTION 3

List the 3 inventory accounts in a manufacturing business and their normal balance of debit or credit?

QUESTION 4

Take a look at Ford Motor Company?s 2013 Annual Report. https://corporate.ford.com/content/dam/corporate/en/investors/reports-and-filings/Annual%20Reports/2013-annual-report.pdf On page 68 (70 from the page guide in the upper left), what account title does Ford use for its inventory account on the Balance Sheet?

QUESTION 5

Continue to use page 68 (70 from the page guide in the upper left) of Ford Motor Company?s 2013 Annual Report. https://corporate.ford.com/content/dam/corporate/en/investors/reports-and-filings/Annual%20Reports/2013-annual-report.pdf It states that ?Note 9? gives additional info on inventory. A Ctrl & F, allows you to search for Note 9 in the bottom ?find in page? box. You should find that Note 9 is on page 95. After locating and reading Note 9, what are the 4 inventory accounts that Ford carries? (LIFO or Last In First Out and FIFO or First in First Out are topics in Financial Accounting)

QUESTION 6

Explain the fourth inventory account carried by Ford, which does not appear in the Inventory Accts document entitled How Inventory Flows through a Job Order Cost System.

QUESTION 7

Still using Ford Motor Company's 2013 Annual Report, find the income statement on page 66 (68 from the upper left page guide). What does Ford call its Cost of Goods Sold account? This is the last question on the Ford annual report.

QUESTION 8

The Work in Process account is increased as a result of direct materials used in production, direct labor wages, and actual manufacturing overhead costs. True or False?

QUESTION 9

The entry to show the product being sold to the customer includes debiting Cost of Goods Sold and crediting Work in Process for the same dollar amount. True or False?

QUESTION 10

A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Scheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,000 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the amount of applied manufacturing overhead assigned to Job 237?

QUESTION 11

A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Sheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,000 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the total manufacturing cost for Job 237?

QUESTION 12

A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Sheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,00 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the unit product cost for Job 237?

QUESTION 13

A predetermined overhead rate is used to estimate the period's manufacturing overhead because the actual figures may not be available when needed and actual overhead is not always a stable, consistent figure throughout the year. True or false?

QUESTION 14

Explain how depreciation expense or salaries expense can end up in the asset section of a balance sheet for a manufacturing firm.

QUESTION 15

When overhead is underapplied or overapplied, the cost of goods manufactured is adjusted by the over- or under- applied amount. True or false?

QUESTION 16

Overhead was overapplied for the accounting period, but the accountant forgot to make the adjustment. No entry was ever made to adjust for the overapplied amount. As a result, what happens to:

Finished Goods Inventory? overstated, no effect Cost of Goods Sold? overstated, understated, no effect Net Operating Income and Net Income? overstated, understated, no effect

Q U ES T I ON 1 1. Would job order costing or process costing be more appropriate for a company that manufactures refrigerated, bottled smoothie drinks? 1. 1. Q U ES T I ON 2 Would job order costing or process costing be more appropriate for a company that manufactures a Goldie's Gym Home Gym Multi Station Single Unit Weight Lifting Machine? Q U ES T I ON 3 List the 3 inventory accounts in a manufacturing business and their normal balance of debit or credit? Q U ES T I ON 4 1. Take a look at Ford Motor Company's 2013 Annual Report. https://corporate.ford.com/content/dam/corporate/en/investors/reports-andfilings/Annual%20Reports/2013-annual-report.pdf On page 68 (70 from the page guide in the upper left), what account title does Ford use for its inventory account on the Balance Sheet? Q U ES T I ON 5 1. Continue to use page 68 (70 from the page guide in the upper left) of Ford Motor Company's 2013 Annual Report. https://corporate.ford.com/content/dam/corporate/en/investors/reports-andfilings/Annual%20Reports/2013-annual-report.pdf It states that \"Note 9\" gives additional info on inventory. A Ctrl & F, allows you to search for Note 9 in the bottom \"find in page\" box. You should find that Note 9 is on page 95. After locating and reading Note 9, what are the 4 inventory accounts that Ford carries? (LIFO or Last In First Out and FIFO or First in First Out are topics in Financial Accounting) Q U ES T I ON 6 1. Explain the fourth inventory account carried by Ford, which does not appear in the Inventory Accts document entitled How Inventory Flows through a Job Order Cost System. Q U ES T I ON 7 1. Still using Ford Motor Company's 2013 Annual Report, find the income statement on page 66 (68 from the upper left page guide). What does Ford call its Cost of Goods Sold account? This is the last question on the Ford annual report. 1. Q U ES T I ON 8 The Work in Process account is increased as a result of direct materials used in production, direct labor wages, and actual manufacturing overhead costs. True or False? Q U ES T I ON 9 1. The entry to show the product being sold to the customer includes debiting Cost of Goods Sold and crediting Work in Process for the same dollar amount. True or False? Q U ES T I ON 1 0 1. A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Scheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,000 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the amount of applied manufacturing overhead assigned to Job 237? 1. 1. 1. 1. Q U ES T I ON 1 1 A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Sheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,000 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the total manufacturing cost for Job 237? Q U ES T I ON 1 2 A company applies overhead cost to completed jobs on the basis of 150% of direct labor costs. The Job Cost Sheet for Job 237 shows that $14,000 in direct materials has been used on the job and that $10,00 in direct labor cost has been incurred. A total of 100 units were produced for Job 237. What is the unit product cost for Job 237? Q U ES T I ON 13 A predetermined overhead rate is used to estimate the period's manufacturing overhead because the actual figures may not be available when needed and actual overhead is not always a stable, consistent figure throughout the year. True or false? Q U ES T I ON 1 4 Explain how depreciation expense or salaries expense can end up in the asset section of a balance sheet for a manufacturing firm. Q U ES T I ON 1 5 1. When overhead is underapplied or overapplied, the cost of goods manufactured is adjusted by the over- or under- applied amount. True or false? 1. Q U ES T I ON 1 6 Overhead was overapplied for the accounting period, but the accountant forgot to make the adjustment. No entry was ever made to adjust for the overapplied amount. As a result, what happens to: Finished Goods Inventory? overstated, no effect Cost of Goods Sold? overstated, understated, no effect Net Operating Income and Net Income? overstated, understated, no effect