3) A characteristic of products that are mass-produced in a continuous fashion i

ID: 2514298 • Letter: 3

Question

3) A characteristic of products that are mass-produced in a continuous fashion is that

a. the products are identical or very similar in nature.

b. they are grouped in batches.

c. they are produced at the time an order is received.

d. their costs are accumulated on job cost sheets.

4) A manufacturing company applies factory overhead based on direct labor hours. At the

beginning of the year, it estimated that factory overhead costs would be $360,000 and

direct labor hours would be 45,000. Actual factory overhead costs incurred were

$377,200, and actual direct labor hours were 47,000. What is the amount of

overapplied or underapplied manufacturing overhead at the end of the year?

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

a.A paper mill

b. A swimming pool installer

c.A company that manufactures chlorine for swimming pools

d.An oil refinery

6) Which of the following is a true statement about process cost systems?

a. In process cost systems, costs are accumulated but not assigned.

b. A process cost system has one work in process account for each department

c. In process cost systems, costs are summarized on job cost sheets.

d. Unit costs are not computed in process cost systems.

3) a. The products are identical or very similar in nature.

4) $1200 underapplied

5) b. A swimming pool installer

6) b. A process cost system has one work in process account for each department.

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.