13. Which one of the following best describes a job cost sheet? to record the co

Question

13. Which one of the following best describes a job cost sheet? to record the costs chargeable to a specific iob and to determine the total and specific jobs. at management uses for tracking worker productivity on which employee a. It is a form used unit costs of the completed job. b. It is used to track manufacturing overhead costs to c. It is used by management to understand how direct costs affect profitability. d. It is a daily form th raises are based 14. If the entry to assign factory labor showed only a debit to Work in Process Inventory, then all labor costs were a. direct labor b. indirect labor. c. overtime related. d. regular hours 15. Because of automation, which component of product cost is declining? a. Direct labor b. Direct materials c. Manufacturing overhead d. Advertising 16. A company expected its annual overhead costs to be $1,500,000 and direct labor costs to be $1,000,000. Actual overhead was $1,450,000, and actual labor costs totaled S1,100,000. How much is the company's predetermined overhead rate to the nearest cent? a. $1.45 b. $1.31 C. $1.50 d. $1.37 17. Barr Mfg. provided the following information from its accounting records for 2017 Expected production Actual production Budgeted overhead Actual overhead 60,000 labor hours 56,000 labor hours 900,000 $870,000 (continued)

Explanation / Answer

13) Solution: It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job.

Explanation: A job cost sheet refers to compilation of the actual costs of a job.

14) Solution: Direct labor

Explanation: All labor costs are direct labor when entry to assign factory showed only a debit to Work in Process Inventory

15) Solution: Direct labor

Explanation: Automation usually replaces direct labor in the labor cost

16) Solution: 1.50

Working: 1,500,000 / 1,000,000

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