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Xyz123 Essay

9289 words - 38 pages

CHAPTER 4  JOB COSTING  4­1  Cost pool––a grouping of individual cost items.  Cost tracing––the assigning of direct costs to the chosen cost object.  Cost allocation––the assigning of indirect costs to the chosen cost object.  Cost­allocation base––a factor that links in a systematic way an indirect cost or group of  indirect costs to a cost object. 

4­2  In a job­costing system, costs are assigned to a distinct unit, batch, or lot of a product or  service. In a process­costing system, the cost of a product or service is obtained by using broad  averages to assign costs to masses of identical or similar units.  4­3  An advertising campaign  for Pepsi  is  ...view middle of the document...

  4­7  The  main concern with the  source documents of  job cost records is the accuracy of the  records.  Problems  occurring  in  this  area  include  incorrect  recording  of  quantity  or  dollar  amounts, materials recorded on one job being “borrowed” and used on other jobs, and erroneous  job numbers being assigned to materials or labor inputs.  4­8  a.  b.  Two reasons for using an annual budget period are  The  numerator  reason––the  longer  the  time  period,  the  less  the  influence  of  seasonal  patterns, and  The denominator reason––the  longer the time period, the  less the effect of  variations  in  output levels on the allocation of fixed costs.

4­1 

4­9  Actual costing and  normal costing differ  in their  use of actual or budgeted  indirect cost  rates:  Actual  Normal  Costing  Costing  Direct­cost rates  Actual rates  Actual rates  Indirect­cost rates  Actual rates  Budgeted rates  Each costing  method uses the actual quantity of the direct­cost input and the actual quantity of  the cost­allocation base.  4­10  A house construction firm can use job cost information (a) to determine the profitability  of  individual  jobs, (b) to assist  in bidding on  future jobs, and (c) to evaluate professionals who  are in charge of managing individual jobs.  4­11  The statement is false. In a normal costing system, the Manufacturing Overhead Control  account  will  not,  in  general,  equal  the  amounts  in  the  Manufacturing  Overhead  Allocated  account.  The  Manufacturing  Overhead  Control  account  aggregates  the  actual  overhead  costs  incurred while Manufacturing Overhead Allocated allocates overhead costs to jobs on the basis  of a budgeted rate times the actual quantity of the cost­allocation base.  Underallocation or overallocation of indirect (overhead) costs can arise because of (a) the  Numerator  reason––the  actual  overhead  costs  differ  from  the  budgeted overhead  costs,  and  (b)  the  Denominator  reason––the  actual  quantity  used  of  the  allocation  base  differs  from  the  budgeted quantity.  4­12  Debit  entries  to  Work­in­Process  Control  represent  increases  in  work  in  process.  Examples of debit entries under normal costing are (a) direct materials used (credit to Materials  Control), (b) direct manufacturing labor billed to job (credit to Wages Payable Control), and (c)  manufacturing overhead allocated to job (credit to Manufacturing Overhead Allocated).  4­13  Alternative ways to make end­of­period adjustments for underallocated or overallocated  overhead are as follows:  (i)  Proration  based on the total amount of  indirect costs allocated (before proration)  in  the ending balances of work in process, finished goods, and cost of goods sold.  (ii)  Proration  based  on  total  ending  balances  (before  proration)  in  work  in  process,  finished goods, and cost of goods sold.  (iii)  Year­end write­off to Cost of Goods Sold.  (iv)  Restatement  of  all  overhead  entries ...

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