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Principles of Accounting, Volume 2: Managerial Accounting

Thought Provokers

Principles of Accounting, Volume 2: Managerial AccountingThought Provokers
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TP 1.

LO 4.1Can a company use both job order costing and process costing? Why or why not?

TP 2.

LO 4.4If a job order cost system tracks the direct materials and direct labor, why doesn’t it track the actual overhead used for a specific job?

TP 3.

LO 4.5What are the similarities in calculating the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold?

TP 4.

LO 4.6If a company bases its predetermined overhead rate on 100,000 machine hours, and it actually has 100,000 machine hours, would there be an underapplied or overapplied overhead?

TP 5.

LO 4.7How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?

TP 6.

LO 4.8How is a job order cost system used in a service industry?

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