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ACCT 505 WEEK2 QUIZ
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ACCT 505 WEEK2 QUIZ (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below. i. Specialty coffee roaster (roasts small batches of specialty coffee beans) ii. Cus...

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  • February 1, 2022
  • 3
  • 2021/2022
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  • acct 505 week2 quiz 1 tco b some companies use process costing and some use job order costing which method a company uses depends on its industry several companies in different industries are l

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ACCT 505 WEEK2 QUIZ
1. (TCO B) Some companies use process costing and some use job-order costing. Which
method a company uses depends on its industry. Several companies in different industries are
listed below.

i. Specialty coffee roaster (roasts small batches of specialty coffee beans)
ii. Custom aircraft builder
iii. Brick manufacturer
iv. Microbrewery that produces a number of specialty beers
v. Steel company making chain link fences from iron ore
vi. Breakfast cereal manufacturer

For each company, indicate whether the company is most likely to use job-order costing or
process costing. (Points : 15)

i. Process costing
ii. Job order costing
iii. Process costing
iv. Process costing
v. Process costing
vi. Process costing


2. (TCO B) Job 728 was recently completed. The following data have been recorded on its job
cost sheet.

Direct materials $89,925

Direct labor hours 1,220 labor hours

Direct labor wage rate $15 per labor hour

Machine hours 1,550 machine hours

Number of units completed 4,500 units


The company applies manufacturing overhead on the basis of machine hours. The predetermined
overhead rate is $18 per machine hour.

Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

Direct materials $89,925
Direct labor hours $15 per DLH X 1,220 DLHs $18,300
Manufacturing overhead $18 per DLH X 1,220 DLHs $ 21,960
_________
Total cost $ 130,185
Unit product cost (Total cost/Number of units completed) $ 28.93

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