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Management can use the job cost information to control costs on future jobs. 2) The total

Management can use the job cost information to control costs on future jobs.

2) The total cost of a job shown on the job cost record is the sum of the direct materials and direct labor traced to the job.

3) The total cost of a job shown on the job cost record is the sum of the direct materials traced to the job and the manufacturing overhead allocated to the job.

4) If a job consists of a batch of identical units, managers find the unit cost by dividing the total job cost by the number of units in the job.

5) The total cost of a job shown on the job cost record is the sum of the direct labor traced to the job and the manufacturing overhead allocated to the job.

6) The total cost of a job shown on the job cost record is the sum of the direct materials and direct labor traced to the job plus the manufacturing overhead allocated to the job.

7) The gross profit on the sale of a job is the difference between the sales price and the total cost reported on the job cost record.

8) If a job consists of a batch of identical units, managers find the unit cost by:

A) tracing direct materials to each unit.

B) multiplying the total job cost by the number of units in the job.

C) tracing direct labor to each unit.

D) dividing the total job cost by the number of units in the job.

9) Management can use job cost information for each of the following EXCEPT:

A) determining cost of goods sold.

B) determining the profitability of different jobs.

C) bidding on custom jobs.

D) All of the listed choices are possible uses of job cost information

10) Management can use job cost information for each of the following EXCEPT:

A) assessing and comparing the profitability of each product type.

B) using the cost information in determining the bid price for custom orders.

C) determining the balance in raw materials inventory.

D) preparing the financial statements.

Dec 07 2019 Read more Less More

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