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1) Describe the flow of labor costs in a job order costing system, and identify the
documents used in the system.
2) Describe how materials flow through a job order cost accounting system, and
identify the key documents in the system.
3) Gates Company reports the following information regarding the production on one of
its products for the month. Compute the direct labor cost variance, the direct labor rate
variance, the direct labor efficiency variance and identify each as either favorable or
unfavorable.
4) In a process costing accounting system, direct materials used are debited to the
______________________ account, and indirect materials used are debited to the
______________________ account.
5) The following information is for Trico and its competitor Unico.
6) Explain the difference between temporary and permanent accounts.
7) Why would a firm use activity-based costing (ABC) rather than traditional two-stage
methods of cost allocation for overhead?
8) List the four goals of an internal control system.
9) Prepare journal entries to record the following transactions of a company during the
current year:
10) Calco had income before interest expense and income taxes of $5,698 million and
interest expense of $399 million. Calculate Calco's times interest earned.
