71. The source of the data for debiting Work-in-Process for direct materials is the:
A. purchase order
B. purchase requisition
C. materials requisition
D. receiving report
72. In a job order cost accounting system, the entry to record the flow of direct materials into production is:
A. debit Work in Process, credit Materials
B. debit Materials, credit Work in Process
C. debit Factory Overhead, credit Materials
D. debit Work in Process, credit Supplies
73. A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for:
A. work in process and cost of goods sold
B. work in process and factory overhead
C. finished goods and cost of goods sold
D. work in process and finished goods
74. In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a:
A. purchase order
B. sales invoice
C. receiving report
D. purchase requisition
75. The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on:
A. pay stubs.
B. in-and-out cards.
C. time cards.
D. employees' earnings records.
76. The amount of time spent by an employee in the factory is usually recorded on:
A. time cards
B. job order cost sheets
C. employees' earnings records
D. statement of owners’ equity
77. The basis for recording direct and indirect labor costs incurred is a summary of the period's:
A. job order cost sheets
B. time tickets
C. employees' earnings records
D. clock cards
78. The entry to record direct labor costs into production in a job order cost accounting system is:
A. debit Factory Overhead, credit Work in Process
B. debit Finished Goods, credit Wages Payable
C. debit Work in Process, credit Wages Payable
D. debit Factory Overhead, credit Wages Payable
79. At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet?
A. Overapplied, deferred credit
B. Underapplied, deferred debit
C. Underapplied, deferred credit
D. Overapplied, deferred debit
80. At the end of the fiscal year, the balance in Factory Overhead is small. This balance would normally be:
A. transferred to Work in Process
B. transferred to Cost of Goods Sold
C. transferred to Finished Goods
D. allocated between Work in Process and Finished Goods