Martinez Aerospace Company uses a job-order costing system. The direct materials for Job #045391 were purchased in July and put into production in August. The job was not completed by the end of August. At the end of August, in what account would the direct material cost assigned to Job #045391 be located?
A. Raw materials inventory
B. Work in process inventory
C. Finished goods inventory
D. Cost of goods manufactured
Answer: B
In a job-order costing system, indirect materials that have been previously purchased and that are used in production are recorded as a debit to:
A. Work in Process inventory.
B. Manufacturing Overhead.
C. Finished Goods inventory.
D. Raw Materials inventory
Answer: B
Which terms will make the following statement true? When manufacturing overhead is overapplied, the Manufacturing Overhead account has a balance and applied manufacturing overhead is greater than manufacturing overhead.
A. debit, actual
B. credit, actual
C. debit, estimated
D. credit, estimated
Answer: B
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