Which of the following statements is false? The cost of rework on defective units, if
A. abnormal, should be assigned to a loss account.
B. normal and if actual costs are used, should be assigned to material, labor and overhead costs of the good production.
C. normal and if standard costs are used, should be considered when developing the overhead application rate.
D. abnormal, should be prorated among Work In Process, Finished Goods, and Cost of Goods Sold.
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JOB ORDER COSTING
TRUE/FALSE
1.A company that produces sugar will use a job order costing system to track production
costs.
ANS:F
2.A company that produces sugar will use a process costing system to track production
costs.
ANS:T
3.A company that manufactures custom bridal gowns will use a job order costing system to
track production costs
ANS:T
4.A company that manufactures custom bridal gowns will use a process costing system to
track costs.
ANS:F
5.A company that manufactures small quantities of identifiable products will use a job
order costing system
ANS:T
6.A company that manufactures small quantities of identifiable products will use a process
costing system
ANS:F
7.A company that manufactures large quantities of homogenous goods will use a process
costing system.
ANS:T
8.In an actual job order costing system, factory overhead is assigned to a job on a periodic
basis.
ANS:T
9.A company that manufactures large quantities of homogenous goods will use a job order
costing system.
ANS:F
10.Cost flows and physical flows of units are identical.
ANS:F
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