Match the following terms to the appropriate definition.
A) Work in Process Inventory
B) Materials ledger card
C) Predetermined overhead rate
D) Overapplied overhead
E) Job order costing system
F) Finished Goods Inventory
G) Materials requisition
H) Underapplied overhead
I) Job cost sheet
J) Cost accounting system
K) Time ticket
1. The production of products in response to special orders; also called customized production.
2. Records manufacturing activities using a perpetual inventory system.
3. The amount by which the overhead applied to jobs in a period with the predetermined overhead rate exceeds the actual overhead incurred in a period.
4. An asset account where costs are accumulated while jobs are being produced.
5. The rate established prior to the beginning of a period that relates estimated overhead to an allocation factor such as estimated direct labor and is used to assign overhead cost to a job.
6. An asset account where costs of completed jobs reside until the jobs are delivered to
customers.
7. A source document that production managers use to request materials needed for
manufacturing and that is used to assign materials costs to specific jobs or to overhead.
8. A perpetual record that is updated each time units of raw material are purchased and issued for use in production.
9. A source document that is used to report how much time an employee spent working on a job or on overhead activities and the labor costs to assign to jobs or overhead.
10. The amount by which actual overhead incurred in a period exceeds the overhead applied to jobs with the predetermined overhead rate.
11. A separate record maintained for each job in a job order costing system; it shows the costs of direct materials, direct labor, and overhead for each job.
1. E) Job order costing system
2. J) Cost accounting system
3. D) Overapplied overhead
4. A) Work in Process Inventory
5. C) Predetermined overhead rate
6. F) Finished Goods Inventory
7. G) Materials requisition
8. B) Materials ledger card
9. K) Time ticket
10. H) Underapplied overhead
11. I) Job cost sheet
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