Question: 1. The chapter used a percent of labor cost to assign factory overhead to jobs. Identify another factor (or base) a company might reasonably use to assign overhead costs.
2. What information is recorded on a job cost sheet? How do management and employees use job cost sheets?
3. In a job order cost accounting system, what records serve as a subsidiary ledger for Goods in Process Inventory? For Finished Goods Inventory?
4. What journal entry is recorded when a materials manager receives a materials requisition and then issues materials (both direct and indirect) for use in the factory?