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“15. Under a job costing system, the dollar amount of the entry involved in the transfer of inventory from work in process to finished goods is the sum of the costs charged to all jobs a. started in process during the period. b. in process during the period. c. completed and sold during the period. d. completed during the period.”
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Read morebreakeven sales in units *
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Read more“16. If a company applies overhead to production on the basis of a predetermined rate, a debit balance in the manufacturing overhead account at the end of the period means that a. actual overhead cost was greater than the amount charged to production. b. actual overhead cost was less than the amount of direct labor cost. c. more overhead cost has been charged to production than has been charged to finished goods during the period. d. actual overhead cost was less than the amount charged to production.”
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Read more1. The shipping cost per unit of product is a. variable in total and considered a part of manufacturing overhead. b. variable in total but considered a period cost. c. variable in total but considered a product cost. d. variable in total and included as part of the cost of direct materials.
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Read more“17. Compute the amount of direct materials used during August if $25,000 of raw materials was purchased during the month and the inventories were as follows: Balance Balance Inventories August 1 August 31 Raw Materials $ 5,000 $ 3,000 Work in process 13,000 16,000 Finished goods 25,000 27,000 a. $16,000 b. $19,000 c. $23,000 d. $27,000”,”4Direct materials used during August = Beginning balance of raw materials + Purchases – Ending balance of raw materials 5,000 + 25,000 – 3,000 = $27
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Read more2. Fixed costs expressed on a per unit basis a. will react directly with changes in activity. b. will react inversely with changes in activity. c. are not affected by activity. d. should be ignored in making decisions since they cannot change.
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Read more“18. Jameson Company has the following estimated costs for the next year: Direct materials $ 5,000 Direct labor 19,000 Rent on factory building 16,000 Sales salaries 24,000 Depreciation on factory equipment 7,000 Indirect labor 11,000 Production supervisor’s salary 14,000 Jameson estimates that 24,000 direct labor hours will be worked during the year. If overhead is applied on the basis of direct labor hours, the overhead rate per hour will be: a. $2.00 b. $2.79 c. $3.00 d. $4.00”,”1The overhead rate per hour:Predetermined OH rate = Estimated MOH costs / Estimated activity base:= (16,000+7,000+11,000+14,000)/24
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Read more“3. Data for Cost A and Cost B are as follows: Number of Units Produced Unit Cost Total Cost Cost A 1 ? $ 10 10 ? 100 100 ? 1000 1,000 ? 10000 Cost B 1 5000 ? 10 500 ? 100 50 ? 1,000 5 ? Which of the above best describes the behavior of Costs A and B? a. Cost A is fixed, Cost B is variable. b. Cost A is variable, Cost B is fixed. c. Both Cost A and Cost B are variable. d. Both Cost A and Cost B are fixed.”
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Read more“19. Precision Company used a predetermined overhead rate during 19×2 of $3 per direct labor hour, based on an estimate of 24,000 direct labor hours to be worked during the year. Actual costs and activity during 19×2 were: Actual manufacturing overhead cost incurred $84,000 Actual direct labor hours worked 27,000 The under- or overapplied overhead for 19×2 would be a. $3,000 underapplied b. $3,000 overapplied c. $12,000 underapplied d. $9,000 overapplied”,”1The under or overapplied overhead for 19×2 would be:Applied MOH = Predetermined Rate x Actual Hours3 x 27,000 = $81,000Actual MOH – Applied MOH = Over or (Under)84,000 – 81
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