Question 1

Which of the following would usually be found on a job cost sheet under a normal cost system?

Accepted Answer

The answer of Which of the following would usually be...

Question 2

The estimated total manufacturing overhead for the Machining Department is closest to:

Accepted Answer

A) $136,800 
B) $34,200 
C) $171,000 
D) $359,100 
A) $136,800 
B) $34,200 
C) $171,000 
D) $359,100

Question 3

Tancredi Corporation has two manufacturing departments--Machining and Customizing.The company used the following data at the beginning of the year to calculate predetermined overhead rates:   During the most recent month, the company started and completed two jobs--Job E and Job J.There were no beginning inventories.Data concerning those two jobs follow:   Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.If both jobs are sold during the month, the company's cost of goods sold for the month would be closest to:

Accepted Answer

A) $61,450 
B) $41,150 
C) $110,808 
D) $102,600 
A) $61,450 
B) $41,150 
C) $110,808 
D) $102,600

Question 4

The estimated total manufacturing overhead for the Finishing Department is closest to:

Accepted Answer

A) $71,500 
B) $52,000 
C) $34,794 
D) $19,500 
A) $71,500 
B) $52,000 
C) $34,794 
D) $19,500

Question 5

The amount of overhead applied in the Forming Department to Job A460 is closest to:

Accepted Answer

A) $184,000.00 
B) $184.00 
C) $736.00 
D) $664.00 
A) $184,000.00 
B) $184.00 
C) $736.00 
D) $664.00

Question 6

The formula for computing the predetermined overhead rate is:
Predetermined overhead rate = Estimated total amount of the allocation base ÷ Estimated total manufacturing overhead cost

Accepted Answer

A) True 
 B)False

Question 7

The predetermined overhead rate is closest to:

Accepted Answer

A) $12.60 per machine-hour 
B) $10.50 per machine-hour 
C) $8.40 per machine-hour 
D) $2.10 per machine-hour 
A) $12.60 per machine-hour 
B) $10.50 per machine-hour 
C) $8.40 per machine-hour 
D) $2.10 per machine-hour

Question 8

Leeds Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on the following data:   Recently Job T496 was completed with the following characteristics:   Required:
a.Calculate the estimated total manufacturing overhead for the year.
b.Calculate the predetermined overhead rate for the year.
c.Calculate the amount of overhead applied to Job T496.
d.Calculate the total job cost for Job T496.
e.Calculate the unit product cost for Job T496.

Accepted Answer

a.Estimated total manufacturing overhead

Question 9

Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on 80,000 direct labor-hours, total fixed manufacturing overhead cost of $160,000, and a variable manufacturing overhead rate of $2.30 per direct labor-hour.Recently Job X387 was completed and required 120 direct labor-hours.
Required:
Calculate the amount of overhead applied to Job X387.

Accepted Answer

Estimated total manufacturing overhead c

Question 10

Weakley Corporation uses a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $358,000 and 20,000 machine-hours for the period.The company incurred actual total fixed manufacturing overhead of $382,000 and 18,300 total machine-hours during the period.
Required:
Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.

Accepted Answer

The answer of Weakley Corporation uses a predetermined overhead rate...

Question 11

The predetermined overhead rate for the Machining Department is closest to:

Accepted Answer

A) $22.93 per machine-hour 
B) $6.50 per machine-hour 
C) $2.10 per machine-hour 
D) $8.60 per machine-hour 
A) $22.93 per machine-hour 
B) $6.50 per machine-hour 
C) $2.10 per machine-hour 
D) $8.60 per machine-hour

Question 12

Job 652 was recently completed.The following data have been recorded on its job cost sheet:   The company applies manufacturing overhead on the basis of direct labor-hours.The predetermined overhead rate is $35 per direct labor-hour.
Required:
Compute the unit product cost that would appear on the job cost sheet for this job.

Accepted Answer

Cost Summa

Question 13

Steele Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.Steele Corporation has provided the following estimated costs for next year:   Steele estimates that 10,000 direct labor-hours and 16,000 machine-hours will be worked during the year.The predetermined overhead rate per hour will be:

Accepted Answer

A) $4.25 
B) $8.00 
C) $9.00 
D) $10.25 
A) $4.25 
B) $8.00 
C) $9.00 
D) $10.25

Question 14

The total job cost for Job P513 is closest to:

Accepted Answer

A) $690 
B) $900 
C) $1,400 
D) $1,210 
A) $690 
B) $900 
C) $1,400 
D) $1,210

Question 15

Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year.At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours.The estimated variable manufacturing overhead was $8.41 per labor-hour and the estimated total fixed manufacturing overhead was $1,533,180.The actual labor-hours for the year turned out to be 68,400 labor-hours.
Required:
Compute the company's predetermined overhead rate for the recently completed year.

Accepted Answer

Estimated total manufacturing

Question 16

The amount of overhead applied to Job M825 is closest to:

Accepted Answer

A) $184 
B) $520 
C) $704 
D) $336 
A) $184 
B) $520 
C) $704 
D) $336

Question 17

Whitlatch Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on the following data:   Recently Job M238 was completed with the following characteristics:   Required:
Calculate the total job cost for Job M238.

Accepted Answer

Estimated total manufacturing overhead c

Question 18

The estimated total manufacturing overhead for the Milling Department is closest to:

Accepted Answer

A) $240,833 
B) $141,100 
C) $28,900 
D) $112,200 
A) $240,833 
B) $141,100 
C) $28,900 
D) $112,200

Question 19

Gilchrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.At the beginning of the most recently completed year, the Corporation estimated the machine-hours for the upcoming year at 79,000 machine-hours.The estimated variable manufacturing overhead was $7.38 per machine-hour and the estimated total fixed manufacturing overhead was $2,347,090.The predetermined overhead rate for the recently completed year was closest to:

Accepted Answer

A) $37.09 per machine-hour 
B) $36.07 per machine-hour 
C) $7.38 per machine-hour 
D) $29.71 per machine-hour 
A) $37.09 per machine-hour 
B) $36.07 per machine-hour 
C) $7.38 per machine-hour 
D) $29.71 per machine-hour

Question 20

The estimated total manufacturing overhead is closest to:

Accepted Answer

A) $90,000 
B) $275,000 
C) $185,000 
D) $90,004 
A) $90,000 
B) $275,000 
C) $185,000 
D) $90,004

Which of the following would usually be found on a job cost sheet under a normal cost system?

The estimated total manufacturing overhead for the Machining Department is closest to:

The estimated total manufacturing overhead for the Finishing Department is closest to:

The amount of overhead applied in the Forming Department to Job A460 is closest to:

The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total amount of the allocation base ÷ Estimated total manufacturing overhead cost

The predetermined overhead rate is closest to:

The predetermined overhead rate for the Machining Department is closest to:

The total job cost for Job P513 is closest to:

The amount of overhead applied to Job M825 is closest to:

The estimated total manufacturing overhead for the Milling Department is closest to:

The estimated total manufacturing overhead is closest to:

Managerial Accounting and Cost Concepts

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

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Exam 2: Job-Order Costing: Calculating Unit Product Costs

Which of the following would usually be found on a job cost sheet under a normal cost system?

The estimated total manufacturing overhead for the Machining Department is closest to:

The estimated total manufacturing overhead for the Finishing Department is closest to:

The amount of overhead applied in the Forming Department to Job A460 is closest to:

The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total amount of the allocation base ÷ Estimated total manufacturing overhead cost

The predetermined overhead rate is closest to:

The predetermined overhead rate for the Machining Department is closest to:

The total job cost for Job P513 is closest to:

The amount of overhead applied to Job M825 is closest to:

The estimated total manufacturing overhead for the Milling Department is closest to:

The estimated total manufacturing overhead is closest to:

Managerial Accounting and Cost Concepts

Job-Order Costing: Cost Flows and External Reporting

Activity-Based Costing

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Variable Costing and Segment Reporting: Tools for Management

Master Budgeting

Performance Measurement in Decentralized Organizations

Differential Analysis: The Key to Decision Making

Capital Budgeting Decisions

Flexible Budgets Standard Costs and Variance Analysis

Statement of Cash Flows

Financial Statement Analysis

Job-Order Costing: Cost Flows and External Reporting

Process Costing6 Cost-Volume-Profit Relationships

Cost-Volume-Profit Relationships

Flexible Budgets, Standard Costs, and Variance Analysis

Flexible Budgets, Standard Costs, and Variance Analysis

A Capital Budgeting Decisions

A Statement of Cash Flows

Filters