Deck 3: Job-Order Costing

Question 1

A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates.

Answer 1

False

Question 2

Two of the reasons why manufacturing overhead may be underapplied are: (1)the estimated total manufacturing overhead cost may have been too high;and (2)the estimated total amount of the allocation base may have been too low.

Answer 2

False

Question 3

The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job,the actual direct labor cost of the job,and the manufacturing overhead cost applied to the job.

Answer 3

True

Question 4

If a company closes any underapplied or overapplied overhead to the Cost of Goods Sold account,then Cost of Goods Sold will be increased if manufacturing overhead is overapplied for the period.

Question 5

If direct labor-hours is used as the allocation base in a job-order costing system,but overhead costs are not caused by direct-labor hours,then jobs with high direct labor requirements will tend to be undercosted relative to jobs with low direct labor requirements.

Question 6

The cost of goods manufactured for a period includes only the costs of units that are completed during the period.

Question 7

Use of a single,plantwide overhead rate is generally appropriate only for very large manufacturing companies.

Question 8

Even though a job is not completed at year end,manufacturing overhead cost may be applied to that job when a predetermined overhead rate is used.

Question 9

Ending finished goods inventory in a single product company equals the number of units in ending inventory less the number of units in beginning inventory,multiplied by their unit product cost.

Question 10

The cost of goods sold in a single product company is equal to the number of units sold multiplied by their unit product cost,plus any overapplied overhead or less any underapplied overhead.

Question 11

The cost of goods manufactured equals ending work in process inventory,plus the total manufacturing cost charged to jobs,less beginning work in process inventory.

Question 12

The cost categories that appear on a job cost sheet include selling expense,manufacturing expense,and administrative expense.

Question 13

Manufacturing overhead is overapplied if actual manufacturing overhead costs for a period are greater than the amount of manufacturing overhead cost that was charged to Work in Process.

Question 14

The most common accounting treatment of underapplied manufacturing overhead is to transfer it to the Manufacturing Overhead Incurred account.

Question 15

When the predetermined overhead rate is based on direct labor-hours,the amount of overhead applied to a job is proportional to the estimated amount of direct labor-hours for the job.

Question 16

If the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied,then manufacturing overhead would be considered to be underapplied.

Question 17

The use of a predetermined overhead rate in a job-order cost system makes it possible to compute the total cost of a job before production is begun.

Question 18

Predetermined overhead rates are based on estimated cost and activity data.

Question 19

Cost of goods sold equals beginning finished goods inventory,plus cost of goods manufactured,less ending finished goods inventory.

Question 20

The salary of the company's president should be charged to the Manufacturing Overhead Incurred account.

Question 21

When closing overapplied manufacturing overhead to cost of goods sold,which of the following would be true?

A)Work in process will be decreased.
B)Cost of goods sold will be increased.
C)Net income will be decreased.
D)Gross margin will be increased.

Question 22

Parker Corporation has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.At the beginning of the year,manufacturing overhead and direct labor-hours for the year were estimated at $50,000 and 20,000 hours,respectively.In June,Job #461 was completed.Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour.At the end of the year it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. If Job #461 contained 100 units,the unit product cost on the completed job cost sheet would be:

A)$61.75
B)$62.50
C)$63.10
D)$55.00

Question 23

A good description of "cost of goods manufactured" is the recorded cost of the:

A)units completed during the period.
B)units started and completed during the period.
C)work done on all units during the period.
D)work done this period on units completed this period.

Question 24

Caber Corporation applies manufacturing overhead on the basis of machine-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $60,600.Actual manufacturing overhead for the year amounted to $59,000 and actual machine-hours were 5,900.The company's predetermined overhead rate for the year was $10.10 per machine-hour. The predetermined overhead rate was based on how many estimated machine-hours?

A)5,783
B)6,000
C)5,900
D)5,842

Question 25

Clear Colors Company uses a predetermined overhead rate based on direct labor costs to apply manufacturing overhead to jobs.At the beginning of the year the company estimated its total manufacturing overhead cost at $350,000 and its direct labor costs at $200,000.The actual overhead cost incurred during the year was $362,000 and the actual direct labor costs incurred on jobs during the year was $208,000.The manufacturing overhead for the year would be:

A)$12,000 underapplied.
B)$12,000 overapplied.
C)$2,000 underapplied.
D)$2,000 overapplieD.Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base = $350,000 ÷ $200,000 = 1.75

Question 26

Overapplied manufacturing overhead means that:

A)the applied manufacturing overhead cost was less than the actual manufacturing overhead cost.
B)the applied manufacturing overhead cost was greater than the actual manufacturing overhead cost.
C)the estimated manufacturing overhead cost was less than the actual manufacturing overhead cost.
D)the estimated manufacturing overhead cost was less than the applied manufacturing overhead cost.

Question 27

Caber Corporation applies manufacturing overhead on the basis of machine-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $60,600.Actual manufacturing overhead for the year amounted to $59,000 and actual machine-hours were 5,900.The company's predetermined overhead rate for the year was $10.10 per machine-hour. The applied manufacturing overhead for the year was closest to:

A)$58,017
B)$59,590
C)$60,600
D)$58,597

Question 28

Which of the following would probably be the least appropriate allocation base for allocating overhead in a highly automated manufacturer of specialty valves?

A)machine-hours
B)power consumption
C)direct labor-hours
D)machine setups

Question 29

In a job-order costing system,the amount of overhead cost that has been applied to a job that remains incomplete at the end of a period:

A)is deducted on the Income Statement as overapplied overhead.
B)is closed to Cost of Goods Sold.
C)is transferred to Finished Goods at the end of the period.
D)is part of the ending balance of the Work in Process inventory account.

Question 30

Departmental overhead rates are generally preferred to plant-wide overhead rates when:

A)the activities of the various departments in the plant are not homogeneous.
B)the activities of the various departments in the plant are homogeneous.
C)most of the overhead costs are fixed.
D)all departments in the plant are heavily automated.

Question 31

Baker Corporation applies manufacturing overhead on the basis of direct labor-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $210,600 and 6,000 estimated direct labor-hours.Actual manufacturing overhead for the year amounted to $209,000 and actual direct labor-hours were 5,980. The applied manufacturing overhead for the year was closest to:

A)$208,283
B)$209,001
C)$209,898
D)$209,180

Question 32

Caber Corporation applies manufacturing overhead on the basis of machine-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $60,600.Actual manufacturing overhead for the year amounted to $59,000 and actual machine-hours were 5,900.The company's predetermined overhead rate for the year was $10.10 per machine-hour. The overhead for the year was:

A)$1,010 underapplied
B)$590 overapplied
C)$590 underapplied
D)$1,010 overapplied

Question 33

In a job-order cost system,which of the following events would trigger recording data on a job cost sheet?

A)the purchase of direct materials
B)the payment of fire insurance on the factory building
C)the payment for product advertising
D)none of the above

Question 34

The labor time ticket contains a detailed summary of the direct and the indirect labor hours of an employee.

Question 35

If a company uses predetermined overhead rates,actual manufacturing overhead costs of a period will be recorded in the Manufacturing Overhead Incurred account,but they will not be recorded on the job cost sheets for the period.

Question 36

What document is used to determine the actual amount of direct materials to record on a job cost sheet?

A)bill of materials
B)production order
C)materials purchase order
D)materials requisition form

Question 37

The job cost sheet:

A)summarizes all costs charged to a particular job.
B)contains only direct costs such as direct materials and direct labor.
C)is discarded after production is completed on a particular job.
D)is useful only in process costing.

Question 38

Baker Corporation applies manufacturing overhead on the basis of direct labor-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $210,600 and 6,000 estimated direct labor-hours.Actual manufacturing overhead for the year amounted to $209,000 and actual direct labor-hours were 5,980. The overhead for the year was:

A)$702 underapplied
B)$898 underapplied
C)$702 overapplied
D)$898 overapplied

Question 39

Baker Corporation applies manufacturing overhead on the basis of direct labor-hours.At the beginning of the most recent year,the company based its predetermined overhead rate on total estimated overhead of $210,600 and 6,000 estimated direct labor-hours.Actual manufacturing overhead for the year amounted to $209,000 and actual direct labor-hours were 5,980. The predetermined overhead rate for the year was closest to:

A)$34.95
B)$34.83
C)$34.98
D)$35.10

Question 40

Parker Corporation has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.At the beginning of the year,manufacturing overhead and direct labor-hours for the year were estimated at $50,000 and 20,000 hours,respectively.In June,Job #461 was completed.Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour.At the end of the year it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. The manufacturing overhead for the year was:

A)$6,000 overapplied
B)$10,000 overapplied
C)$10,000 underapplied
D)$4,000 underapplied

Question 41

Tondre Inc.has provided the following data for the month of July: The cost of goods manufactured for July is:

A)$210,000
B)$205,000
C)$208,000
D)$207,000

Question 42

Toan Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In September the company completed job S80M that consisted of 23,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job S80M shows the following costs: During the month,the actual manufacturing overhead cost incurred was $270,020 and 3,000 completed units from job S80M were sold.No other products were sold during the month. The cost of goods sold that would appear on the income statement for September,after adjustment for any underapplied or overapplied overhead,is closest to:

A)$989,010
B)$128,080
C)$989,910
D)$129,920

Question 43

Toan Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In September the company completed job S80M that consisted of 23,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job S80M shows the following costs: During the month,the actual manufacturing overhead cost incurred was $270,020 and 3,000 completed units from job S80M were sold.No other products were sold during the month. The unit product cost for job S80M is closest to:

A)$31.30
B)$43.00
C)$329.97
D)$329.67

Question 44

Tondre Inc.has provided the following data for the month of July: The cost of goods sold that is adjusted for underapplied or overapplied overhead and that appears on the income statement for July is:

A)$201,000
B)$198,000
C)$219,000
D)$210,000

Question 45

Dreckman Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In August the company completed job M27K that consisted of 17,000 units of one of the company's standard products.No other jobs were in process during the month.The total manufacturing cost for job M27K according to its job cost sheet was $1,118,600.During the month,the actual manufacturing overhead cost incurred was $265,880 and the manufacturing overhead applied was $272,000.And during the month,1,000 completed units from job M27K were sold.No other products were sold during the month. The cost of goods sold that would appear on the income statement for August,after adjustment for any underapplied or overapplied overhead,is closest to:

A)$71,920
B)$1,118,600
C)$59,680
D)$1,112,480

Question 46

Catala Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for March: The cost of goods manufactured for March is closest to:

A)$127,000
B)$120,000
C)$124,000
D)$123,000

Question 47

Acton Corporation,which applies manufacturing overhead on the basis of machine-hours,has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The overhead for the year was:

A)$732 underapplied
B)$1,348 underapplied
C)$732 overapplied
D)$1,348 overapplied

Question 48

Kapanga Manufacturing Corporation uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts.During October,Kapanga worked on three jobs and incurred the following direct costs on those jobs: Kapanga applies manufacturing overhead at a rate of 150% of direct labor cost.During October,Kapanga completed Jobs B18 and B19 and sold Job B19. What is Kapanga's work in process inventory balance at the end of October?

A)$23,000
B)$30,500
C)$32,000
D)$43,000

Question 49

Catala Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for March: The cost of goods sold that appears on the income statement for March and that has been adjusted for any underapplied or overapplied overhead is closest to:

A)$133,000
B)$127,000
C)$117,000
D)$141,000

Question 50

Kapanga Manufacturing Corporation uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts.During October,Kapanga worked on three jobs and incurred the following direct costs on those jobs: Kapanga applies manufacturing overhead at a rate of 150% of direct labor cost.During October,Kapanga completed Jobs B18 and B19 and sold Job B19. What is Kapanga's cost of goods manufactured for October?

A)$50,000
B)$55,000
C)$78,000
D)$82,000

Question 51

Dapper Corporation had only one job in process on May 1.The job had been charged with $3,400 of direct materials,$4,640 of direct labor,and $9,200 of manufacturing overhead cost.The company assigns overhead cost to jobs using the predetermined overhead rate of $23.00 per direct labor-hour. During May,the following activity was recorded: Work in process inventory on May 30 contains $7,540 of direct labor cost.Raw materials consist solely of items that are classified as direct materials.
The balance in the raw materials inventory account on May 30 was:

A)$33,500
B)$2,000
C)$40,000
D)$6,500

Question 52

The Lee Corporation uses a job-order costing system.The following data were recorded for June: Overhead is charged to production at 80% of direct materials cost.Jobs 235,237,and 238 were completed during June and transferred to finished goods.Jobs 235 and 238 have been delivered to customers.Actual manufacturing overhead was equal to manufacturing overhead applied.There were no Work in Process or Finished Goods inventories at the beginning of June. Lee's Work in Process inventory balance on June 30 was:

A)$4,100
B)$3,940
C)$3,300
D)$9,450

Question 53

The Lee Corporation uses a job-order costing system.The following data were recorded for June: Overhead is charged to production at 80% of direct materials cost.Jobs 235,237,and 238 were completed during June and transferred to finished goods.Jobs 235 and 238 have been delivered to customers.Actual manufacturing overhead was equal to manufacturing overhead applied.There were no Work in Process or Finished Goods inventories at the beginning of June. Lee Corporation's cost of goods sold for June was:

A)$15,520
B)$10,170
C)$9,730
D)$14,640

Question 54

Acton Corporation,which applies manufacturing overhead on the basis of machine-hours,has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to:

A)$36.60
B)$36.41
C)$36.24
D)$36.05

Question 55

Dapper Corporation had only one job in process on May 1.The job had been charged with $3,400 of direct materials,$4,640 of direct labor,and $9,200 of manufacturing overhead cost.The company assigns overhead cost to jobs using the predetermined overhead rate of $23.00 per direct labor-hour. During May,the following activity was recorded: Work in process inventory on May 30 contains $7,540 of direct labor cost.Raw materials consist solely of items that are classified as direct materials.
The cost of goods manufactured for May was:

A)$109,670
B)$124,620
C)$143,300
D)$126,820

Question 56

Toan Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In September the company completed job S80M that consisted of 23,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job S80M shows the following costs: During the month,the actual manufacturing overhead cost incurred was $270,020 and 3,000 completed units from job S80M were sold.No other products were sold during the month. The unadjusted cost of goods sold (in other words,the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead)for September is closest to:

A)$989,000
B)$129,000
C)$129,120
D)$922,300

Question 57

Hasting Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In January the company completed job R96V that consisted of 21,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job R96V shows the following costs: During the month,the actual manufacturing overhead cost incurred was $345,030 and 15,000 completed units from job R96V were sold.No other products were sold during the month. The cost of goods sold that would appear on the income statement for January,after adjustment for any underapplied or overapplied overhead,is closest to:

A)$1,071,000
B)$1,094,700
C)$741,270
D)$788,730

Question 58

Dreckman Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In August the company completed job M27K that consisted of 17,000 units of one of the company's standard products.No other jobs were in process during the month.The total manufacturing cost for job M27K according to its job cost sheet was $1,118,600.During the month,the actual manufacturing overhead cost incurred was $265,880 and the manufacturing overhead applied was $272,000.And during the month,1,000 completed units from job M27K were sold.No other products were sold during the month. The unadjusted cost of goods sold (in other words,the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead)for August is closest to:

A)$65,440
B)$1,043,800
C)$1,118,600
D)$65,800

Question 59

Acton Corporation,which applies manufacturing overhead on the basis of machine-hours,has provided the following data for its most recent year of operations. The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to:

A)$136,269
B)$138,348
C)$136,987
D)$137,630

Question 60

Hasting Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In January the company completed job R96V that consisted of 21,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job R96V shows the following costs: During the month,the actual manufacturing overhead cost incurred was $345,030 and 15,000 completed units from job R96V were sold.No other products were sold during the month. The unadjusted cost of goods sold (in other words,the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead)for January is closest to:

A)$984,900
B)$781,950
C)$765,000
D)$1,071,000

Question 61

Tramell Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for June: The cost of goods sold that appears on the income statement for June and that has been adjusted for any underapplied or overapplied overhead is closest to:

A)$130,000
B)$145,000
C)$135,000
D)$120,000

Question 62

Crombie Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for June: The cost of goods manufactured for June is closest to:

A)$146,000
B)$141,000
C)$148,000
D)$139,000

Question 63

Mcadams Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In April the company completed job C21F that consisted of 18,000 units of one of the company's standard products.No other jobs were in process during the month.The total manufacturing cost on job C21F's job cost sheet was $702,000.The manufacturing overhead for the month was underapplied by $10,080.During the month,13,000 completed units from job C21F were sold.No other products were sold during the month. The unit product cost for job C21F is closest to:

A)$29.00
B)$39.00
C)$54.78
D)$54.00

Question 64

Feltman Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for July: The cost of goods sold that appears on the income statement for July and that has been adjusted for any underapplied or overapplied overhead is closest to:

A)$185,000
B)$181,000
C)$170,000
D)$157,000

Question 65

Tramell Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for June: The unadjusted cost of goods sold (in other words,cost of goods sold before adjusting for any underapplied or overapplied overhead)for June is closest to:

A)$125,000
B)$130,000
C)$126,000
D)$135,000

Question 66

Crombie Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for June: The cost of goods sold that appears on the income statement for June and that has been adjusted for any underapplied or overapplied overhead is closest to:

A)$166,000
B)$141,000
C)$114,000
D)$170,000

Question 67

Messana Corporation reported the following data for the month of August: The cost of goods sold that is adjusted for underapplied or overapplied overhead and that appears on the income statement for August is:

A)$229,000
B)$211,000
C)$209,000
D)$247,000

Question 68

Huckeby Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the upcoming year appear below: Required:
Compute the company's predetermined overhead rate.

Question 69

Buth Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.During May,the cost of goods manufactured was $145,000 and manufacturing overhead was overapplied by $3,000.The beginning finished goods inventory was $47,000 and the ending finished goods inventory was $49,000. The unadjusted cost of goods sold (in other words,cost of goods sold before adjusting for any underapplied or overapplied overhead)for May is closest to:

A)$140,000
B)$143,000
C)$145,000
D)$147,000

Question 70

Farber Corporation uses a job-order costing system.The information below is from the financial records of the company for last year: Applied overhead was 30% of total manufacturing costs.The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. Total cost of direct material used by Farber Corporation was:

A)$750,000
B)$812,500
C)$850,000
D)$1,150,000

Question 71

Farber Corporation uses a job-order costing system.The information below is from the financial records of the company for last year: Applied overhead was 30% of total manufacturing costs.The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. The Work in Process inventory at December 31 was:

A)$300,000
B)$225,000
C)$100,000
D)$75,000

Question 72

Farber Corporation uses a job-order costing system.The information below is from the financial records of the company for last year: Applied overhead was 30% of total manufacturing costs.The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. Farber Corporation's total direct labor cost was:

A)$750,000
B)$600,000
C)$900,000
D)$937,500

Question 73

Buth Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.During May,the cost of goods manufactured was $145,000 and manufacturing overhead was overapplied by $3,000.The beginning finished goods inventory was $47,000 and the ending finished goods inventory was $49,000. The cost of goods sold that appears on the income statement for May and that has been adjusted for any underapplied or overapplied overhead is closest to:

A)$145,000
B)$140,000
C)$147,000
D)$146,000

Question 74

Messana Corporation reported the following data for the month of August: The cost of goods manufactured for August is:

A)$227,000
B)$229,000
C)$219,000
D)$217,000

Question 75

Cacioppo 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 $7.45 per labor-hour and the estimated total fixed manufacturing overhead was $1,760,220.The actual labor-hours for the year turned out to be 63,800 labor-hours.
Required:
Compute the company's predetermined overhead rate for the recently completed year.

Question 76

Crombie Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for June: The unadjusted cost of goods sold (in other words,cost of goods sold before adjusting for any underapplied or overapplied overhead)for June is closest to:

A)$148,000
B)$166,000
C)$141,000
D)$168,000

Question 77

Christofferse Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the most recently completed year appear below: Required:
Compute the company's predetermined overhead rate for the recently completed year.

Question 78

Feltman Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.The company has provided the following data for July: The cost of goods manufactured for July is closest to:

A)$168,000
B)$160,000
C)$158,000
D)$170,000

Question 79

Mcadams Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In April the company completed job C21F that consisted of 18,000 units of one of the company's standard products.No other jobs were in process during the month.The total manufacturing cost on job C21F's job cost sheet was $702,000.The manufacturing overhead for the month was underapplied by $10,080.During the month,13,000 completed units from job C21F were sold.No other products were sold during the month. The cost of goods sold that would appear on the income statement for April,after adjustment for any underapplied or overapplied overhead,is closest to:

A)$517,080
B)$496,920
C)$712,140
D)$702,000

Question 80

Sigel 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 company estimated the machine-hours for the upcoming year at 52,000 machine-hours.The estimated variable manufacturing overhead was $3.40 per machine-hour and the estimated total fixed manufacturing overhead was $624,520.
Required:
Compute the company's predetermined overhead rate.