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Week 3 : CVP Analysis and Variable Costing - Quiz Time Remaining: 1. (TCO 2) Bubbas Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual overhead hours worked were 422,000. (a) Calculate the predetermined overhead rate. (b) Calculate the overhead applied. (c) Determine the amount of overhead that is over/underapplied. (Points : 6) 2. (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the predetermined overhead rate based on: (a) Direct labor dollars (b) Direct labor hours (c) Machine hours (Points : 6) 3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. (Points : 4) 4. (TCO 2)The following information is available for Sappys Surgical Shears for the fiscal year ending December 31, 20XX. Beginning balance in Finished Goods $ 17,000 Ending balance in Finished Goods 15,200 Beginning balance in Work in Process 2,500 Ending balance in Work in Process 1,836 Selling expenses 123,000 General and administrative expenses 89,000 Direct material cost 54,500 Direct labor cost 66,000 Manufacturing overhead 21,400 Sales 385,000 Prepare a schedule of cost of goods manufactured. Prepare a schedule of cost of goods manufactured.... View Full Document

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