MAQuiz12 - ACG 2071 Quiz November 29, 2007 Name_ Gator...

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ACG 2071 Quiz Name____________________________________ November 29, 2007 Gator Company has two departments, A and B. Production overhead is applied based on direct material cost in Department A and machine hours in Department B. The following information is available: Budgeted annual data Department A Department B Direct material cost $160,000 $165,000 Machine hours 42,000 30,000 Factory overhead $240,000 $180,000 Actual data for Job #2071 Direct materials $20,000 $30,000 Direct labor cost $15,000 $20,000 Machine hours 5,000 2,500 1. Calculate the total production cost of Job #2071. Gator Hospital uses a job costing system for surgery patients and applies overhead based on nursing hours. Budgeted monthly overhead costs and nursing hours are: Overhead costs Nursing hours Pre-operating room (PRE-OP) $ 250,000 5,000 Operating room (OR) 400,000 2,000 Hospital floor for surgery patients 1,800,000 30,000 A patient required 8 nursing hours in PRE-OP, 4 nursing hours in OR, and was in a room on the hospital floor for surgery patients for 3 days (72 nursing hours). Direct costs related to the patient were $2,000 in PRE-OP, $10,000 in OR, and $1,000 per day for a room on the hospital floor for surgery patients. 2. Calculate the total cost of surgery for the patient . Gator Industries uses a job costing system. Selected data for last year were: Beginning work in process inventory 50,000 Beginning finished goods inventory 60,000 Direct materials purchased and used 80,000 Direct labor cost 120,000 Factory overhead control 152,000 Cost of goods completed 330,000 Cost of goods sold 350,000 Overhead application rate (% of direct labor cost) 125% 3. Calculate the underapplied factory overhead. 4. Calculate the ending balance in work in process inventory.
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This test prep was uploaded on 04/18/2008 for the course ACG 2071 taught by Professor Sumbiznatch during the Spring '06 term at University of Florida.

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MAQuiz12 - ACG 2071 Quiz November 29, 2007 Name_ Gator...

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