Accounting Final Practice Questions - 1 Practice Qs ACFI...

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1Practice QsACFI 2003These are additional Qs (with solutions) for you to practise.They do not replicatethe final examination Qs.
Multiple choice - sample1)Martinez Aerospace Company uses a job-order costing system. The direct materials for Job #045391were purchased in July and put into production in August. The job was not completed by the end ofAugust. At the end of August, in what account would the direct material cost assigned to Job #045391be located?
2) At the beginning of the year, manufacturing overhead for the year was estimated to be $267,500.At the end of the year, actual direct labor-hours for the year were 22,100 hours, the actualmanufacturing overhead for the year was $262,500, and manufacturing overhead for the year wasoverapplied by $13,750. If the predetermined overhead rate is based on direct labor-hours, then theestimated direct labor-hours at the beginning of the year used in the predetermined overhead ratemust have been:
2
See calculation below.
3)The FIFO method provides a major advantage over the weighted-average method in that:
3
4

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Term
One
Professor
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Tags
Cost Accounting, Direct material price variance, overhead rate, direct labor hours

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