Chapter 3 practice quiz

Chapter 3 practice quiz - Chapter 3 Practice Quiz 1. The...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3 Practice Quiz 1. The Taylor Company uses a job order cost system to assign costs to customers. The Work in Process account below is for the month of November: Work in Process Beg. Bal. 63,000 Direct Materials 36,000 Direct Labor 190,000 Mfg. Overhead 76,000 290,000 Ending Bal. 75,000 Taylor applies overhead to customers on a basis of direct labor cost. The $75,000 ending balance applies to only one customer, Joe. Joe has already been allocated $17,500 of manufacturing overhead. How much direct materials cost has been used on Joe’s order? A. $12,000 C. $24,500 B. $13,750 D. $43,750 2. Given: Materials Inventory Work-in-Process Inventory Factory Overhead a. 25,000 b. 20,000 b. 15,000 b. 5,000 Based on the above information, the cost of direct materials used is A. $5,000 C. $20,000 B. $15,000 D. $25,000 3. Balloons, Inc. had actual overhead costs of $162,000 and budgeted overhead costs of $178,500 for 2007. Balloons applied overhead based on machine hours. Actual and budgeted machine hours for 2007 were 20,000 and 21,000, respectively. For 2007, Balloons had: A. overapplied overhead of $8,000. C. underapplied overhead of $8,000. B.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This test prep was uploaded on 04/22/2008 for the course ACC 2304 taught by Professor Robinson during the Spring '08 term at Baylor.

Page1 / 3

Chapter 3 practice quiz - Chapter 3 Practice Quiz 1. The...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online