Accounting 203 quiz 2

Accounting 203 quiz 2 - year. 2. Assume that Company X...

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Accounting 203 Chapter 2 Quiz Name _____________________________ Chapter 2 Quiz Solution Part 1 Company X $536000/80000 $6.70 Y $315000/70000 $4.50 Z $480000/$300000 160% Part 2 Job 418 12,00 0 Job 419 36,00 0 Job 420 30,00 0 Total Hours 78,00 0 rate from above $6.70 Estimated cost and operating data for three companies for the upcoming year follow: Predeter mined overhead rates are computed using the following bases in the three companies: Required: 1. Compute the predetermined overhead rate to be used in each company during the upcoming 
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Unformatted text preview: year. 2. Assume that Company X works on three jobs during the upcoming year. Direct labor-hours recorded by job are: Job 418, 12,000 hours; Job 419, 36,000 hours; Job 420, 30,000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual overhead costs total $530,000 for the year, will overhead be underapplied or overapplied? By how much? $522,60 0 Actual $530,000 Applied $522,60 0 Underapplied $7,400...
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Accounting 203 quiz 2 - year. 2. Assume that Company X...

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