Accounting II CHapter 3 Quiz.docx

# Accounting II CHapter 3 Quiz.docx - Match the following...

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Match the following concepts to their descriptions: Description Concept 1. Document specifying when jobs will be manufactured 2. Product costing system used by mass manufacturers 3. Bill from supplier 4. Document specifying parts needed to produce a job 5. Product costing system used by manufacturers of unique products 6. Document containing the details and balance of each part in stock 7. Document for recording incoming shipments 8. Products normally kept on hand in order to fill orders quickly Choose from any drop-down list and then continue to the next question. Recall that PT TechPT Tech had estimated \$ 1 comma 200 comma 000\$1,200,000 of MOH for the year and 60 comma 50060,500 DL hours, resulting in a predetermined MOH rate of \$ 15\$15/DL hour. By the end of the year the company had actually incurred \$ 825 comma 000\$825,000 of MOH costs and used a total of 60 comma 50060,500 DL hours on jobs. By how much had PT TechPT Tech overallocated or underallocated MOH for the year? Compute the underallocated or overallocated overhead. (Use parentheses or a minus sign for overallocated overhead.) (Over) Under Actual MOH Allocated MOH = Allocated - = Recall that Life FitnessLife Fitness had estimated \$ 1 comma 000 comma 000\$1,000,000 of MOH for the year and 62 comma 50062,500 DL hours, resulting in a predetermined MOH rate of \$ 16\$16/DL hour. By the end of the year the company had actually incurred \$ 975 comma 000\$975,000

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of MOH costs and used a total of 60 comma 00060,000 DL hours on jobs. By how much had Life FitnessLife Fitness overallocated or underallocated MOH for the year? Compute the underallocated or overallocated overhead. (Use parentheses or a minus sign for overallocated overhead.) (Over) Under Actual MOH Allocated MOH = Allocated - = Enter any number in the edit fields and then continue to the next question. Melissa MenterMelissa Menter,  CPA, pays her new staff accountant,  KatelynKatelyn,  a salary equivalent to  \$ 22\$22  per hour while  MelissaMelissa  receives a salary equivalent to  \$ 44\$44  per hour. The firm's predetermined indirect cost allocation rate for the year is  \$ 10\$10  per hour.  MenterMenter  bills for the firm's services at  3333%  over cost. Assume  MelissaMelissa  works  44  hours and  KatelynKatelyn  works  99  hours preparing a tax return for  MarianneMarianne  FentonFenton. 1. What is the total cost of preparing  FentonFenton's  tax return? 2. How much will  MelissaMelissa  bill  FentonFenton  for the tax work? 1. What is the total cost of preparing  FentonFenton's
tax return?  Enter the direct and indirect costs for preparing  FentonFenton's  tax return.  Direct Cost: Melissa's time   hrs. x     Direct Cost: Katelyn's time   hrs. x     Total Direct Cost:     Indirect Cost:   hrs. x     Total cost of preparing tax return   2. How much will  MelissaMelissa  bill  FentonFenton  for the tax work?  Enter the profit markup and the amount to bill  FentonFenton.  (Round your answer for profit markup to the nearest whole dollar.)

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• Spring '15
• Wilkins
• Accounting, raw material, EdmontonEdmonton

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