Chap3_4_mult_choice_test

Chap3_4_mult_choice_test - Homework Manager - View My...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Question 1: Score 3/3 A good description of "cost of goods manufactured" is the recorded cost of the: Your Answer: Choice Selected units started and completed during the period. units completed during the period. work done on all units during the period. work done this period on units completed this period. Question 2: Score 3/3 Overapplied overhead would result if: Your Answer: Choice Selected overhead costs incurred were greater than overhead charged to production. the plant was operated at less than normal capacity. overhead costs incurred were less than estimated overhead costs. overhead costs incurred were less than overhead costs charged to production. Question 3: Score 3/3 If overhead is underapplied, then: Your Answer: Choice Selected the Manufacturing Overhead account will have a credit balance at the end of the year. the predetermined overhead rate is too high. actual overhead cost is less than estimated overhead cost. the amount of overhead cost applied to Work in Process is less than the actual overhead cost incurred. Question 4: Score 3/3 omework Manager - View My Grades - 116B Managerial Accounting OLFA09 - Seymour http://mh10.brownstone.net/modules/viewRecord.Login of 12 9/21/2009 12:21 PM
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In a job-order costing system, the cost of a completed but unsold job is: Your Answer: Choice Selected part of the Work in Process inventory balance. adjusted to exclude any applied overhead. closed to Cost of Goods Sold. part of the Finished Goods inventory balance. Question 5: Score 3/3 What journal entry is made in a job-order costing system when $8,000 of materials are requisitioned for general factory use instead of for use in a particular job? Your Answer: Choice Selected Item B Item C Item D Item A Question 6: Score 3/3 The following data are for Potras Company: Beginning Ending Finished goods inventory $30,000 $40,000 Work in process inventory $20,000 $13,000 Raw materials inventory $21,000 $26,000 Purchases of raw materials $71,000 Factory depreciation $5,000 Other factory costs $10,000 Direct labor $27,000 Indirect labor $6,000 Selling expense $12,000 Underapplied or overapplied overhead $0 The cost of goods manufactured was: omework Manager - View My Grades - 116B Managerial Accounting OLFA09 - Seymour http://mh10.brownstone.net/modules/viewRecord.Login of 12 9/21/2009 12:21 PM
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Your Answer: Choice Selected $133,000 $114,000 $138,000 $121,000 Feedback: Question 7: Score 3/3 Darrow Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 10,500 direct labor-hours and incurred $77,000 of actual manufacturing overhead cost. If overhead was underapplied by $2,400, the predetermined overhead rate for the company for the year must have been: Your Answer: Choice Selected $6.6 $7.38 $7.1 $8.15 Feedback: Actual manufacturing overhead – Applied manufacturing overhead = underapplied $77,000 – Applied = $2,400
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Chap3_4_mult_choice_test - Homework Manager - View My...

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