App02A - Appendix 2A, Further Classification of Labor Costs...

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Unformatted text preview: Appendix 2A, Further Classification of Labor Costs Question Type Difficulty LO1: Mangerial vs financial accounting LO2: DM, DL, Manuf overhead LO3: Period and product costs LO4: Income statement LO5: Schedule of cost of goods manufactured LO6: Variable and fixed costs LO7: Direct and indirect costs LO8: Decision-making cost classifications LO9: Labor cost classifications (App 2A) LO10: Classification of quality costs (App2B) LO11: Quality cost report (App 2B) Professional Exam Adapted ID Origin CMA/CPA origin 1 T/F E x 8/e:ATB2-10 David Keyes 2 T/F E x 4/e:40 Authors 3 Conceptual M/ C M x 5/e: 2-46 Authors 4 M/C M x 2/e: 2-MC6 Authors 5 M/C M x 5/e: 2-24 Authors 6 M/C M x 1/e: Exam#1- II8 Authors 2A- 1 7-10 Multipart M/C M x 8/3/2004 Multi MC X3 E.N. 2A- 2 11-14 Multipart M/C M x 8/3/2004 Multi MC Y3 E.N. 15 Problem E x 8/4/2004 Problem I2 E.N. 16 Problem E x 8/4/2204 Problem J3 E.N. 17 Problem M x 8/4/2004 Problem K3 E.N. 18 Problem M x 8/4/2004 Problem L3 E.N. 2A-1 Appendix 2A, Further Classification of Labor Costs True / False Questions 1. The cost of fringe benefits given to direct labor workers is best classified as a period cost. True False 2. Idle time for direct labor factory workers is classified as an indirect manufacturing cost. True False Multiple Choice Questions 3. The cost associated with idle time should be: A. included as part of direct labor cost. B. treated as part of manufacturing overhead. C. added directly to cost of goods sold for the period. D. included as part of selling and administrative expenses. 4. Bill Harris works on the assembly line of the Boothe Company and earns $10 per hour. He is paid time-and-a-half for work in excess of 40 hours per week. During a given week he worked 43 hours and had no idle time. How much of his week's wages would be charged to manufacturing overhead? A. $15 B. $45 C. $30 D. $0 2A-2 Appendix 2A, Further Classification of Labor Costs 5. During the first week of April, Gillian worked a total of 50 hours and had no idle time. Gillian is paid $15 per hour for regular time, and is paid time-and-a-half for all hours in excess of a 40 hour week. The amount of Gillian's wages that should be charged to direct labor for the week is: A. $600 B. $225 C. $750 D. $975 6. Robert Smith earns $6 per hour. For each hour over 40 he works, he is paid time-and-a- half. During a given week he worked 45 hours and had no idle time. How much of his weekly wages would be charged to the manufacturing overhead account? A. $30 B. $45 C. $15 D. $0 Becky works on the assembly line of a manufacturing company where she installs a component part for one of the company's products. She is paid $16 per hour for regular time and time and a half for all work in excess of 40 hours per week....
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App02A - Appendix 2A, Further Classification of Labor Costs...

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