quiz2 attempt1 - 1. Which of the following would most...

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Unformatted text preview: 1. Which of the following would most likely be a product cost? Student Response Value Correct Answer Feedback 1. Salary of VP of sales. 2. Salary of the company receptionist. 3. Advertising for a particular product. 4. Drill bits for a drill press used in the plant assembly area. 100% Score: 1/1 2. The materials requisition serves as the source document for debiting the accounts in the materials ledger. Score: 0/1 3. A service organization will not use the job order costing method because it has no direct materials. Score: 1/1 4. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 46,000. What is the predetermined overhead rate per direct labor hour? Score: 1/1 5. Which of the following is the correct flow of manufacturing costs? Score: 1/1 6. Materials purchased on account during the month amounted to $195,000. Materials requisitioned and placed in production totaled $168,000. From the following, select the entry to record the transaction on the day the materials were bought. Score: 1/1 7. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year. Below is a list of all the jobs for the quarter: Job 356 Job 357 Job 358 Job 359 Job 360 Job 356, 357, 358 & 359 were completed. Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Cost of Goods sold for Zeke Company as of the end of the 1st quarter? General Feedback: Job 356 + Job 357 = $450 + $1,235 = $1,685 Score: 1/1 8. The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from work in process to finished goods. Score: 0/1 9. If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a: Score: 0/1 10. In a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead? Score: 1/1 11....
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This note was uploaded on 11/12/2010 for the course ACCT 48638 taught by Professor Sterns during the Fall '10 term at Riverside Community College.

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quiz2 attempt1 - 1. Which of the following would most...

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