Acct2302.mq2.F09g - Name: _ Section: 004 and 005 University...

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Name: __________________________ Section: 004 and 005 University of Texas at Arlington Mid-Term 2 Acct 2302- Fall 2009 Chandra Subramaniam THIS EXAM IS 100 MINUTES LONG. This exam consists of 30 multi choice questions. Please use your Scantron sheet for this section. Please make sure that you have (10) pages including this cover page. There are 100 total points. Allocate an appropriate amount of time to each question. The only materials you are permitted to use on this exam are (1) a calculator, (2) a pencil with eraser. Be sure to note the relevant dates referred to in each question . GOOD LUCK! 1
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Problem 1 Multiple choice 1. Computing unit product costs involves averaging in: A. Choice A B. Choice B C. Choice C D. Choice D 2. In job-order costing, all of the following statements are correct with respect to labor time and cost except: A. time tickets are kept by employees showing the amount of work on specific jobs. B. the job cost sheet for a job will contain all direct labor charges to that particular job. C. labor cost that can be traced to a job only with a great deal of effort is treated as part of manufacturing overhead. D. a machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job. 3. Choice of allocation base should be made based on: A. the relative size of the base. B. the base's relation to direct labor. C. the base's activity. D. whether the base actually drives the cost being allocated. 4. In a job-order costing system, the amount of overhead cost that has been applied to a job that remains incomplete at the end of a period: A. is deducted on the Income Statement as overapplied overhead. B. is closed to Cost of Goods Sold. C. is transferred to Finished Goods at the end of the period. D. is part of the ending balance of the Work in Process inventory account. 5. The Work in Process inventory account of a manufacturing company shows a balance of $2,400 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $400 and $200 for direct materials, and charges of $300 and $500 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: A. 80% B. 125% C. 300% D. 240% 2
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6. Lucy Sportswear manufactures a specialty line of T-shirts. The company uses a job-order costing system. During March, the following costs were incurred on Job ICU2: direct materials $13,700 and direct labor $4,800. In addition, selling and shipping costs of $7,000 were incurred on the job. Manufacturing overhead was applied at the rate of $25 per machine-hour and Job ICU2 required 800 machine-hours. If Job ICU2 consisted of 7,000 shirts, the Cost of Goods Sold per shirt was: A. $6.50 B. $6.00 C. $5.70 D. $5.50 7. Jarratt Inc., a manufacturing company, has provided the following data for the month of September. The balance in the Work in Process inventory account was $21,000 at the
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Acct2302.mq2.F09g - Name: _ Section: 004 and 005 University...

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