AC202Exam3DWA

AC202Exam3DWA - AC202Exam3DWA Key 1. A job order cost...

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AC202Exam3DWA Key 1. A job order cost accounting system would best fit the needs of a company that makes: A. Shoes and apparel. B. Paint. C. Cement. D. Custom machinery. E. Pencils and erasers. AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement Bloom's: Understand Difficulty: Medium Learning Objective: C1 Describe important features of job order production. Wild - Chapter 19 #51 2. The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $4,400 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $2,000 and direct labor cost of $800. Therefore, the company's overhead application rate is: A. 40%. B. 50%. C. 80%. D. GIP = DM + DL + OH $4,400 = $2,000 + $800 + OH OH = $1,600 OH rate = $1,600/$800 = 200%. E. 220%. 200% AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Measurement Bloom's: Apply Difficulty: Hard Learning Objective: P3 Describe and record the flow of overhead costs in job order cost accounting. Wild - Chapter 19 #62
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3. After posting all actual factory overhead and applying factory overhead to production departments in a process costing system, A. There will never be underapplied overhead. B. There will never be overapplied overhead. C. There will always be underapplied overhead. D.
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AC202Exam3DWA - AC202Exam3DWA Key 1. A job order cost...

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