Class_8_MGR - MANAGERIAL ACCOUNTING - IIE 211 CLASS 8...

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Unformatted text preview: MANAGERIAL ACCOUNTING - IIE 211 CLASS 8 LECTURE NOTES 1. QUIZ II (CHAPTERS 3 and 5) 2. REVIEW CHAPTER 6 3. Review Chapter 6 Exercise 1 4. HW: Chapter 6 Exercise 2 (International Ex. 2) 5. HW: Chapter 6 Exercise 4 (International Ex. 7) NOTE: No Class Tuesday, July 17 th Public Holiday HOWEVER there is class on FRIDAY HW due CLASS 9 _ Wednesday (7.18.07) 1. Chapter 6 Exercise 5 Korea U Intranet http://iie.korea.ac.kr/intranet/ Garrison Text Site www.mhhe.com/ garrison11e eBook Text Site http://ebooks.primisonline.com 1 MANAGERIAL ACCOUNTING - IIE 211 CLASS 8 QUIZ I (CHAPTERS 3 & 5) 1.Under a job-order costing system, the dollar amount transferred from Work in Process to Finished Goods is the sum of the costs charged to all jobs: A) started in process during the period. B) in process during the period. C) completed and sold during the period. D) completed during the period. Answer: D Level: Medium LO: 7 2.If a company applies overhead to production on the basis of a predetermined rate, a debit balance in the Manufacturing Overhead account at the end of the period means that: A) actual overhead cost was greater than the amount charged to production. B) actual overhead cost was less than the amount of direct labor cost. C) more overhead cost has been charged to production than has been charged to finished goods during the period. D) actual overhead cost was less than the amount charged to production. Answer: A Level: Medium LO: 8 3.Blackwood Co. uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The predetermined overhead rates for the year are 200% for Department A and 50% for Department B. Job 123, started and completed during the year, was charged with the following costs: Dept. A Dept. B Direct materials.................................. $25,000 $5,000 Direct labor........................................ ? $30,000 Manufacturing overhead.................... $40,000 ? The total manufacturing costs associated with Job 123 should be: A) $135,000 C) $195,000 B) $180,000 D) $240,000 Source: CPA, adapted Answer: A Level: Medium LO: 2,5 4.Dukes Company used a predetermined overhead rate this year of $2 per direct labor hour, based on an estimate of 20,000 direct labor hours to be worked during the year. Actual costs and activity during the year were: 2 MANAGERIAL ACCOUNTING - IIE 211 CLASS 8 Actual manufacturing overhead cost incurred......................... $38,000 Actual direct labor hours worked............................................. 18,500 The under- or overapplied overhead for the year was: A) $1,000 underapplied C) $3,000 underapplied B) $1,000 overapplied D) $3,000 overapplied...
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Class_8_MGR - MANAGERIAL ACCOUNTING - IIE 211 CLASS 8...

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