Quiz 2.2_Answer - QUIZ 2 (2) Name: . 1. A flexible budget...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
QUIZ 2 (2) Name: ………………………………………………. 1. A flexible budget is: A a budget showing variable production costs only B a budget showing actual costs and revenues in the budget period C a budget which shows the costs and revenues at different levels of activity D a budget that is changed monthly. 2. The following data is available for the machining department for the latest period: Budget Actual Production overhead $128,000 $132,000 Direct labor hours 25,000 25,600 Production overhead is applied based on direct labor hour. The predetermined overhead rate is: a. $5.00 per direct labor hour b. $5.12 per direct labor hour c. $5.16 per direct labor hour d. $5.28 per direct labor hour 3. When preparing an income statement based on absorption costing principles, inventory valuation comprises which of the following costs? a. Direct labor and material costs only b. Prime cost plus variable and fixed production overhead c. Prime cost plus variable production overhead
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Quiz 2.2_Answer - QUIZ 2 (2) Name: . 1. A flexible budget...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online