{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ACC302Practice_Test2(Spring2005)

ACC302Practice_Test2(Spring2005) - Practice Test 2 Chapters...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Practice Test 2 Chapters 3, 4, 5, and 6 Choose the best answer. 1. All of the following are cost objects EXCEPT a. activities or processes. b. customers. c. outputs of processes. d. cost assignments. 2. Which one of the following items is typically an example of an indirect cost of a cost object? 3. Which one of the following examples could be classified as a direct cost? 4. Which of the following is NOT one of the reasons that companies use an annual time period to compute the budgeted indirect-cost rate? 5. What is the appropriate journal entry if direct materials of $50,000 and indirect materials of $3,000 were sent to the manufacturing plant floor? a. Work-in-process Inventory 50,000 Materials Inventory 50,000 b. Work-in-process Inventory 53,000 Materials Inventory 53,000 c. Manufacturing Overhead 3,000 Materials Inventory 50,000 Work-in-process Inventory 53,000 d. Work-in-process Inventory 50,000 Manufacturing Overhead 3,000 Materials Inventory 53,000
Background image of page 1

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

View Full Document Right Arrow Icon
Use the information below to answer questions 6-7. Jim's Computer Products manufactures keyboards for computers. In June, the two production departments had budgeted allocation bases of 10,000 machine hours in Department 1 and 5,000 direct manufacturing labor hours in Department 2. The budgeted manufacturing overheads for the month were $34,500 and $37,500, respectively. For Job 501, the actual costs incurred in the two departments were as follows: Department 1 Department 2 Direct materials purchased on account $66,000 $106,500 Direct materials used 19,500 8,100 Direct manufacturing labor 31,500 32,100 Indirect manufacturing labor 6,600 5,400 Indirect materials used 4,500 2,850 Lease on equipment 9,750 2,250 Utilities 600 750 Job 501 incurred 1,000 machine hours in Department 1 and 300 manufacturing labor hours in Department 2. The company uses a budgeted departmental overhead rate for applying overhead to production.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}