quiz week 3 - (TCO 2 Sandy's Fish Processing Company uses a...

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(TCO 2) Sandy's Fish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000. (a) Calculate the predetermined overhead rate. (b) Calculate the overhead applied. (c) Determine the amount of overhead that is over/underapplied. (Points : 6) 2. (TCO 2) Jones Truck Compnay is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the predetermined overhead rate based on: (a) Direct labor dollars (b) Direct labor hours (c) Machine hours (Points : 6) 3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. (Points : 4) 4. (TCO 2)The following information is available for Anna's Medical Co. for the fiscal year ending December 31, 20XX. Beginning balance in Finished Goods $ 17,000 Ending balance in Finished Goods 15,200 Beginning balance in Work in Process 2,500 Ending balance in Work in Process 1,836 Selling expenses 123,000 General and administrative expenses 89,000
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Direct material cost 54,500 Direct labor cost 66,000 Manufacturing overhead 21,400 Sales 385,000 Prepare a schedule of cost of goods manufactured. (Points : 4) 5. (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only
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