Practice Midterm - Practice Midterm Exam Page 1 1. Indirect...

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Practice Midterm Exam Page 1 1. Indirect labor is a part of: A Prime cost. B Conversion cost. C Period cost. D Nonmanufacturing cost. 2. Prime cost and conversion cost share what common element of total cost? A Direct materials. B Direct labor. C Variable overhead. D Variable overhead. 3. On the Schedule of Cost of Goods Manufactured, the final Cost of Goods Manufactured figure represents: A the amount of cost charged to Work in Process during the period. B the amount of cost transferred from Finished Goods to Cost of Goods Sold during the period. C the amount of cost placed into production during the period. D the amount of cost of goods completed during the current year whether they were started before or during the current year. 4. Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table? A The amount paid to the individual who stains the table B The commission paid to the salesperson who sold the table C The cost of the glue used in the table D The cost of the wood used in the table
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Page 2 1. Overapplied overhead means that: A) the applied overhead cost was less than the actual overhead cost. B) the applied overhead cost was greater than the actual overhead cost. C) the estimated overhead cost was less than the actual overhead cost. D) the estimated overhead cost was less than the applied overhead cost. 2. Departmental overhead rates are generally preferred to plant-wide overhead rates when: A) the activities of the various departments in the plant are not homogeneous. B) the activities of the various departments in the plant are homogeneous. C) most of the overhead costs are fixed.
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This note was uploaded on 03/26/2012 for the course AC505 AC505 taught by Professor Dillan during the Spring '10 term at Keller Graduate School of Management.

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Practice Midterm - Practice Midterm Exam Page 1 1. Indirect...

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