chapter 3 quiz most missed - Chapter 3 Quiz most frequently...

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chapter 3 quiz most missed

1 .   The amount of overapplied or underapplied overhead is found by taking the difference between the amount of overhead applied during the year and the amount of overhead estimated for the year .
a) True
b) False
Answer:  b)   False
2 .   Crockett Company has a beginning work in process 343 attempts Crockett Company uses a job costing system and had a beginning work in process inventory balance of $ 33,200 . During the year , $ 57,000 of direct materials was placed into production . Direct labor was $ 61,500 , and indirect labor was $ 19,500 . Manufacturing overhead is allocated at 130 % of direct labor costs . Actual manufacturing overhead was $ 86,500 , and jobs costing $ 218,450 were completed during the year . What is the ending work in process inventory balance ?
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3 .   Babcox Manufacturing uses a predetermined manufacturing overhead rate based on direct labor hours to allocate manufacturing overhead to jobs . Selected data about the company ’s operations follows : Actual manufacturing overhead cost $ 400,000 Estimated manufacturing overhead cost $ 420,000 Estimated direct labor cost $ 180,000 Estimated direct labor hours 70,000 Actual direct labor hours 65,000 Estimated machine hours 80,000 Actual machine hours 84,000 By how much was manufacturing overhead overallocated or underallocated for the year ?
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4 .   All Wood Industries manufactures custom - designed playground equipment for schools and city parks . All Wood expected to incur $ 637,500 of manufacturing overhead cost , 42,500 of direct labor hours , and $ 860,000 of direct labor cost during the year ( the cost of direct labor is $ 38 per hour ) . The company allocates manufacturing overhead on the basis of direct labor hours . All Wood completed Job 305 . The job used 180 direct labor hours and required $ 13,000 of direct materials . The City of Ogdenville has contracted to purchase the equipment at a price of 23 % over manufacturing cost . What is the price All Wood will charge to the City of Ogdenville for the equipment ?
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5 .   Crockett Company uses a job costing system and had a beginning work in process inventory balance of $ 33,200 . During the year , $ 57,000 of direct materials was placed into production . Direct labor was $ 61,500 , and indirect labor was $ 19,500 . Manufacturing overhead is allocated at 130 % of direct labor costs . Actual manufacturing overhead was $ 86,500 , and jobs costing $ 225,000 were completed during the year . What is the ending work in process inventory balance ?
a ) $ 13,200
b ) $ 171,800
c) $ 6,650
d) $ 79,950
Answer:  c)   $ 6,650
Chapter 3 Quiz – most frequently missed with correct answer in bold and underlined. 1. The amount of overapplied or underapplied overhead is found by taking the difference between the amount of overhead applied during the year and the amount of overhead estimated for the year. a) True b) False
2. Crockett Company has a beginning work in process 343 attempts Crockett Company uses a job costing system and had a beginning work in process inventory balance of $33,200. During the year, $57,000 of direct materials was placed into production. Direct labor was $61,500, and indirect labor was $19,500. Manufacturing overhead is allocated at 130% of direct labor costs. Actual manufacturing overhead was $86,500, and jobs costing $218,450 were completed during the year. What is the ending work in process inventory balance?

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