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Grades for essay questions, & comments from your instructor, are in the "Details" section below. Date Taken: 3/26/2017 Time Spent: 1 h , 34 min , 27 secs Points Received: 166 / 190 (87.4%) Question Type: # Of Questions: # Correct: Multiple Choice 10 8 Essay 4 N/A Grade Details - All Questions Page: 1 2 Question 1. Question : (TCO 2) ABC Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on direct labor hours. Last year, the company made the following estimates for this year. Direct labor costs $12,600,000 Factory overhead costs $3,060,000 Direct Labor Hours 600,000 Machine Hours 450,000
(a) What is the budgeted overhead rate for the company? (Show your work) (b) If Job #34199 had the costs listed below, what would be the total cost of Job #34199? (Show your work) Material costs were $100,000; Direct labor costs were $140,000; Direct labor hours were 12,000; & Machine hours were 15,000. Student Answer:
See Chapter 3. Points Received: 30 of 30 Comments: Question 2. Question : (TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming & Finishing. The following information is provided regarding the Forming Department: Forming Department Month Ended June 30 Unit information Beginning work in process, June 1 --- 4,000 Started into production during June --- 22,000 Completed & transferred to Finished Department during June --- 20,000 Ending work in process, June 30 (20% complete as to direct materials & 50% complete as to conversion costs) --- 6,000 Cost information: Beginning work in process as of June 1 (consists of $1,000 of direct materials costs & $4,500 of conversion costs) --- $5,500 Direct materials used in June --- $7,268 Conversion costs incurred in June --- $32,990 Required:

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