Unfinished jobs at the end of the period consititude

This preview shows page 2 - 5 out of 10 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Accounting
The document you are viewing contains questions related to this textbook.
Chapter 23 / Exercise EX23-21
Accounting
Reeve/Warren
Expert Verified
10. Unfinished jobs at the end of the period consititude______. A. EWIP B. CGM C. BWIP D. DM Answer: A
11. Which is of the following is true for in normal costing?
12. Costs that are subject to short-run fluctuations for given jobs are ________. A
13. Which of the following statements about normal costing is true? D
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Accounting
The document you are viewing contains questions related to this textbook.
Chapter 23 / Exercise EX23-21
Accounting
Reeve/Warren
Expert Verified
14. Which of the following statements about actual costing is true? A. Manufacturing costs of a job are available earlier under actual costing. B. Corrective actions can be implemented sooner under actual costing. C. Actual costing uses budgeted indirect-cost rates calculated annually. D. Actual costing uses actual indirect-cost rates calculated annually. Answer: D
15. When a normal costing system is used, clients using proportionately more full-time employees than trainees will ________. B
16. Which of the following is true of the Work-in-Process Control account? B
17. Luke employs 20 professional cleaners. Budgeted costs total $1,800,000 of which $1,550,000 is direct costs. Budgeted indirect costs are $750,000 and actual indirect costs were $795,800. Budgeted professional labor-hours are 1,000,000 and actual hours were 1,218,000. What is the budgeted direct cost-allocation rate? D
18. Tiscara Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $15 per direct labor-hour. The following data are obtained from the accounting records for June 2014: Direct materials $440,000 Direct labor (3,500 hours @ $11/hour) 38,500 Indirect labor 15,000 Plant facility rent 50,000 Depreciation on plant machinery and equipment 35,000 Sales commissions 10,000 Administrative expenses 25,000 The actual amount of manufacturing overhead costs incurred in June 2014 totals ________. A. $278,500 B. $100,000 C. $80,000 D. $110,000
Answer: Explanation: B) $15,000 + $50,000 + $35,000 = $100,000 B

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture