10 May WHAT IS THE PREDETERMINED OVERHEAD RATE IF OVERHEAD IS APPLIED BASED ON DIRECT LABOR COSTS?
QUESTION 1In a job order cost accounting system which account would be credited when time tickets related to a specific job are recorded or posted to that job?a.Finished Goods Inventoryb.Goods in Process Inventoryc.Wages Expensed.Factory Overheade.Factory Payroll10 points QUESTION 2Alpha Company uses the job order costing method to account for it’s manufacturing costs. The company estimates it’s total manufacturing overhead costs for the coming period to be $582 575. The total direct materials costs are estimated to be $522 000. The total direct labor hours are estimated to be 25 780 hours with direct labor costs estimated at $393 145. What is the Predetermined Overhead rate if overhead is applied based on direct labor costs?a.63.66%b.111.60%c.67.48%d.148.18%e.1.48 points QUESTION 3Which of the following costs would flow through as a debit to the factory overhead account as actual factory overhead?a.Factory supervisory salariesb.Depreciation on factory equipmentc.Indirect materialsd.All of the answers are correct.e.Indirect labor5 points QUESTION 4Which of the following would be considered a major aim of a job order costing system?a.All of the answers are correct.b.To determine the costs of producing each job or lotc.To compute the cost per unitd.To include separate records for each job to track the costs5 points QUESTION 5In a job order cost accounting system which journal entry would be made when raw materials are transferred into production during the month?a.Debit Goods in Process Inventory and Credit Materials Expenseb.Debit Factory Overhead and Credit Raw Materials Inventoryc.Debit Goods in Process Inventory and Credit Raw Materials Inventoryd.Debit Raw Materials Inventory and Credit Goods in Process Inventorye.Debit Finished Goods Inventory and Credit Goods in Process Inventory10 points QUESTION 6Which of the following would be considered factory overhead using a job order cost system?a.Depreciation on factory buildingsb.None of the answers are correct.c.Direct materialsd.Direct labore.Salesperson’s salary5 points QUESTION 7Which of the following is characteristic of a job order cost accounting system?a.It tracks cost by job.b.None of the answers are correct.c.It is best suited for customized products.d.All of the answers are correct.e.It records manufacturing activities using a perpetual inventory system.5 points QUESTION 8Which of the following is true about the Factory Payroll account?a.It is credited to transfer the labor to a specific job.b.It is debited to accrue wages that are utilized in production.c.It is treated as a temporary account which holds the cost until it can be allocated to the proper balance sheet account.d.It should not have a balance at the end of the accounting period.e.All of the answers are correct.5 points QUESTION 9In a job order cost accounting system which account would be debited when raw materials are purchased on account for use in production?a.Factory Overheadb.Goods in process inventoryc.Finished Goods Inventoryd.Raw materials inventorye.Accounts Payable10 points QUESTION 10A company’s Factory Overhead account shows total debits of $120 000 and total credits of $105 000. To adjust for any overapplied or underapplied factory overhead the journal entry would be:a.Debit Factory Overhead for $15 000 and credit Cost of Goods Sold for $15 000.b.Debit Cost of Goods Sold for $15 000 and credit Factory Overhead for $15 000.c.Debit Cost of Goods Sold for $120 000 and credit Factory Overhead for $120 000.d.None of the answers are correct.e.Debit Factory Overhead for $105 000 and credit Cost of Goods Sold for $105 000.10 points QUESTION 11The job cost sheet for Job A476 is shown below. The Predetermined Overhead Rate is 125% of direct labor cost. How much Factory overhead should be applied to Job A476 and what are the total costs for Job A476?Home Alarm System InstallJob A476Direct MaterialsDirect LaborOverheadDateCostDateCostDateCostMarch 5$540March 8$143March 8$????a.Overhead applied = $675.00 and Total Job costs = $1 358b.Overhead applied = $861.75 and Total Job costs = $178.75c.Overhead applied = $17.87 and Total Job costs = $700.87d.Overhead applied = $178.75 and Total Job costs = $861.75e.Overhead applied = $125.00 and Total Job costs = $808.0010 points QUESTION 12The predetermined overhead rate is $12.00 per direct labor hour. Job 213 required 420 total direct labor hours to complete of which 300 hours were incurred during the current month. How much overhead should be applied to Job 213 during the current month?a.$8 640b.$5 040c.None of the aboved.$2 556e.$3 60010 points QUESTION 13A company’s Factory Overhead account shows total debits (actual costs) of $135 650 and total credits (applied costs based on POHR) of $147 340. The overhead account is said to be underapplied? True False
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