Cost Accounting Quiz Ch.3-Ch.5

A company has an overhead rate of 150% of direct labor cost. If the direct labor cost is $20,000, what is the factory overhead applied?

• $20,000

• $25,000

• $30,000

• $35,000

If the actual factory overhead is $45,000 and the applied factory overhead is $50,000, what is the overhead variance?

• $5,000 Overapplied

• $5,000 Underapplied

• $10,000 Overapplied

• $10,000 Underapplied

A company has total factory overhead costs of $120,000 and total machine hours of 10,000. What is the overhead rate per machine hour?

• $10 per machine hour

• $12 per machine hour

• $15 per machine hour

• $20 per machine hour

If the factory overhead rate is $25 per labor hour and 2,000 labor hours are used, what is the total applied factory overhead?

• $40,000

• $50,000

• $45,000

• $55,000

If the factory overhead rate is $25 per labor hour and 2,000 labor hours are used, what is the total applied factory overhead?

• $40,000

• $50,000

• $45,000

• $55,000

A job order has direct materials costing $3,000, direct labor costing $2,000, and applied overhead at 125% of direct labor cost. What is the total cost of the job?

• $6,000

• $7,500

• $8,000

• $5,500

A process has a beginning work-in-process inventory of $10,000, additional costs incurred of $50,000, and an ending work-in-process inventory of $5,000. What is the cost of goods completed and transferred out?

• $55,000

• $65,000

• $50,000

• $60,000

Sarmaan Corporation's Work in process has a beginning balance in Job 101 of $30,000, an ending balance of $24,000, and units transferred-in at $12,000. How much in dollars was transferred out?

• 42,000

• 42,500

• 18,000

• 45,000

Dharmaajo Corporation Work In Process account has 30,000 Units in ending Inventory, 40,000 units transferred in, and 15,000 units transferred-out. How many units are in the beginning inventory?

• 50,000

• 65,000

• 7000

• 5000

An important feature of a job order cost system is that each job

• must be similar to previous jobs completed.
• has its own distinguishing characteristics.
• must be completed before a new job is accepted.
• consists of one unit of output.