Chapter 2 Problem Session Activity

Chapter 2 Problem Session Activity

University

10 Qs

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Chapter 2 Problem Session Activity

Chapter 2 Problem Session Activity

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Magali Turner

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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Assume that a company’s total estimated fixed overhead cost for the coming year is $300,000 and its estimated variable overhead cost is $6 per direct labor-hour. If the company estimates that it will work 75,000 direct labor hours in the coming year, what is its predetermined overhead rate per direct labor hour?

$3.00

$7.50

$4.25

$10.00

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Excela Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $220,000, variable manufacturing overhead of $3.40 per machine-hour, and 35,000 machine-hours. The estimated total manufacturing overhead is closest to:

$339,000

$220,000

$675,000

$110,000

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Porter Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The manufacturing overhead for the year are 120% of direct labor cost for Department A and 35% of direct labor cost for Department B. What was the total manufacturing cost assigned to Job 419?

$300,400

$275,333

$235,000

$230,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is predetermined overhead rate is calculated...

Before the period begins

As soon as actual overhead is known

As the period progresses

After the period is over

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Casper Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $482,000 and 20,000 machine-hours for the period. The company incurred actual total fixed manufacturing overhead of $520,000 and 30,300 total machine-hours during the period. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to: (Round your intermediate calculations to 2 decimal places.)

$938,300

$657,340

$847,050

$730,230

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sophie Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:

Total Machine Hours: 80,000

Total Fixed Manufacturing overhead cost: $284,000

Variable Manufacturing Overhead per machine-hour: $2.80

What is the estimated total manufacturing overhead?

$505,000

$508,000

$593,000

$532,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the predetermined overhead rate formula?

Predetermined overhead rate = Actual total manufacturing overhead cost ÷ Estimated total amount of the allocation base

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Actual total amount of the allocation base

Predetermined overhead rate = Estimated total variable costs ÷ Estimated total amount of the allocation base

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