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WorksheetsBAC1054 - Ch 2
Total questions: 10
Worksheet time: 19mins
Name
Class
Date
1.
The two basic types of cost accounting systems are
a)
job order and job accumulation systems.
b)
job order and process cost systems.
c)
process cost and batch systems.
d)
job order and batch systems.
2.
Which of the following would be accounted for using a job order cost system?
a)
The production of personal computers.
b)
The production of automobiles.
c)
The refining of petroleum.
d)
The construction of a new campus building.
3.
An important feature of a job order cost system is that each job
a)
must be similar to previous jobs completed.
b)
has its own distinguishing characteristics.
c)
must be completed before a new job is accepted.
d)
consists of one unit of output.
4.
Cost of goods manufactured equals $65,000 for 2013. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2013 are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?
a)
$67,500
b)
$63,000
c)
$61,500
d)
$68,500
5.
A company expected its annual overhead costs to be $1,800,000 and direct labor costs to be $1,000,000. Actual overhead was $1,740,000, and actual labor costs totaled $1,100,000. How much is the company’s predetermined overhead rate to the nearest cent?
a)
$1.74
b)
$1.57
c)
$1.80
d)
$1.64
6.
Norman Company manufactures customized desks. The following pertains to Job No. 953:
Direct materials used $18,800
Direct labor hours worked 600
Direct labor rate per hour $16.00
Machine hours used 400
Applied factory overhead rate per machine hour $30.00
What is the total manufacturing cost for Job No. 953?
Direct materials used $18,800
Direct labor hours worked 600
Direct labor rate per hour $16.00
Machine hours used 400
Applied factory overhead rate per machine hour $30.00
What is the total manufacturing cost for Job No. 953?
a)
$37,200
b)
$40,400
c)
$43,200
d)
$46,400
7.
The predetermined overhead rate is
a)
determined on a moving average basis throughout the year.
b)
not calculated until actual overhead costs are incurred.
c)
determined at the beginning of the year.
d)
determined at the end of the current year.
8.
At the beginning of the year, Monroe Company estimates annual overhead costs to be $1,600,000 and that 300,000 machine hours will be operated. Using machine hours as a base, the amount of overhead applied during the year if actual machine hours for the year was 315,000 hours is
a)
$1,600,000.
b)
$1,523,809.
c)
$1,120,000.
d)
$1,680,000.
9.
If the manufacturing overhead costs applied to jobs worked on were greater than the actual manufacturing costs incurred during a period, overhead is said to be
a)
underapplied.
b)
overapplied.
c)
in error.
d)
prepaid.
10.
During 2013, Cotte Manufacturing expected Job No. 59 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Cotte applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead?
a)
$10,000 underapplied
b)
$10,000 overapplied
c)
$40,000 underapplied
d)
$40,000 overapplied
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