Question 1

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The amount of manufacturing overhead applied to Job B is closest to:

Accepted Answer

A)  $31,392
B)  $27,480
C)  $39,240
D)  $7,848E) C) and D)
F) None of the above

Question 2

Boward Corporation has two production departments, Milling and Assembly.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Milling Department's predetermined overhead rate is based on machine-hours and the Assembly Department's predetermined overhead rate is based on direct labor-hours.At the beginning of the current year, the company had made the following estimates:  During the current month the company started and finished Job T818.The following data were recorded for this job:  The total amount of overhead applied in both departments to Job T818 is closest to:

Accepted Answer

A)  $1,651
B)  $608
C)  $435
D)  $1,043E) A) and C)
F) B) and C)

Question 3

The estimated total manufacturing overhead is closest to:

Accepted Answer

A)  $120,000
B)  $96,003
C)  $96,000
D)  $216,000E) B) and C)
F) B) and D)

Question 4

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 50% on manufacturing cost to establish selling prices.The calculated selling price for Job A is closest to:

Accepted Answer

A)  $27,595
B)  $87,752
C)  $82,785
D)  $55,190E) All of the above
F) None of the above

Question 5

The appeal of using multiple departmental overhead rates is that they presumably provide a more accurate accounting of the costs caused by jobs.

Accepted Answer

A) True 
 B)False

Question 6

The predetermined overhead rate for the Casting Department is closest to:

Accepted Answer

A)  $9.70 per machine-hour
B)  $7.60 per machine-hour
C)  $2.10 per machine-hour
D)  $27.71 per machine-hourE) None of the above
F) B) and C)

Question 7

The predetermined overhead rate is closest to:

Accepted Answer

A)  $1.80 per direct labor-hour
B)  $5.50 per direct labor-hour
C)  $9.20 per direct labor-hour
D)  $3.70 per direct labor-hourE) None of the above
F) All of the above

Question 8

Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the most recently completed year appear below:  The predetermined overhead rate for the recently completed year was closest to:

Accepted Answer

A)  $25.37 per machine-hour
B)  $27.13 per machine-hour
C)  $6.76 per machine-hour
D)  $20.37 per machine-hourE) C) and D)
F) A) and D)

Question 9

The estimated total manufacturing overhead is closest to:

Accepted Answer

A)  $416,003
B)  $248,000
C)  $664,000
D)  $416,000E) B) and C)
F) None of the above

Question 10

The predetermined overhead rate for the Finishing Department is closest to:

Accepted Answer

A)  $8.80 per direct labor-hour
B)  $3.98 per direct labor-hour
C)  $12.60 per direct labor-hour
D)  $3.80 per direct labor-hourE) A) and B)
F) None of the above

Question 11

The total job cost for Job P951 is closest to:

Accepted Answer

A)  $4,540
B)  $4,755
C)  $1,295
D)  $5,295E) None of the above
F) B) and C)

Question 12

Bassett Corporation has two production departments, Milling and Customizing.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours.At the beginning of the current year, the company had made the following estimates:  The predetermined overhead rate for the Milling Department is closest to:

Accepted Answer

A)  $19.00 per machine-hour
B)  $2.10 per machine-hour
C)  $9.50 per machine-hour
D)  $7.40 per machine-hourE) A) and D)
F) A) and C)

Question 13

The predetermined overhead rate for the Forming Department is closest to:

Accepted Answer

A)  $5.70 per machine-hour
B)  $7.70 per machine-hour
C)  $2.00 per machine-hour
D)  $18.70 per machine-hourE) A) and B)
F) None of the above

Question 14

The predetermined overhead rate is closest to:

Accepted Answer

A)  $8.30 per machine-hour
B)  $11.40 per machine-hour
C)  $5.20 per machine-hour
D)  $3.10 per machine-hourE) A) and B)
F) A) and C)

Question 15

The total job cost for Job X455 is closest to:

Accepted Answer

A)  $3,972
B)  $1,732
C)  $3,180
D)  $3,032E) A) and D)
F) B) and C)

Question 16

Pebbles Corporation has two manufacturing departments--Casting and Finishing.The company used the following data at the beginning of the year to calculate predetermined overhead rates:  During the most recent month, the company started and completed two jobs--Job A and Job L.There were no beginning inventories.Data concerning those two jobs follow:  Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The total manufacturing cost assigned to Job L is closest to:

Accepted Answer

A)  $9,600
B)  $6,200
C)  $28,904
D)  $13,104E) B) and C)
F) A) and D)

Question 17

If the company marks up its manufacturing costs by 20% then the selling price for Job A319 would be closest to:

Accepted Answer

A)  $5,042.00
B)  $4,584.00
C)  $3,820.00
D)  $764.00E) All of the above
F) B) and C)

Question 18

The unit product cost for Job P978 is closest to:

Accepted Answer

A)  $176.60
B)  $157.00
C)  $44.60
D)  $44.15E) B) and D)
F) A) and B)

Question 19

The estimated total manufacturing overhead is closest to:

Accepted Answer

A)  $315,000
B)  $252,000
C)  $252,002
D)  $63,000E) A) and C)
F) All of the above

Question 20

Bernson Corporation is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $492,000 and 30,000 machine-hours for the period.The company incurred actual total fixed manufacturing overhead of $517,000 and 28,300 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:

Accepted Answer

A)  $464,120
B)  $492,000
C)  $487,703
D)  $25,000E) B) and D)
F) C) and D)

Exam 2: Job-Order Costing: Calculating Unit Product Costs

The estimated total manufacturing overhead is closest to:

Correct Answer
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The predetermined overhead rate is closest to:

Correct Answer
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The predetermined overhead rate is closest to:

Correct Answer
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The predetermined overhead rate for the Forming Department is closest to:

Correct Answer
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The total job cost for Job X455 is closest to:

Correct Answer
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The total job cost for Job P951 is closest to:

Correct Answer
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The predetermined overhead rate for the Finishing Department is closest to:

Correct Answer
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If the company marks up its manufacturing costs by 20% then the selling price for Job A319 would be closest to:

Correct Answer
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Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 50% on manufacturing cost to establish selling prices.The calculated selling price for Job A is closest to:

Correct Answer
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The unit product cost for Job P978 is closest to:

Correct Answer
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Correct Answer
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The appeal of using multiple departmental overhead rates is that they presumably provide a more accurate accounting of the costs caused by jobs.

Correct Answer
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The estimated total manufacturing overhead is closest to:

Correct Answer
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The predetermined overhead rate for the Casting Department is closest to:

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The amount of manufacturing overhead applied to Job B is closest to:

Correct Answer
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The estimated total manufacturing overhead is closest to:

Correct Answer
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Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the most recently completed year appear below: The predetermined overhead rate for the recently completed year was closest to:

Correct Answer
verified

Exam 2: Job-Order Costing: Calculating Unit Product Costs

The estimated total manufacturing overhead is closest to:

Correct AnswerverifiedShow Answer

The predetermined overhead rate is closest to:

Correct AnswerverifiedShow Answer

The predetermined overhead rate is closest to:

Correct AnswerverifiedShow Answer

The predetermined overhead rate for the Forming Department is closest to:

Correct AnswerverifiedShow Answer

The total job cost for Job X455 is closest to:

Correct AnswerverifiedShow Answer

The total job cost for Job P951 is closest to:

Correct AnswerverifiedShow Answer

The predetermined overhead rate for the Finishing Department is closest to:

Correct AnswerverifiedShow Answer

If the company marks up its manufacturing costs by 20% then the selling price for Job A319 would be closest to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The unit product cost for Job P978 is closest to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The appeal of using multiple departmental overhead rates is that they presumably provide a more accurate accounting of the costs caused by jobs.

Correct AnswerverifiedShow Answer

The estimated total manufacturing overhead is closest to:

Correct AnswerverifiedShow Answer

The predetermined overhead rate for the Casting Department is closest to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The amount of manufacturing overhead applied to Job B is closest to:

Correct AnswerverifiedShow Answer

The estimated total manufacturing overhead is closest to:

Correct AnswerverifiedShow Answer

Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the most recently completed year appear below: The predetermined overhead rate for the recently completed year was closest to:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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