Question 1

A _______ is one distinct unit or set of units.

Accepted Answer

The answer of A _______ is one distinct unit or...

Question 2

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance.   Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

Accepted Answer

A)  $919,000 
B)  $951,000 
C)  $939,000 
D)  $955,000 
E)  $915,000 
A)  $919,000 
B)  $951,000 
C)  $939,000 
D)  $955,000 
E)  $915,000

Question 3

Manufacturing overhead

Accepted Answer

A)  consists of all costs other than direct materials. 
B)  consists of all manufacturing costs other than direct materials. 
C)  consists of all costs other than direct materials and direct labor. 
D)  consists of all manufacturing costs other than direct materials and direct labor. 
A)  consists of all costs other than direct materials. 
B)  consists of all manufacturing costs other than direct materials. 
C)  consists of all costs other than direct materials and direct labor. 
D)  consists of all manufacturing costs other than direct materials and direct labor.

Question 4

Figure 5-8.John's Water Slides makes custom water slides for hotels. On September 1, there were three jobs in process, Jobs 812, 813, and 814. Two more jobs were started during September, Jobs 815 and 816. By September 30, Jobs 812, 814, and 816 were finished. The following data has been collected:
   Overhead is applied at the rate of 120% of direct labor cost. Jobs are sold at cost plus 60%. Selling and administrative expenses for September totaled $2,950. By September 30, Jobs 812 were 816 are sold, but the customer who ordered Job 814 decided he did not want the slide so it is still in the warehouse.
-Refer to Figure 5-8. What is the ending balance of Finished Goods if the beginning balance was $0?

Accepted Answer

A)  $3,457 
B)  $5,531.20 
C)  $8,206.40 
D)  $13,737.60 
E)  $2,785 
A)  $3,457 
B)  $5,531.20 
C)  $8,206.40 
D)  $13,737.60 
E)  $2,785

Question 5

Production costs do not include

Accepted Answer

A)  direct materials. 
B)  direct labor. 
C)  variable overhead. 
D)  fixed overhead. 
E)  All of these are production costs. 
A)  direct materials. 
B)  direct labor. 
C)  variable overhead. 
D)  fixed overhead. 
E)  All of these are production costs.

Question 6

What are the three steps of overhead application?

Accepted Answer

The answer of What are the three steps of overhead...

Question 7

The predetermined overhead rate is usually calculated

Accepted Answer

A)  at the end of each month. 
B)  at the beginning of each month. 
C)  at the beginning of the year. 
D)  at the end of the year. 
A)  at the end of each month. 
B)  at the beginning of each month. 
C)  at the beginning of the year. 
D)  at the end of the year.

Question 8

Wright's Construction builds custom houses for individual buyers. On June 1, it had one job started with a beginning Work-in-Process of $56,000. During June the job was finished and sold. Direct labor for the job in June was $75,000 and direct materials used were $57,000. Overhead is computed at a rate of 65% of direct labor. There is a markup of 35% on all sales. What was the selling price of the house?

Accepted Answer

A)  $319,612.50 
B)  $236,750 
C)  $82,862.5 
D)  $272,600 
E)  262,087.5 
A)  $319,612.50 
B)  $236,750 
C)  $82,862.5 
D)  $272,600 
E)  262,087.5

Question 9

actual overhead is reconciled with applied overhead

Accepted Answer

A) completion of job 
B) end of each accounting period 
C) materials are moved from storage into production 
D) product is sold 
E) end of year 
A) completion of job 
B) end of each accounting period 
C) materials are moved from storage into production 
D) product is sold 
E) end of year

Question 10

The difference between actual overhead and applied overhead is called a (n) _________________.

Accepted Answer

The answer of The difference between actual overhead and applied...

Question 11

When overhead is debited to Overhead Control, what is the credit?

Accepted Answer

A)  Various payable accounts 
B)  Cost of Goods Sold 
C)  Work in Process 
D)  Finished Goods 
E)  Accounts Receivable 
A)  Various payable accounts 
B)  Cost of Goods Sold 
C)  Work in Process 
D)  Finished Goods 
E)  Accounts Receivable

Question 12

Actual overhead is used to arrive at the cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 13

Figure 5-9.Warwick Company has the following transactions for the month of September:
   Balances at the beginning of the month were:
  
-Refer to Figure 5-9. What is the ending balance in Work-in-Process?

Accepted Answer

A)  $162,912 
B)  $113,083 
C)  $166,414 
D)  $123,870 
E)  $0 
A)  $162,912 
B)  $113,083 
C)  $166,414 
D)  $123,870 
E)  $0

Question 14

If the overhead variance is immaterial, it is allocated among the ending balances of Work in Process, Finished Goods, and Cost of Goods Sold.

Accepted Answer

A) True 
 B)False

Question 15

On April 9 of the current year, Job XX4 was completed. The job cost sheet showed a total of $4,000 in direct materials and $6,000 in direct labor at a rate of $20 per direct labor hour. Plantwide overhead is applied at $30 per direct labor hour. The debit to Finished Goods Inventory to record the completion of Job XX4 is

Accepted Answer

A)  $13,000. 
B)  $9,000. 
C)  $4,000. 
D)  $19,000. 
A)  $13,000. 
B)  $9,000. 
C)  $4,000. 
D)  $19,000.

Question 16

If actual overhead for the year is $33,451 and applied overhead is $32,000, is the overhead variance overapplied or underapplied? Prepare the journal entry necessary to reconcile overhead. Assume the variance is immaterial.

Accepted Answer

Actual overhead is more than a

A _______ is one distinct unit or set of units.

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance. Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

Manufacturing overhead

Production costs do not include

What are the three steps of overhead application?

The predetermined overhead rate is usually calculated

actual overhead is reconciled with applied overhead

The difference between actual overhead and applied overhead is called a (n) _________________.

When overhead is debited to Overhead Control, what is the credit?

Actual overhead is used to arrive at the cost of goods manufactured.

Figure 5-9.Warwick Company has the following transactions for the month of September: Balances at the beginning of the month were: -Refer to Figure 5-9. What is the ending balance in Work-in-Process?

If the overhead variance is immaterial, it is allocated among the ending balances of Work in Process, Finished Goods, and Cost of Goods Sold.

If actual overhead for the year is $33,451 and applied overhead is $32,000, is the overhead variance overapplied or underapplied? Prepare the journal entry necessary to reconcile overhead. Assume the variance is immaterial.

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 5: Job-Order Costing

A _______ is one distinct unit or set of units.

Sanders Manufacturing has the following amounts listed before reconciling the overhead variance. Assuming that any overhead variance is immaterial, calculate the adjusted Cost of Goods Sold after adjusting for the overhead variance.

Manufacturing overhead

Production costs do not include

What are the three steps of overhead application?

The predetermined overhead rate is usually calculated

actual overhead is reconciled with applied overhead

The difference between actual overhead and applied overhead is called a (n) _________________.

When overhead is debited to Overhead Control, what is the credit?

Actual overhead is used to arrive at the cost of goods manufactured.

Figure 5-9.Warwick Company has the following transactions for the month of September: Balances at the beginning of the month were: -Refer to Figure 5-9. What is the ending balance in Work-in-Process?

If the overhead variance is immaterial, it is allocated among the ending balances of Work in Process, Finished Goods, and Cost of Goods Sold.

If actual overhead for the year is $33,451 and applied overhead is $32,000, is the overhead variance overapplied or underapplied? Prepare the journal entry necessary to reconcile overhead. Assume the variance is immaterial.

Introduction to Managerial Accounting

Basic Managerial Accounting Concepts

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters