Question 1

The amount of overhead applied in the Milling Department to Job A492 is closest to:

Accepted Answer

A) $146,200.00 
B) $144.00 
C) $756.00 
D) $774.00

Question 2

Mahon Corporation has two production departments, Casting and Customizing.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Casting 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:  During the current month the company started and finished Job T138.The following data were recorded for this job:  The amount of overhead applied in the Customizing Department to Job T138 is closest to:

Accepted Answer

A) $588.00 
B) $95,200.00 
C) $816.00 
D) $228.00

Question 3

Franta Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on 70,000 direct labor-hours, total fixed manufacturing overhead cost of $238,000, and a variable manufacturing overhead rate of $2.70 per direct labor-hour.Job P873, which was for 50 units of a custom product, was recently completed.The job cost sheet for the job contained the following data:  Required:
Calculate the unit product cost for Job P873.

Accepted Answer

The answer of Franta Corporation uses a job-order costing system...

Question 4

Tarrant 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:  Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.The departmental predetermined overhead rate in the Casting Department is closest to:

Accepted Answer

A) $5.70 
B) $1.30 
C) $5.96 
D) $7.00

Question 5

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.The departmental predetermined overhead rate in the Casting Department is closest to:

Accepted Answer

A) $1.50 
B) $7.40 
C) $5.90 
D) $6.48

Question 6

The unit product cost for Job K332 is closest to:

Accepted Answer

A) $94.10 
B) $18.10 
C) $82.50 
D) $47.05

Question 7

Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead cost incurred in completing a job.

Accepted Answer

A) True 
 B)False

Question 8

Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs.The Corporation has provided the following estimated costs for the next year:  Jameson estimates that 20,000 direct labor-hours will be worked during the year.The predetermined overhead rate per hour will be:

Accepted Answer

A) $2.50 per direct labor-hour 
B) $2.79 per direct labor-hour 
C) $3.00 per direct labor-hour 
D) $4.00 per direct labor-hour

Question 9

Olmscheid Corporation has two manufacturing departments--Molding and Customizing.The company used the following data at the beginning of the period to calculate predetermined overhead rates:  During the period, the company started and completed two jobs--Job F and Job K.There were no beginning inventories.Data concerning those two jobs follow:  Required:
a.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate that overhead rate.
b.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job F.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job K.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job F.
e.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job K.
f.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job F.
g.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job K.
h.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.If both jobs were sold during the month, what was the company's cost of goods sold for the month?

Accepted Answer

The answer of Olmscheid Corporation has two manufacturing departments--Molding and...

Question 10

Quiet 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 40,000 machine-hours, total fixed manufacturing overhead cost of $152,000, and a variable manufacturing overhead rate of $3.10 per machine-hour.
Required:
Calculate the estimated total manufacturing overhead for the year.

Accepted Answer

The answer of Quiet Corporation uses a job-order costing system...

Question 11

If the company marks up its manufacturing costs by 20% then the selling price for Job K928 would be closest to:

Accepted Answer

A) $4,275.00 
B) $5,643.00 
C) $5,130.00 
D) $855.00

Question 12

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.The manufacturing overhead applied to Job L is closest to:

Accepted Answer

A) $27,830 
B) $11,840 
C) $25,940 
D) $14,100

Question 13

An employee time ticket is used to record points that are earned by employees based on the hours they worked that can be used to pay for coffee, food in the cafeteria, and even in some cases for vacation travel.

Accepted Answer

A) True 
 B)False

Question 14

The estimated total manufacturing overhead is closest to:

Accepted Answer

A) $168,000 
B) $312,002 
C) $312,000 
D) $480,000

Question 15

The total job cost for Job T268 is closest to:

Accepted Answer

A) $2,595 
B) $616 
C) $4,831 
D) $2,236

Question 16

The amount of overhead applied in the Machining Department to Job T272 is closest to:

Accepted Answer

A) $137,600.00 
B) $126.00 
C) $516.00 
D) $564.00

Question 17

Coates 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 $249,000, variable manufacturing overhead of $3.80 per machine-hour, and 30,000 machine-hours.The company has provided the following data concerning Job X784 which was recently completed:  If the company marks up its unit product costs by 30% then the selling price for a unit in Job X784 is closest to:

Accepted Answer

A) $253.87 
B) $233.87 
C) $53.97 
D) $155.22

Question 18

The estimated total manufacturing overhead is closest to:

Accepted Answer

A) $665,000 
B) $497,002 
C) $497,000 
D) $168,000

Question 19

Doakes Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on the following data:  Recently, Job M843 was completed with the following characteristics:  The unit product cost for Job M843 is closest to:

Accepted Answer

A) $33.75 
B) $67.50 
C) $27.50 
D) $50.50

Question 20

The amount of overhead applied in the Machining Department to Job A803 is closest to:

Accepted Answer

A) $828.00 
B) $792.00 
C) $171.00 
D) $174,800.00

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

The amount of overhead applied in the Milling Department to Job A492 is closest to:

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.The departmental predetermined overhead rate in the Casting Department is closest to:

The unit product cost for Job K332 is closest to:

Job cost sheets contain entries for actual direct material, actual direct labor, and actual manufacturing overhead cost incurred in completing a job.

If the company marks up its manufacturing costs by 20% then the selling price for Job K928 would be closest to:

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.The manufacturing overhead applied to Job L is closest to:

An employee time ticket is used to record points that are earned by employees based on the hours they worked that can be used to pay for coffee, food in the cafeteria, and even in some cases for vacation travel.

The estimated total manufacturing overhead is closest to:

The total job cost for Job T268 is closest to:

The amount of overhead applied in the Machining Department to Job T272 is closest to:

The estimated total manufacturing overhead is closest to:

The amount of overhead applied in the Machining Department to Job A803 is closest to: