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charter oak acc102 week 3 test part 1




Question;?;1. Under;a job order cost system, costs are accumulated for;Answer;?;Question 2;5 out of 5;points;2.A job cost sheet usually contains a;record of each of the following except;Answer;?;Question 3;5 out of 5;points;3.A job cost sheet should;Answer;?;Question 4;5 out of 5;points;4.Which of the following is a;characteristic of manufacturing overhead in a job order cost system?;Answer;?;Question 5;5 out of 5;points;5.Debits to the Manufacturing Overhead;account record;Answer;?;Question 6;5 out of 5;points;6.At the end of the accounting period;applied overhead was larger than actual overhead by a material amount. The;overapplied overhead should be;Answer;?;Question 7;5 out of 5;points;7.All of the following are advantages;of developing a predetermined overhead application rate except;Answer;?;Question 8;5 out of 5;points;8.Under applied overhead at the end of;a month;Answer;?;Question 9;5 out of 5;points;9.Which of the following statements is;true about activity-based costing?;Answer;?;Question 10;5 out of 5;points;10.An activity-based costing system;would probably not be appropriate if;Answer;?;Question 11;5 out of 5;points;11.Which of the following would likely;be the most appropriate cost driver to allocate machinery set-up costs to;products?;Answer;?;Question 12;5 out of 5;points;12.Using machine hours to assign;manufacturing overhead to a labor intensive product line is likely to;Answer;?;Question 13;5 out of 5;points;13.Marvin Company uses a job order cost;system and has established a predetermined overhead application rate for the;current year of 150% of direct labor cost, based on budgeted overhead of;$900,000 and budgeted direct labor cost of $600,000.Job no. 1 was charged with direct;materials of $30,000 and with overhead of $24,000.The total cost of job no. 1;Answer;?;Question 14;5 out of 5;points;14.PAK Co. uses a job order cost;accounting system.At year-end the;Work in Process Inventory controlling account showed a debit balance of;$57,500.For the two jobs;in process at year-end, one showed $8,000 in direct materials and $6,000 in;direct labor. The job cost sheet for the second job showed $12,000 in direct;materials and $9,000 in direct labor.If;the company is using a predetermined overhead application rate based on;direct labor cost, the rate is;Answer;?;Question 15;5 out of 5;points;15) Parkway;Auto Body uses a job order cost system.Overhead is applied to jobs on the basis of direct labor hours.During the current period, Job No. 337 was charged $400 in direct;materials, $450 in direct labor, and $180 in overhead.If direct labor costs an average of $15 per hour, the company's;overhead application rate is;Answer


Paper#42617 | Written in 18-Jul-2015

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