University:
Eastern Kentucky University
Course:
ACC 200 | Survey of Accounting
Academic year:

2021
Views:

109

Pages:

1
Author:

gewoekerdodx

1. An employee time ticket is an hour-by-hour summary of the employee’s activities throughout the day. - True 2. Actual overhead costs are not assigned to jobs in a job costing system - True 3. In a job-order cost system, indirect labor is assigned to a job using information from the employee time ticket. - False 4. A job cost sheet is used to record how much a customer pays for the job once the job is completed - False 5. A bill of materials is a statement that lists the type and quantity of each type of direct material needed to complete a unit of product. - True 6. In a job-order costing system that is based on machine-hours, which of the following formulas is correct? - Predetermined overhead rate = estimated manufacturing overhead / estimated machine hours 7. Assigning manufacturing overhead to a specific job is complicated by all the below except: - Manufacturing overhead is incurred only to support some jobs. 8. Find the predetermined overhead rate per hour - = (rent+depreciation+indirect labor+supervisor’s salary)/total direct labor hrs= 2.5 9. Find the predetermined overhead rate per machine hour - = estimated total fixed manufacturing overhead from beginning of the year/estimated activity level from beginning of year=17.80 10. Find the amount of overhead applied to job M759 - (344000+(3.9*40000))/40000=12.50 12.50*60=750 11. Find the job cost for job A881 - (155000+(3.40*50000))/50000=6.50 for job=645+2300+(6.50*100)=3595 12. Find the predetermined overhead rate for the assembly department - =(57400+(3.40*7000))/7000=11.60 13. Sargent Corporation applies overhead cost to jobs on the basis of 70% of direct labor costs. If job 210 shows $20,300 of manufacturing overhead costs applied, how much was the direct labor cost on the job? - 29000 14. Odonnel 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 a total fixed manufacturing overhead cost of 36000, variable manufacturing overhead of 2.80 per direct labor hour, and 10000 direct labor hours. - =36000/10000=3.6 3.6+2.8=6.40 15. Gerstein 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 total fixed manufacturing overhead cost of 90000, variable manufacturing overhead of 3.70 per direct labor hour, and 50000 direct labor hours. The company recently completed job M8100 which required 150 direct labor hours. - =(3.70*50000)=185000 185000+90000=275000