Financial Accounting Concepts Multiple Choice Questions Homework Help
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1. Partially completed goods that are in the process of being converted into a finish product are defined as:
a. Work-in-process inventories.
b. Conversion inventories.
c. Raw materials inventories
d. Operational inventories.
2. When is the cost of manufacturing equipment recognized as an expense?
a. When equipment depreciation is recorded.
b. When inventory processing is completed and finished goods are recorded.
c. When finished goods inventory is sold.
d. None of the above.
3. Which of the following costs is not treated as part of the cost of product?
a. Wages of plant security guards
b. Insurance on the plant building and equipment
c. Depreciation on the kitchen sink in the plant cafeteria
d. Cost of shipping the product to customers
4. What is the purpose for using predetermined overhead rates?
a. Delays in product costing can be avoided.
b. Variation in cost assignment due to seasonality can be prevented.
c. Variation in cost assignment due to changes in volume can be prevented.
d. Use of predetermined overhead rates serves all the above purposes.
5. For which of the following manufactured products would job costing be moreappropriate than process costing?
b. High ticket designer clothing
d. Liquid soap
6. CR Company has the following estimated costs for the next year:
Direct materials $ 4,000
Direct labor 20,000
Rent on factory building 15,000
Sales salaries 25,000
Depreciation on factory equipment 8,000
Indirect labor 10,000
Production supervisor’s salary 12,000
CR Company estimates that 20,000 labor hours will be worked during the year. If overhead is applied on the basis of direct labor hours, the overhead rate per hour will be:
7. Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture?
a. plywood for a furniture manufacturer.
b. manufacturing equipment depreciation.
c. idle time for direct labor.
d. taxes on a factory building.
8. When a decision is made among a number of alternatives, the benefit that is lost by choosing one alternative over another is the:
a. realized cost.
b. opportunity cost.
c. conversion cost
d. accrued cost.
9. Watts Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The company estimated manufacturing overhead at $255,000 for the year and direct labor-hours at 100,000 hours. Actual manufacturing overhead costs incurred during the year totaled $270,000. Actual direct labor hours were 105,000. What was the overapplied or underapplied overhead for the year?
a. $2,250 underapplied.
b. $2,250 overapplied
c. $15,000 overapplied.
d. $15,000 underapplied.
10. Sweet Company uses a predetermined overhead rate in applying overhead to production orders on a labor cost basis in Department A and on a machine hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates:
Dept. A Dept. B
Direct labor cost $56,000 $33,000
Factory overhead $67,200 $45,000
Direct labor hours 8,000 9,000
Machine hours 4,000 15,000
What predetermined overhead rate would be used in Department A and Department B, respectively?
a. 83% and $5
b. 83% and $3
c. 120% and $5
d. 120% and $3
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11. The Simplex Company uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine hours in Dept. B. At the beginning of the year, the company made the following estimates:
Dept. A Dept. B
Direct labor cost $30,000 $40,000
Manufacturing overhead 60,000 50,000
Direct labor hours 6,000 8,000
Machine hours 2,000 10,000
What predetermined overhead rates would be used in Dept A and Dept B, respectively?
a. 50% and $8.00
b. 200% and $5.00
c. $15 and 110%
d. 50% and $5.00
12. Watts Company has the following estimated costs for next year:
Direct materials $15,000
Direct labor 55,000
Sales commissions 75,000
Salary of production supervisor 35,000
Indirect materials 5,000
Advertising expense 11,000
Rent on factory equipment 16,000
Watts estimates that 10,000 direct labor and 16,000 machine hours will be worked during the year. If overhead is applied on the basis of machine hours, the overhead rate per hour will be:
13. Bates Company applies overhead to jobs on the basis of 125% of direct labor cost. If Job 107 shows $10,000 of manufacturing overhead applied, how much was the direct labor cost on the job?
d. $ 8,000
14. Carla Company used a predetermined overhead rate last year of $2 per direct labor hour, based on an estimate of 25,000 direct labor hours to be worked during the year. Actual costs and activity during the year were:
Actual manufacturing overhead cost incurred $47,000
Actual direct labor hours worked 24,000
The under- or overapplied overhead last year was:
a. $1,000 overapplied.
b. $2,000 underapplied.
c. $3,000 overapplied.
d. $1,000 underapplied.
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