1 (1 point) The predetermined Manufacturing Overhead rate is used as a way to allocate _________. Question 1 options: Direct manufacturing costs Indirect manufacturing costs Direct labour hours Question 2 (1 point) The primary factor that causes a cost. Question 2 options: Cost tracking Cost sheet Cost driver Question 3 (1 point) Calculate the Predetermined Manufacturing overhead rate from the following: Total estimated manufacturing overhead costs $1000000, Total estimated Direct labour hours 62500. Question 3 options: $21 $0.0625 $16 per direct labour hour Question 4 (1 point) Calculate the Total estimated manufacturing overhead costs from the following: Predetermined Manufacturing overhead rate $16/ direct labour hour, Total estimated Direct labour hours 62500. Question 4 options: $5000 $3906.25 $1000000 Question 5 (1 point) Calculate the total cost for job number 51 from the following: Direct material cost $138, Direct labour cost $ 220 at $20 per hour labour wage and $16 per direct labour hours. Question 5 options: $534 $374 $394 Question 6 (1 point) Calculate the per unit cost from the following: total direct cost $358, total indirect cost $176 and total units manufactured 75 numbers. Question 6 options: $2.35 $7.12 $4.77 Question 7 (1 point) The amount of manufacturing overhead allocated to job is less than the amount of manufacturing overhead costs actually incurred. Question 7 options: Overallocated Manufacturing Overhead Overcosted Under-allocated Manufacturing Overhead Question 8 (1 point) The amount of manufacturing overhead allocated to job is more than the amount of manufacturing overhead costs actually incurred. Question 8 options: Over-allocated Manufacturing Overhead Undercosted Under-allocated Manufacturing Overhead Question 9 (1 point) If jobs have been undercosted due to underallocation of MOH, then cost of goods sold is too low, so ________ cost of goods sold for the amount of the underallocation. Question 9 options: Decrease Remains unchanged Increase Question 10 (1 point) If jobs have been overcosted due to overallocation of MOH, then cost of goods sold is too high, so ________ cost of goods sold for the amount of the overallocation. Question 10 options: Remains unchanged Decrease Increase Question 11 (1 point) Assume Shaw Group's managers had chosen direct labour cost as its MOH allocation base, rather than direct labour hours and total estimated manufacturing overhead costs $1000000. Furthermore, assume management estimated direct labour would cost $1,200,000 for the year. Assuming direct labour cost as the allocation base, calculate the company's predetermined MOH rate. Question 11 options: 83.33% 12% 70% Question 12 (1 point) Assume Shaw Group's managers had chosen direct labour cost as its MOH allocation base, rather than direct labour hours and total estimated manufacturing overhead costs $1000000. Furthermore, assume management estimated direct labour would cost $1,200,000 for the year and Predetermined MOH rate 83.33% and direct labour cost is $225. How much MOH would have been allocated to a particular job? Question 12 options: $5333.33 $187.50 $18749.25 Question 13 (1 point) Management also uses product cost information to bid for _______ orders. Question 13 options: Identically similar None Custom Question 14 (1 point) Life Fitness had estimated $1,000,000 of MOH for the year and 62,500 DL hours, resulting in a predetermined MOH rate of $16/DL hour. By the end of the year the company had actually incurred $975,000 of MOH costs and used a total of 60,000 DL hours on jobs. By how much had Life Fitness overallocated or under-allocated MOH for the year? Question 14 options: $960000 $975000 $15000 Question 15 (1 point) Lawyer Sophia is paid a salary of $100,000 per year. The law firm expects her to spend 2,000 hours a year performing legal work for clients (50 weeks X 40 hours per week). Therefore, for job costing purposes, the law firm converts her annual salary to an hourly cost rate: Question 15 options: $50 $0.02 $30 Question 16 (1 point) If lawyer Sophia had spent 14 hours on client 360, what would be her direct professional labour cost for the client 360? Sophia's hourly wage is $50. Question 16 options: $3.57 $18000 $700 Question 17 (1 point) Calculate the sales price from the following: Total job cost $1120 and Markup for profit 25%. Question 17 options: $280 $1400 $4480 Question 18 (1 point) Service companies use __________ costing to determine how much to bill their clients. Question 18 options: Job Process None Question 19 (1 point) All costs at a service company are treated as ________ costs. Question 19 options: Perpetual Period Process Question 20 (1 point) Sarah Haymeyer, CPA, pays her new staff accountant, Hannah, a salary equivalent to $25 per hour while Sarah receives a salary equivalent to $40 per hour. The firm's predetermined indirect cost allocation rate for the year is $12 per hour. Haymeyer bills for the firm's services at 30% over cost. Assume Sarah works 5 hours and Hannah works 10 hours preparing a tax return for Michele Meckfessel. What is the total cost of preparing Meckfessel's tax return? Question 20 options: $630 $180 $450 Expert