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1. The Lamborghini Factory estimated that its factory overhead cost for this year will be $884,000 and this year's estimated machine hours are 353,600 machine
1. The Lamborghini Factory estimated that its factory overhead cost for this year will be $884,000 and this year's estimated machine hours are 353,600 machine hours. Factory Overhead cost applied to two jobs during the current accounting period using activity machine hours was $75,000. How many machine hours were used on the two jobs during the current accounting period a. 30,000 b. 24,900 c. 187,500 d. 300,000 2. A process cost accounting system would probably be used by a company that makes a. security systems for government buildings. b. laundry detergent. c. motion pictures (movies). d. television and internet advertising. 3. The Wahlberg Company's budgeted (estimated) factory overhead (FO) cost for the year 2022 is $420,000. The estimated machine hours to be used on thirty jobs during the year 2022 are 560,000 machine hours. During the month of February 2022, machine hours used on two jobs were: Job #41, 11,000 machine hours and Job # 42, 15,000 machine hours. Wahlberg's total applied factory overhead cost (rounded to the nearest S1) during February 2022 was a. $34,667 b. $11,250 c. $19,500 d. $14,667 4. During February 2022, indirect labor (janitor wages) cost for the factory, total $12,000, was incurred. Select the journal entry to record the indirect labor cost. Dr Cr a. Factory Overhead Wages Payable 12,000 12,000 b. Work in Process Inventory 12,000 Factory Overhead 12,000 C. Work in Process Inventory 12,000 Wages Payable 12,000 d. Wages Payable 12,000 Accounts Payable 12,000 5. Which of the following would be accounted for using a job cost accounting system? a. The production of paper products. b. The processing of soybean (vegetable) oil. C. A law firm working on medical malpractice lawsuit. d. The processing of asphalt for road surfacing
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