and 21 Over Applied Factory Overhead will occur when a predetermined factory overhead rate is used a Actual Factory Overhead is more than applied Factory Overhead b Actual Factory Overhead is less than applied Factory Overhead c Actual Direct Labor hours are less than budgeted Direct Labor hours Actual Direct labor cost is less than budgeted Direct labor cost 22 A materials requisition slip from a company that uses a job order cost accounting system showed that direct materials requested for Job were $80,000 The journal entry to record the transfer of materials from the warehouse to the production of Job in the factory is 80,000 a Work In Process Inventory Raw Materials Inventory b Work In Process Inventory Wages Payable 6 Factory Overhead Raw Materials Inventory d Work In Process Inventory Factory Overhead 80,000 80,000 80,000 80,000 80,000 80,000 23 Weekly time tickets showed that direct labor used on jobs cost $63,000 and indirect labor used in the factory cost $9,000 The journal entry to record factory labor costs for the week is 80,000 DC 63 000 Finished Goods Inventory 63 000 Wages Payable b Direct Materials 63 000 Indirect Materials 9 000 Work in Process Inventory 6 Factory Overhead 72,000 72 000 Wages Payable 72,000 d Work in Process Inventory 63,000 Factory Overhead 9 000 Wages Payable 72 000 24 Bond, Inc 's cost accountant thinks that direct labor hours are the best activity base for applying its factory overhead cost The estimate of annual factory overhead costs for all its jobs is 5690,000 The company used 1 700 direct labor hours for Job No 007 The expected direct labor hours for the year totaled 230,000 direct labor hours The journal entry to apply factory overhead cost to Job 007 is 1,700 1,700 a Work In Process Inventory Factory Overhead b Work In Process Inventory Factory Overhead c Factory Overhead Work in Process Inventory d Work In Process Inventory Factory Overhead 5,100 5,100 1,700 1,700 567

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and 21  Over Applied Factory Overhead will occur when a predetermined factory overhead rate is used a  Actual Factory Overhead is more than applied Factory Overhead b  Actual Factory Overhead is less than applied Factory Overhead  c  Actual Direct Labor hours are less than budgeted Direct Labor hours  Actual Direct labor cost is less than budgeted Direct labor cost 22  A materials requisition slip from a company that uses a job order cost accounting system showed that direct materials requested for Job were $80,000  The journal entry to record the transfer of materials from the warehouse to the production of Job in the factory is 80,000 a  Work In Process Inventory    Raw Materials Inventory     b  Work In Process Inventory  Wages Payable 6  Factory Overhead Raw Materials Inventory     d  Work In Process Inventory Factory Overhead 80,000 80,000 80,000 80,000 80,000 80,000 23  Weekly time tickets showed that direct labor used on jobs cost $63,000 and indirect labor used in the factory cost $9,000  The journal entry to record factory labor costs for the week is 80,000 DC  63 000   Finished Goods Inventory       63 000 Wages Payable      b  Direct Materials 63 000 Indirect Materials         9 000 Work in Process Inventory 6  Factory Overhead     72,000 72 000 Wages Payable             72,000 d  Work in Process Inventory           63,000 Factory Overhead 9 000 Wages Payable 72 000 24  Bond, Inc 's cost accountant thinks that direct labor hours are the best activity base for applying its factory overhead cost  The estimate of annual factory overhead costs for all its jobs is 5690,000 The company used 1 700 direct labor hours for Job No  007  The expected direct labor hours for the year totaled 230,000 direct labor hours  The journal entry to apply factory overhead cost to Job 007 is 1,700 1,700 a  Work In Process Inventory      Factory Overhead    b  Work In Process Inventory   Factory Overhead      c  Factory Overhead     Work in Process Inventory     d  Work In Process Inventory    Factory Overhead    5,100 5,100 1,700 1,700 567

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and 21. Over Applied Factory Overhead will occur when a predetermined factory overhead rate is used a. Actual Factory Overhead is more than applied Factory

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