Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Annual estimates include fixed overhead $100,000, direct labor hours 5,000, variable overhead rate $5.75, direct labor cost $50,000. If overhead is allocated based on direct

Annual estimates include fixed overhead $100,000, direct labor hours 5,000, variable overhead rate

$5.75, direct labor cost $50,000. If overhead is allocated based on direct labor hours, compute the annual

Estimate for total overhead.

a.

$128,750

b.

$133,750

c.

$178,750

d.

$150,000

e.

$200,000

36. Which form is used to assign raw materials to a job?

a.

time ticket

b.

materials requisition form

c.

job-order cost sheet

d.

Materials assignment form

e.

All of these are correct.

37. Which form is used to assign costs to a particular job

a.

time ticket

b.

Job summary ticket

c.

Job cost sheet

d.

Material requisition form

e.

All of these are correct.

38. Companies use predetermined overhead rates instead of actual end of period overhead because:

a.

Use of a predetermined overhead rate is required by GAAP

b.

Job summary tickets may not produce accurate OH allocations

c.

Management can not wait until the end of an accounting period to apply overhead, need to know job costs on a real time basis

d.

Predetermined overhead rates are typically more accurate than waiting for end of period overhead

e.

All of these are correct.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditory Cognition And Human Performance: Research And Applications

Authors: Carryl L. Baldwin

1st Edition

0415325943, 978-0415325943

More Books

Students also viewed these Accounting questions