During 2007, Kent Company applies overhead using a normal costing system at a rate of

$12 per direct labor hours. Estimated direct labor hours for the year were 150,000,

estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were

140,000 and actual overhead was $1,700,000.

Reference: Ref 2-3

Job KAL was produced during 2007. The job used $20,000 worth of materials, $30,000

worth of direct labor (making $15 per hour). What is the normal cost of the job?

Answer

$50,000

$74,000

$74,286

$94,000

Jobs #1 and #2 were completed and sold in February. The balance in the WIP account at the end of February is: Answer $770. $470. $650. $350. 10 points Question 18 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 What is the amount of under or over applied overhead for the year? Answer $100,000 underapplied $20,000 underapplied $0 $120,000 underapplied 10 points Question 19 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 Job KAL was produced during 2007. The job used $20,000 worth of materials, $30,000 worth of direct labor (making $15 per hour). What is the normal cost of the job? Answer $50,000 $74,000 $74,286 $94,000 10 points Question 20 1. Milton Company had current production costs (direct material used, direct labor, and factory overhead) of $120,000 for March. Inventories were as follows: Beginning Ending Raw material $14,000 $18,000 Work in Process $19,000 $17,000 Finished Goods $13,000 $14,000 What is the cost of goods manufactured? Answer $120,000 $118,000 $122,000 $121,000 10 points Question 21 1. Foxtrot Company transferred $120,000 of costs from the work-in-process inventory account to the finished goods inventory account during the month. Given the following inventory balances, cost of goods sold for the month was: Beginning Ending Work-in-Process $70,000 $65,000 Finished Goods $95,000 $110,000 Answer $125,000. $105,000. $115,000. $135,000. 10 points Question 22 1. Which of the following is an example of a manufacturing overhead cost? Answer Security at the manufacturing plant Fabric used to produce shirts Cost of shipping product to customers The salary of the president of the company 10 points Question 23 1. Jobs #1 and #2 were completed and sold in February. The balance in the WIP account at the end of February is: Answer $770. $470. $650. $350. 10 points Question 18 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 What is the amount of under or over applied overhead for the year? Answer $100,000 underapplied $20,000 underapplied $0 $120,000 underapplied 10 points Question 19 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 Job KAL was produced during 2007. The job used $20,000 worth of materials, $30,000 worth of direct labor (making $15 per hour). What is the normal cost of the job? Answer $50,000 $74,000 $74,286 $94,000 10 points Question 20 1. Milton Company had current production costs (direct material used, direct labor, and factory overhead) of $120,000 for March. Inventories were as follows: Beginning Ending Raw material $14,000 $18,000 Work in Process $19,000 $17,000 Finished Goods $13,000 $14,000 What is the cost of goods manufactured? Answer $120,000 $118,000 $122,000 $121,000 10 points Question 21 1. Foxtrot Company transferred $120,000 of costs from the work-in-process inventory account to the finished goods inventory account during the month. Given the following inventory balances, cost of goods sold for the month was: Beginning Ending Work-in-Process $70,000 $65,000 Finished Goods $95,000 $110,000 Answer $125,000. $105,000. $115,000. $135,000. 10 points Question 22 1. Which of the following is an example of a manufacturing overhead cost? Answer Security at the manufacturing plant Fabric used to produce shirts Cost of shipping product to customers The salary of the president of the company 10 points Question 23 1.

Jobs #1 and #2 were completed and sold in February. The balance in the WIP account at the end of February is: Answer $770. $470. $650. $350. 10 points Question 18 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 What is the amount of under or over applied overhead for the year? Answer $100,000 underapplied $20,000 underapplied $0 $120,000 underapplied 10 points Question 19 1. During 2007, Kent Company applies overhead using a normal costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000,

estimated overhead for the year was $1,800,000. Actual direct labor hours for 2007 were 140,000 and actual overhead was $1,700,000. Reference: Ref 2-3 Job KAL was produced during 2007. The job used $20,000 worth of materials, $30,000 worth of direct labor (making $15 per hour). What is the normal cost of the job? Answer $50,000 $74,000 $74,286 $94,000 10 points Question 20 1. Milton Company had current production costs (direct material used, direct labor, and factory overhead) of $120,000 for March. Inventories were as follows: Beginning Ending Raw material $14,000 $18,000 Work in Process $19,000 $17,000 Finished Goods $13,000 $14,000 What is the cost of goods manufactured? Answer $120,000 $118,000 $122,000 $121,000 10 points

Question 21 1. Foxtrot Company transferred $120,000 of costs from the work-in-process inventory account to the finished goods inventory account during the month. Given the following inventory balances, cost of goods sold for the month was: Beginning Ending Work-in-Process $70,000 $65,000 Finished Goods $95,000 $110,000 Answer $125,000. $105,000. $115,000. $135,000. 10 points Question 22 1. Which of the following is an example of a manufacturing overhead cost? Answer Security at the manufacturing plant Fabric used to produce shirts Cost of shipping product to customers The salary of the president of the company 10 points Question 23 1.