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QUESTION 1 A job-order cost system uses a predetermined factory overhead rate based on expected volume and expected fixed cost. At the end of the year, underapplied overhead might be explained by which of the following situations? A. B. C. D. Actual Volume- Less than expected Actual Fixed Costs- Less than expected Actual Volume- Less than expected Actual Fixed Costs- Greater than expected Actual Volume- Greater than expected Actual Fixed Costs- Greater than expected Actual Volume- Greater than expected Actual Fixed Costs- Less than expected 1 points QUESTION 2 The Childers Company manufactures widgets. During the fiscal year just ended, the company incurred prime costs of $1.5 million and conversion costs of $1.8 million. Overhead is applied at the rate of 200% of direct labor cost. How much of the above costs represent direct materials cost? A. B. C. D. $600,000 $900,000 $1,500,000 $300,000 1 points QUESTION 3 In a labor-intensive industry in which more overhead (service, support, more expensive equipment, etc.) is incurred by the more highly skilled and paid employees, what denominator measure is most likely to be appropriate for applying overhead? A. B. C. D. Machine hours. Direct labor cost. Direct labor hours. Sales value of product produced. 1 points QUESTION 4 Many companies recognize three major categories of costs of manufacturing a product. These are direct materials, direct labor, and overhead. Which of the following is an overhead cost in the production of an automobile? A. B. C. D. The cost of the tires on each automobile. The cost of the laborers who place tires on each automobile. The delivery costs for the tires on each automobile. The cost of small tools used in mounting tires on each automobile. 1 points QUESTION 5 (Not a repeat question.) La Patisserie is a small bakery that provides cakes and breads to small grocery shops in the town of Soquel, California. It is housed in a single building. The ovens and mixing areas occupy 75% of the space, 5% is used for storing and mailing marketing literature and the rest is occupied by the office staff. The bakery operates 360 days per year, 8 hours per day. It employs two cake bakers who are paid $22 per hour and two bread bakers who are paid $12 per hour and has a small staff of helpers who account for 25% of the other employee salaries. Approximately 70% of its materials, flour, eggs, sugar and oil, are used for cakes; the remaining 30% are used for bread. Indirect manufacturing costs are allocated to products on the basis of direct labor hours. During the current year, it started and completed 108,000 units of cakes and 144,000 units of bread at a selling price of $6 per unit and $1.50 per unit respectively. Annual costs incurred by La Patisserie: Flour, Eggs, Sugar and Oil Office staff salaries Rent utilities and insurance Baker's wages Salaries of other employees Sales commissions (5%) Delivery cost Other material & supplies Office equipment & supplies $122,800 184,200 61,400 195,840 86,400 43,200 1,919 23,025 Total cost $729,913 11,129 Assume that the manufacturing overhead charged to cakes is $80,000. What is the direct cost per unit of cakes? A. $2.69. B. $2.27. C. $1.29. $1.97. D. 1 points QUESTION 6 Lucy Sportswear manufactures a specialty line of T-shirts using a job-order cost system. During March, the following costs were incurred in completing Job ICU2: direct materials, $13,700; direct labor, $4,800; administrative, $1,400; and selling, $5,600. Factory overhead was applied at the rate of $25 per machine hour, and Job ICU2 required 800 machine hours. If Job ICU2 resulted in 7,000 good shirts, the cost of goods sold per unit would be A. B. C. D. $6.50 $6.30 $5.50 $5.70 1 points QUESTION 7 (Not a repeat question.) Baehr Company is a manufacturing company with a fiscal year that runs from July 1 to June 30. The company uses a job-order accounting system for its production costs. A predetermined overhead rate based upon direct labor hours is used to apply overhead to individual jobs. A flexible budget of overhead costs was prepared for the fiscal year as shown below. Direct labor hours Variable overhead costs Fixed overhead costs Total overhead 100,000 $325,000 216,000 $541,000 120,000 $390,000 216,000 $606,000 140,000 $455,000 216,000 $671,000 Although the annual ideal capacity is 150,000 direct labor hours, company officials have determined 120,000 direct labor hours to be normal capacity for the year. The information presented below is for November. Jobs 83-50 and 83-51 were completed during November. Inventories November 1 Raw materials and supplies Work-in-process (Job 83-50) Finished goods Materials and supplies requisitioned for production Job 83-50 Job 83-51 Job 83-0.2 Supplies Purchases of raw materials and supplies Raw materials Supplies $10,500 54,000 112,500 $45,000 37,500 25,500 12,000 $120,000 $135,000 15,000 150,000 Factory direct labor hours Job 83-50 Job 83-51 Job 83-0.2 Building occupancy costs (heat, light, depreciation, etc.) Factory facilities Sales offices Administrative offices Labor Costs Direct labor wages Indirect labor wages (4,000 hours) Supervisory salaries Factory Equipment Costs Power Repairs and maintenance Depreciation Other 3,500 3,000 2,000 8,500 $6,500 1,500 1,000 $9,000 $51,000 15,000 6,000 72,000 $4,000 1,500 1,500 1,000 8,000 Assume the predetermined overhead rate is $4.50 per direct labor hour. The total amount of overhead applied to jobs during November was: A. B. C. D. $29,250 $38,250 $47,250 $56,250 1 points QUESTION 8 (Not a repeat questoin.)Baehr Company is a manufacturing company with a fiscal year that runs from July 1 to June 30. The company uses a job-order accounting system for its production costs. A predetermined overhead rate based upon direct labor hours is used to apply overhead to individual jobs. A flexible budget of overhead costs was prepared for the fiscal year as shown below. Direct labor hours Variable overhead costs Fixed overhead costs Total overhead 100,000 $325,000 216,000 $541,000 120,000 $390,000 216.000 $606,000 140,000 $455,000 216,000 $671,000 Although the annual ideal capacity is 150,000 direct labor hours, company officials have determined 120,000 direct labor hours to be normal capacity for the year. The information presented below is for November. Jobs 83-50 and 83-51 were completed during November. Inventories November 1 Raw materials and supplies Work-in-process (Job 83-50) Finished goods Materials and supplies requisitioned for production Job 83-50 Job 83-51 Job 83-0.2 Supplies Purchases of raw materials and supplies Raw materials Supplies $10,500 54,000 112,500 $45,000 37,500 25,500 12,000 $120,000 $135,000 15,000 150,000 Factory direct labor hours Job 83-50 Job 83-51 Job 83-0.2 Building occupancy costs (heat, light, depreciation, etc.) Factory facilities Sales offices Administrative offices 3,500 3,000 2,000 8,500 $6,500 1,500 1,000 $9,000 Labor Costs Direct labor wages Indirect labor wages (4,000 hours) Supervisory salaries $51,000 15,000 6,000 72,000 Factory Equipment Costs Power Repairs and maintenance Depreciation Other $4,000 1,500 1,500 1,000 8,000 Assume the predetermined overhead rate is $4.50 per direct labor hour. Actual factory overhead incurred during November was: A. B. C. D. $38,000 $41,500 $47,500 $50,500 1 points QUESTION 9 At the beginning of the year, Smith Inc. budgeted the following: Units Sales 10,000 $100,000 Minus Total variable expenses Total fixed expenses Net income 60,000 20,000 $20,000 Factory Overhead Variable Fixed $30,000 10,000 There were no beginning inventories. At the end of the year, no work was in process, total factory overhead incurred was $39,500, and underapplied factory overhead was $1,500. Factory overhead was applied on the basis of budgeted unit production. How many units were produced this year? A. B. C. D. 10,250 9,875 10,000 9,500 1 points QUESTION 10 Companies characterized by the production of basically homogeneous products will most likely use which of the following methods for the purpose of averaging costs and providing management with unit-cost data? A. B. C. D. Variable costing. Absorption costing. Job-order costing. Process costing