Page 4 of 4 s. When a job is completed and should be made is a. Finished Goods Inventory all costs have been accumulated on a job cost sheet, the journal entry that Direet Materials Manufacturing Overhead b. Work In Process Inventory Direct Labor c. Raw Materials Inventory d. Finished Goods Inventory Manufacturing Overhcad Work In Process Inventory Work In Process Inventory 9. The entry to record the acquisition of raw materials on account is a. Work in Process Inventory Accounts Payable Raw Materials Inventory e. Accounts Payable Payable ts Payable Raw Materials Inventory d. Raw Materials Inventory Accounts Payable 10. Barr Mfg provided the following information from its accounting records for 2017: Estimated production 60,000 labor hours Estimated overhead $900,000 Actual production 56,000 labor hours Actual overhead $870,000 How much is the overhead rate if Barr bases the rate on direct labor hours? a $16.07 per hour b. $15.00 per hour c $14.50 per hour d. $15.34 per hour 11. The predetermined overbead rate is a. determined on a moving average basis throughout the year. b. not calculated until actual overhead costs are incurred c. determined at the beginning of the year. d. determined at the end of the current year 12. If budgets are to be effective, there must be b. independent verification of budget goals. a. a history of successful operations. c. an organizational structure with clearly defined lines of authority and responsibility. d. excess plant capacity 13. Budget development for the coming year usually starts a a year in advance. b. the first month of the year to be budgeted. c. several months before the end of the current year. d. the last month of the previous year