The overhead absorption rate used to allocate manufacturing overhead is calculated by:

Select one:

a.

dividing the total estimated quantity of the cost driver by the total estimated manufacturing overhead costs

b.

dividing the total actual manufacturing overhead costs by the total estimated quantity of the cost driver

c.

dividing the total estimated manufacturing overhead by the total actual quantity of the cost driver

d.

dividing the total estimated manufacturing overhead costs by the total estimated quantity of the allocation base

The predetermined manufacturing overhead rate is usually computed:

Select one:

A.During the financial year

B.When overheads have been incurred

C.At the end of the financial year

D.At the beginning of the financial year

The traditional cost drivers used in computing overhead absorption rates are:

Select one:

a.direct labour hours, machine hours, direct labour cost

b.floor space, rent and rates, machinery value

c.direct labour cost, machine hours, factory overhead

d.direct labour hours, machine cost ,direct labour cost

Overheads applied are calculated by:

Select one:

A.Cost driver divided by the OAR

B.Budgeted production overheads divided by the budgeted cost driver activity

C.OAR times the actual cost driver activity

D.OAR times the estimated cost driver activity

Under-allocated manufacturing overhead costs are always the result of which of the following situations?

Select one:

A.Actual overhead costs are greater than estimated overhead costs.

B.Actual overhead costs are less than applied overhead costs.

C.Estimated overhead costs are greater than actual overhead costs.

D.Applied overhead costs are less than actual overhead costs.

The centre piece of a job-costing system is the:

Select one:

a.budgeted overhead rate

b.job-cost sheet

c.materials requisition form

d.labour time ticket

Black Company uses predetermined overhead rates to apply manufacturing overheads to jobs. The predetermined overhead rates are based on machine hours in Department A and direct labour cost in Department B. At the beginning of the year, the company made the followingestimates:

What predetermined overhead rates would be used in Departments A and B respectively?

Select one:

a.110% and $15

b.$5.00 and 200%

c. $5.00 and $2.00

d.$8.00 and 50%

Manufacturing overhead allocated for 20X6 is:

Select one:

a. $252,000

b. $264,000

c. $220,500

d. $450,450

The manufacturing overhead variance for 20X6 is:

Select one:

a. $49,000 under-applied

b. $2,900 over-applied

c. $25,000 over-applied

d.$25,000 under-applied

The OAR when using direct labour hours as the cost driver is

Select one:

a. $1.49 per direct labour hour

b. 145% of direct labour cost

c. $1.81 per direct labour hour

d. $1.45 per direct labour hour

Manufacturing overhead applied based on direct labour cost is:

Select one:

a. $360,000

b. $348,480

c. $359,600

d. $352,800

Using direct labour hours as the cost driver, the journal entry to dispose of the manufacturing overhead variance is:

Select one:

a.Dr. COGS $14,800 and Cr. Manufacturing Overhead $14,800

b.Dr. Manufacturing Overhead $14,800 and Cr. COGS $14,800

c.Dr. Manufacturing overhead $12,900 and Cr. COGS $12,900

d.Dr. WIP $12,900 and Cr. Manufacturing Overhead $12,900

The Quadrangle Fabrication Plant had a fire at the beginning of 2013 and most of the records for the year 2012 were lost.Some data for the year 2012 were located by the accountants and are shown below.

The company bases its manufacturing overhead allocation ondirect labour hours.

What was the predetermined manufacturing overhead allocation rate for 2012?

Select one:

A.$27.71

B.$35.87

C.$33.82

D.$29.40

Halcyon Company just completed Job #22.See details below.

Direct labor cost: $2,040

Direct materials cost: $90

Direct labor hours: 75

Predetermined manufacturing overhead allocation rate:$34.00 per direct labor hour

Number of units of finished product:200 units

What was cost per unit of finished product?

Select one:

a.$26.40

b.$23.40

c.$46.80

d.$25.50

After these transactions have been recorded, the balance in the Work in process account is a:

Select one:

a. debit of $67,000

b. credit of $63,000

c. debit of $70,000

d. debit of $72,000

After these transactions have been recorded, the balance in the Finished Goods Inventory is a:

Select one:

a. debit of $65,000

b. debit of $68,000

c. debit of $67,000

d. debit of $60,000

At the beginning of 2012, Conway Manufacturing Company had the following account balances:

After recording all these transactions, theadjustedCost of Goods Sold account is a:

Select one:

A.credit of $445,000

B.debit of $440,000

C.debit of $445,000

D.debit of $435,000

As a result of these transactions, how much gross profit will Conway report?

Select one:

a. $305,000

b. $310,000

c. $515,000

d. $345,000