Unit costs are calculated by:

Question $1$ options:

dividing the process costs for the given period by the output of the period.

dividing the total costs associated with the units produced by the overhead cost.

subtracting total fixed costs from the applied overhead.

adding all the variable costs per unit associated with the units produced.

Question $2(0\mathrm{.}5$ points$)$

The Job$-$order costing system is the system which costs are accumulated by job.

Question $2$ options:

True

False

Question $3(0\mathrm{.}5$ points$)$

The normal cost system determines unit cost by adding actual direct materials, actual direct labor, and estimated overhead.

Question $3$ options:

True

False

Question $4(0\mathrm{.}5$ points$)$

The after$-$determined overhead rate is calculated at the beginning of the year by dividing the total estimated annual overhead by the total estimated level of cost driver.

Question $4$ options:

True

False

Question $5(0\mathrm{.}5$ points$)$

If actual overhead is greater than applied overhead, then the variance is called as the underapplied overhead.

Question $5$ options:

True

False

Question $6(0\mathrm{.}5$ points$)$

A plantwide overhead rate is a single overhead rate calculated by using all estimated overhead for a factory divided by the estimated activity level across the entire factory.

Question $6$ options:

True

False

Question $7(0\mathrm{.}5$ points$)$

A job$-$order cost sheet is subsidiary to the work$-$in$-$process account and is the primary document for accumulating all costs related to a particular job.

Question $7$ options:

True

False

Question $8(0\mathrm{.}5$ points$)$

Trust Company applies overhead based on direct labor hours. At the beginning of the year, Trust estimates overhead to be $$700,000,$ machine hours to be $200,000,$ and direct labor hours to be $35,000.$ During February, Trust has $5,000$ direct labor hours and $10,000$ machine hours. What is the predetermined overhead rate?

Question $8$ options:

$$22\mathrm{.}00$

$$35\mathrm{.}00$

$$20\mathrm{.}00$

$$2\mathrm{.}00$

Question $9(0\mathrm{.}5$ points$)$

Trust Company applies overhead based on direct labor hours. At the beginning of the year, Trust estimates overhead to be $$700,000,$ machine hours to be $200,000,$ and direct labor hours to be $35,000.$ During February, Trust has $5,000$ direct labor hours and $10,000$ machine hours. What is the amount of overhead applied for February?

Question $9$ options:

$$300,000$

$$400,000$

$$100,000$

$$200,000$

Question $10(0\mathrm{.}5$ points$)$

Ring Company designs and builds jewelry. During June it had applied overhead of $$120,000.$ Overhead is applied at the rate of $75\%$ of direct labor cost. Direct labor wages average $$20$ per hour. How many direct labor hours did Ring Company have for the month of June?

Question $10$ options:

$8,000$

$6,000$

$7,000$

$5,000$