ACCT 346 Week 3 Quiz (2 Versions)
1. Question : (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over/underapplied
2. Question : (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the predetermined overhead rate based on:
(a) Direct labor dollars
(b) Direct labor hours
(c) Machine hours
3. Question : (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.
4. Question : (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX. ……………..
Prepare a schedule of cost of goods manufactured.
5. Question: (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once.
______ 1. activity-based costing
______ 2. cost of goods available for sale
______ 3. period costs
______ 4. process costing system
______ 5. just-in-time system
______ 6. work in process
6. Question : (TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year ending December 31, 20XX.
7. Question: (TCO 2) Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once.
_____ 1. Direct costs
_____ 2. Fixed costs
_____ 3. Incremental costs
_____ 4. Economic Resource Planning system
_____ 5. Noncontrollable costs
_____ 6. Opportunity costs
8. Question : (TCO 3) The Marinade Department began the period with 150,000 units. During the period the department received another 180,000 units from the prior department and at the end of the period 112,000 units remained which were 17% complete. How much are equivalent units in The Marinade Department’s work in process inventory at the end of the period?
9. Question: (TCO 3) The Franc Zeppo Venture manufactures a product that goes through two processing departments. Information relating to the activity in the first department during April is given below :