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ACC 349 Final Exam |
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the direct production costs. 2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation? A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs C. The company incurred more total job costs than the amount budgeted for the job D. Estimated manufacturing overhead was less than actual manufacturing overhead costs 3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material A. A decrease to work in process inventory B. A decrease to applied overhead C. An increase to finished goods D. An increase to cost of goods sold |
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ACC 349 Final Exam |
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the direct production costs. 2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation? A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs C. The company incurred more total job costs than the amount budgeted for the job D. Estimated manufacturing overhead was less than actual manufacturing overhead costs 3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material A. A decrease to work in process inventory B. A decrease to applied overhead C. An increase to finished goods D. An increase to cost of goods sold |
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ACC 349 Final Exam |
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the direct production costs. 2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation? A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs C. The company incurred more total job costs than the amount budgeted for the job D. Estimated manufacturing overhead was less than actual manufacturing overhead costs 3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material A. A decrease to work in process inventory B. A decrease to applied overhead C. An increase to finished goods D. An increase to cost of goods sold |
