Acct 346 Week 3 Quiz

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ACCT 346 Week 3 Quiz

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1. (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 $1,150,000 and direct labor hours are budgeted at 162,000 hours. Actual overhead was $1,100,000 and actual overhead hours worked were 150,000.(a) Calculate the predetermined overhead rate(b) Calculate the overhead applied(c) Determine the amount of overhead that is over/underapplied2. (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $312,500. Budgeted machine hours are 97,000 hours, and budgeted labor hours are 18,000 hours at a rate of $14.00 per hour. Compute the predetermined overhead rate based on:(a) Direct labor dollars(b) Direct labor hours(c) Machine hours3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.4. (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.Beginning balance in Finished Goods $ 17,000Ending balance in Finished Goods 15,200Beginning balance in Work in Process 0Ending balance in Work in Process 1,836Selling expenses 123,000General and administrative expenses 89,000Direct material cost 54,500Direct labor cost 66,000Manufacturing overhead 21,400Sales 385,000Prepare a schedule of cost of goods manufactured.5. (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. process costing system______ 2. work in process______ 3. just-in-time system______ 4. period costs______ 5. cost of goods available for sale______ 6. activity-based costing6. (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.Beginning balance in Raw Materials Inventory $ 12,500Purchases of raw material 189,000Ending balance in Raw Materials Inventory 14,300Beginning balance in Work in Process 24,500Ending balance in Work in Process 23,100Direct labor cost 89,700Manufacturing overhead applied 66,200Actual manufacturing overhead 64,100Beginning balance in Finished Goods 1,000Ending balance in Finished Goods 24,300Sales 432,000Selling expenses 120,000General and administrative expenses 86,0007. (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 costs8. (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. (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 :· Work in process, April 1: 50,000 units (80% completed for materials and 60% completed for conversion.· Work in process, April 30: 35,000 units (45% completed for materials and 60% completed for conversion.The department started 380,000 units into production during the month and transferred 385,000 completed units to the next department.Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
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1. (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 $1,150,000 and direct labor hours are budgeted at 162,000 hours. Actual overhead was $1,100,000 and actual overhead hours worked were 150,000.(a) Calculate the predetermined overhead rate(b) Calculate the overhead applied(c) Determine the amount of overhead that is over/underapplied2. (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $312,500. Budgeted machine hours are 97,000 hours, and budgeted labor hours are 18,000 hours at a rate of $14.00 per hour. Compute the predetermined overhead rate based on:(a) Direct labor dollars(b) Direct labor hours(c) Machine hours3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.4. (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.Beginning balance in Finished Goods $ 17,000Ending balance in Finished Goods 15,200Beginning balance in Work in Process 0Ending balance in Work in Process 1,836Selling expenses 123,000General and administrative expenses 89,000Direct material cost 54,500Direct labor cost 66,000Manufacturing overhead 21,400Sales 385,000Prepare a schedule of cost of goods manufactured.5. (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. process costing system______ 2. work in process______ 3. just-in-time system______ 4. period costs______ 5. cost of goods available for sale______ 6. activity-based costing6. (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.Beginning balance in Raw Materials Inventory $ 12,500Purchases of raw material 189,000Ending balance in Raw Materials Inventory 14,300Beginning balance in Work in Process 24,500Ending balance in Work in Process 23,100Direct labor cost 89,700Manufacturing overhead applied 66,200Actual manufacturing overhead 64,100Beginning balance in Finished Goods 1,000Ending balance in Finished Goods 24,300Sales 432,000Selling expenses 120,000General and administrative expenses 86,0007. (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 costs8. (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. (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 :· Work in process, April 1: 50,000 units (80% completed for materials and 60% completed for conversion.· Work in process, April 30: 35,000 units (45% completed for materials and 60% completed for conversion.The department started 380,000 units into production during the month and transferred 385,000 completed units to the next department.Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
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