Austin Company uses a job order cost accounting system.

The company's executives estimated that

direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be
$1,500,000 for the current period. At the end of the period, the records show that there had been
180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as a
base, what was the predetermined overhead allocation rate?

Select one:

a. $7.50 per direct labor hour.

b. $6.00 per direct labor hour.

c. $8.33 per direct labor hour.

d. $6.67 per direct labor hour.

A company has an overhead application rate of 125% of direct labor costs. How much overhead would
be allocated to a job if it required total labor costing $20,000?

Select one:

a. $ 25,000.

b. $ 16,000.

c. $ 5,000.

d. $125,000.

A measure of the productivity of a process with respect to its use of direct materials, direct labor, or
overhead, and an expression of the activity of a process as the number of units that would have been
processed during a period if all effort had been applied to units that were started and finished during
the period, is called:

Select one:

a. Equivalent units of production.

b. A job cost sheet.

c. Units in process.

d. Manufacturing overhead.

Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of
direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct
materials, $50,000; and factory overhead applied, $6,000. The overhead application rate was:

Select one:

a. 20.0%.

b. 500.0%.
c. 5.0%.

d. 12.0%.

The amount by which overhead incurred during a period exceeds the overhead applied to jobs is:

Select one:

a. Underapplied overhead.

b. Balanced overhead.

c. Predetermined overhead.

d. Actual overhead.

86. A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete
with respect to direct labor. These beginning units were completed and another 90,000 units were
started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were
1/3 complete at the end of the period. The equivalent units of production were:

Select one:

a. 86,000.

b. 60,000.

c. 76,000.

d. 74,000.

60. A job cost sheet includes:

Select one:

a. Direct material, direct labor, overhead.

b. Direct materials, overhead, administrative costs.

c. Direct labor, overhead, selling costs.

d. Direct materials, direct labor, operating costs.

11. Classifying costs by behavior involves:

Select one:

a. Identifying costs in a physical manner.

b. Identifying fixed cost and variable cost.

c. Identifying cost of goods sold and operating costs.

d. Identifying all costs.

In comparison to a general accounting system for a manufacturing company, a cost accounting system
places an emphasis on

a. Unit costs and cost control.

b. Products and average costs.

c. Total costs.

d. Periodic inventory counts.

The R&R Company's production costs for August are: direct labor, $13,000; indirect labor, $6,500; direct
materials, $15,000; property taxes on production equipment, $800; heat, lights and power, $1,000; and
insurance on plant and equipment, $200. R&R Company's factory overhead incurred for August is: 8500

17. Period costs for a manufacturing company would flow directly to:

Select one:

a. The current balance sheet.

b. Job cost sheet.

c. The current income statement.

d. Factory overhead.

A document in a job order cost accounting system that is used to record the costs of producing a job is
a(n):

Select one:

a. Finished goods summary.

b. Job lot.

c. Process cost system.

d. Job cost sheet.

17. Period costs for a manufacturing company would flow directly to:

Select one:

a. The current balance sheet.

b. Job cost sheet.

c. The current income statement.

d. Factory overhead.

73. If overhead applied is less than actual overhead, it is:

Select one:
a. Underapplied.

b. Expected.

c. Fully applied.

d. Overapplied.

11. Classifying costs by behavior involves:

Select one:

a. Identifying costs in a physical manner.

b. Identifying fixed cost and variable cost.

c. Identifying cost of goods sold and operating costs.

d. Identifying all costs.

The salary paid to the supervisor of an assembly line would normally be classified as:

Select one:

a. Indirect labor.

b. A general cost.

c. Direct labor.

d. A period cost.

A document in a job order cost accounting system that is used to record the costs of producing a job is
a(n):

Select one:

a. Finished goods summary.

b. Job lot.

c. Process cost system.

d. Job cost sheet.

93. Medina Corp. had the following information available for the year: Beginning inventory of goods in
process (40% complete, $1,100): 200 units; Ending inventory of goods in process (80% complete): 400
units; Total units started during the year: 3,200 units.If the weighted average inventory method were
used, the equivalent units for the year would be

Select one: Câu này cô cho đáp án do bị lỗi

a. 3,320.
b. 3,200.

c. 3,520.

d. 3,240.

102. Costs that the manager does not have the power to determine or at least strongly influence are:

Select one:

a. Uncontrollable costs.

b. Variable costs.

c. Indirect costs.

d. Direct costs.

In comparison to a general accounting system for a manufacturing company, a cost accounting system
places an emphasis on

a. Unit costs and cost control.

b. Products and average costs.

c. Total costs.

d. Periodic inventory counts.

Costs classified by controllability are useful for:

Select one:

a. The income statement.

b. Management reports.

c. balance sheet.

d. Cash flow statement

Another title for goods in process inventory is:

Select one:

a. Indirect materials inventory.

b. Conversion costs.

c. Work in process inventory.

d. Direct materials inventor

The two basic types of cost accounting systems are:

Select one:
a. Job order costing and customized product costing.

b. Job order costing and perpetual costing.

c. None of the above

d. Job order costing and customized service cost

55. A job order production system would be appropriate for a company that produces which one of the
following items?

Select one:

a. Seedlings for sale in a nursery.

b. Packets of flower seeds.

c. A landscaping design for a new hospital.

d. Sacks of yard fertilizer.

Another title for goods in process inventory is:

Select one:

a. Conversion costs.

b. Work in process inventory.

c. Indirect materials inventory.

d. Direct materials inventory

Activity based costing can be applied to:

Select one:

a. Manufacturing activities only.

b. Service activities only.

c. Any company in any industry.

d. Merchandising activities only.

A measure of the productivity of a process with respect to its use of direct materials, direct labor, or
overhead, and an expression of the activity of a process as the number of units that would have been
processed during a period if all effort had been applied to units that were started and finished during
the period, is called:

Select one:

a. Equivalent units of production.

b. A job cost sheet.

c. Units in process.

d. Manufacturing overhead.

59. The job order cost sheets used by Garza Company revealed the following: Job. No 124: Bal, May 1
$1,700; May Production costs: 0; Job. No 125: Bal, May 1 $1,200, May Production costs $300; Job. No
126: Bal, May 1: 0, May production cost: $900. Job No. 125 was completed during May and Jobs No. 124
and 125 were shipped to customers in May. What were the company's cost of goods sold for May and
the goods in process inventory on May 31?

Select one:

a. $3,200; $ 900.

b. $2,900; $1,200.

c. $1,200; $2,900.

d. $1,700; $1,200.

Activity based costing can be applied to:

Select one:

a. Manufacturing activities only.

b. Service activities only.

c. Any company in any industry.

d. Merchandising activities only.

Another title for goods in process inventory is:

Select one:

a. Conversion costs.

b. Work in process inventory.

c. Indirect materials inventory.

d. Direct materials inventory

Managerial accounting is different from financial accounting in ?

Select one:

a. Managerial accounting never includes nonmonetary information.

b. Managerial accounting includes many projections and estimates whereas financial accounting has a
minimum of predictions.

c. Managerial accounting is used extensively by investors, whereas financial accounting is used only by
creditors.
d. Managerial accounting is more focused on the organization as a whole and financial accounting is
more focused on subdivisions of the organization.

the amount by which the overhead applied to jobs during a period exceeds the overhead incurred
during the period is known as:

Select one:

a. Adjusted overhead.

b. Overapplied overhead.

c. Estimated overhead.

d. Underapplied overhead.

The following data are available for a company's manufacturing activities: Beginning goods in process
inventory: 5,000 units, 1/4 of the labor added this period; Units started and completed: 15,000; Ending
goods in process inventory: 6,000 units, 1/2 of the labor added this period. Using Fifo, If materials are
added when the production process begins and direct labor is applied uniformly throughout the process,
what are the equivalent units for direct materials and for direct labor, respectively?

Select one:

a. 19,250; 18,750.

b. 16,250; 21,750.

c. 21,000; 19,250.

d. 16,250; 19,250.

Aniston Enterprises manufactures stylish hats. All materials are introduced at the beginning of the
manufacturing process. Conversion costs are incurred uniformly throughout the manufacturing process.
Information for the process for the month of May 2007 follows: Goods in Process, April 30: 50,000 units
(100% complete for direct materials; 40% complete for conversion costs); ----------Actual costs of direct
materials was $70,500; actual conversion costs were $34,050;--------------Units started in May: 225,000
units;-------- Units completed in May: 200,000 units;--------- Goods in Process, May 31: 75,000 units
(100% complete for direct materials; 20% complete for conversion costs). -------------Direct materials
added in May $342,000 actual costs; Conversion costs added in May $352,950 actual costs. If Aniston
Enterprises uses the FIFO method of process costing, the equivalent units of work completed in May
2007 were:

Select one:

a. Direct Materials :200,000 Conversion Costs:195,000

b. Direct Materials : 225,000 Conversion Costs:225,000

c. Direct Materials : 275,000 Conversion Costs: 200,000

d. Direct Materials : 225,000 Conversion Costs: 195,000

Costs classified by controllability are useful for:

Select one:

a. The income statement.

b. Management reports.

c. balance sheet.

d. Cash flow statement.

The R&R Company's production costs for August are: direct labor, $13,000; indirect labor, $6,500; direct
materials, $15,000; property taxes on production equipment, $800; heat, lights and power, $1,000; and
insurance on plant and equipment, $200. R&R Company's factory overhead incurred for August is:

Indirect labor= 6,500

Taxes= 800

Heat,Light,Power= 1,000

Insurance= 200

Total Overhead Cost= $8500

In comparison to a general accounting system for a manufacturing company, a cost accounting system
places an emphasis on

a. Unit costs and cost control.

b. Products and average costs.

c. Total costs.

d. Periodic inventory counts.