Quizzer: Job Order Costing Total points 20/20

The respondent's email (bermudez.marygrace@ncba.edu.ph) was recorded on submission

of this form.

Refer to the data below. The Cost of Goods Manufactured during the 1/1
year was:

P636,000

P766,000

P736,000

P716,000
Refer to the data below. Direct labor costs charged to production during 1/1
the year amounted to:

P135,000

P225,000

P360,000

P216,000
Refer to the data below. The cost of raw materials used for the period 1/1
amounted to:

1,245,000

1,290,000

1,335,000

1,380,000

In a job-order costing system, the cost of a completed but unsold job *1/1
is:

closed to Cost of Goods Sold.

part of the Work in Process inventory balance.

adjusted to exclude any applied overhead.

D) part of the Finished Goods inventory balance.

At the beginning of the current year, Garber Corporation estimated *1/1
that its manufacturing overhead would be P499,500 and the activity
level would be 27,000 machine-hours. The level of activity at capacity is
37,000 machine-hours. The actual manufacturing overhead for the year
was P503,200 and the actual level of activity was 27,100 machine-
hours. If the company bases its predetermined overhead rate on
machine-hours at capacity, then its predetermined overhead rate
would have been:

P18.50

P13.50

P18.57

P18.64
Refer to the following statements below 1/1

All statements are true

All statements are false

Only Statement 1 is true

Only Statement 3 is false

Refer to the data below. The Cost of Goods Sold for the year (before 1/1
disposition of any overhead underapplied or overapplied) was:

P736,000

P716,000

P691,000

P801,000
Refer to the data below. Labor hours are used to determine the 1/1
predetermined overhead rate. What is the predetermined overhead rate
per direct labor hour?

1.74/DL Hr

1.60/DL Hr

1.85/DL Hr

1.44/DL Hr
Vaughn Corporation has provided the following data concerning *1/1
manufacturing overhead for July: Actual manufacturing overhead
incurred P69,000 & Manufacturing overhead applied to Work in
Process P79,000. The company's Cost of Goods Sold was P243,000
prior to closing out its Manufacturing Overhead account. The company
closes out its Manufacturing Overhead account to Cost of Goods Sold.
Which of the following statements is true?

Manufacturing overhead was underapplied by P10,000; Cost of Goods Sold after

closing out the Manufacturing Overhead account is P233,000

Manufacturing overhead was overapplied by P10,000; Cost of Goods Sold after

closing out the Manufacturing Overhead account is P233,000

Manufacturing overhead was overapplied by P10,000; Cost of Goods Sold after

closing out the Manufacturing Overhead account is P253,000

Manufacturing overhead was underapplied by P10,000; Cost of Goods Sold after

closing out the Manufacturing Overhead account is P253,000

Overapplied overhead would result if: * 1/1

the plant was operated at less than normal capacity.

overhead costs incurred were less than estimated overhead costs.

overhead costs incurred were less than overhead costs charged to production.

overhead costs incurred were greater than overhead charged to production.

At the beginning of the current year, Garber Corporation estimated *1/1
that its manufacturing overhead would be P499,500 and the activity
level would be 27,000 machine-hours. The level of activity at capacity is
37,000 machine-hours. The actual manufacturing overhead for the year
was P503,200 and the actual level of activity was 27,100 machine-
hours. If the company bases its predetermined overhead rate on
estimated machine-hours, then its predetermined overhead rate would
have been:

P18.50

P18.64

P13.50

P18.57

Refer to the data below. Journal entry needed to record the spoilage 1/1
includes a:

Dr Disposal Value of Spoiled Work 510

Dr Manufacturing Overhead 510

Dr Work in Process Inventory 680

Cr Disposal Value of Spoiled Work 680

At the beginning of the current year, Garber Corporation estimated *1/1
that its manufacturing overhead would be P499,500 and the activity
level would be 27,000 machine-hours. The level of activity at capacity is
37,000 machine-hours. The actual manufacturing overhead for the year
was P503,200 and the actual level of activity was 27,100 machine-
hours. Assume for the purposes of this question only that the actual
manufacturing overhead for the year was P499,500 and was entirely
fixed. If the company bases its predetermined overhead rate on
machine-hours at capacity, then the cost of unused capacity reported
on the income statement would have been:

P1,850

P1,350

P133,650

P135,000
Refer to the data below: The journal entry if the spoilage relates only to 1/1
Job #12 rather than being a part of all production runs includes a:

Dr Disposal Value of Spoiled Work 680

Dr Manufacturing Overhead 680

Dr Work in Process Inventory 680

Cr Disposal Value of Spoiled Work 680

Refer to the following statements below 1/1

All statements are true

All statements are false

Only Statement 1 is true

Only Statement 3 is false

If overhead is underapplied, then: * 1/1

actual overhead cost is less than estimated overhead cost.

the amount of overhead cost applied to Work in Process is less than the actual
overhead cost incurred.

the predetermined overhead rate is too high.

the Manufacturing Overhead account will have a credit balance at the end of the
year.
Refer to the data below. The cost of raw materials purchased during the 1/1
year amounted to:

P411,000

P360,000

P316,000

P336,000
Staillo Company uses a job-order costing system and applies 1/1
manufacturing overhead to jobs using a predetermined overhead rate
based on direct labor-hours. Last year manufacturing overhead and
direct labor-hours were estimated at P50,000 and 20,000 hours,
respectively, for the year. In June, Job #461 was completed. Materials
costs on the job totaled P4,000 and labor costs totaled P1,500 at P5 per
hour. At the end of the year, it was determined that the company worked
24,000 direct labor-hours for the year and incurred P54,000 in actual
manufacturing overhead costs. If Job #461 contained 100 units. What is
the unit cost that would appear on the job cost sheet?

62.50

45.00

55.00

57.50
At the beginning of the current year, Garber Corporation estimated *1/1
that its manufacturing overhead would be P499,500 and the activity
level would be 27,000 machine-hours. The level of activity at capacity is
37,000 machine-hours. The actual manufacturing overhead for the year
was P503,200 and the actual level of activity was 27,100 machine-
hours. If the company bases its predetermined overhead rate on
estimated machine-hours, then its overhead for the year would have
been:

P137,350 underapplied

P1,850 underapplied

P1,850 overapplied

P137,350 overapplied

Option 5

A good description of “cost of goods manufactured” is the recorded *1/1

cost of the:

units completed during the period.

units started and completed during the period.

work done on all units during the period.

work done this period on units completed this period.

This form was created inside of National College of Business and Arts.

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