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Exam 4: Systems Design: Process Costing

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Question 31

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In a normal costing system actual overhead costs are allocated to jobs.

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Question 32

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Simplex Company has the following estimated costs for next year: Simplex estimates that 10,000 direct labour and 16,000 machine hours will be worked during the year.If overhead is applied on the basis of machine hours,the overhead rate per hour will be:

A) $3.50.
B) $6.94.
C) $7.63.
D) $8.56.

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Question 33

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The entry to record the purchase of raw materials is:

If the estimated manufacturing overhead for the year was $24,000,and the applied overhead was $26,500,the actual manufacturing overhead cost for the year was:

The cost of goods sold (after adjustment for underapplied or overapplied overhead) is:

Using the following information: Assuming overapplied overhead is considered material,using the preferred method,what would be the adjustment to Cost of Goods Sold to close the overapplied overhead?

CR Company has the following estimated costs for the next year: CR Company estimates that 20,000 labour hours will be worked during the year.If overhead is applied on the basis of direct labour hours,the overhead rate per hour will be?

Compton Company uses a predetermined overhead rate in applying overhead to production orders on a labour cost basis in Department A and on a machine hours basis in DepartmentB.At the beginning of the most recently completed year,the company made the following estimates: What predetermined overhead rate would be used in Department A and Department B,respectively?

Carlo Company uses a predetermined overhead rate based on direct labour hours to apply manufacturing overhead to jobs.The company estimated manufacturing overhead at $255,000 for the year and direct labour-hours at 100,000 hours.Actual manufacturing overhead costs incurred during the year totalled $270,000.Actual direct labour hours were 105,000.What was the overapplied or underapplied overhead for the year?

In job-order costing,the Work in Process inventory account contains the actual costs of direct labour,direct materials,and manufacturing overhead incurred on partially completed jobs.

For the month of February,the manufacturing overhead was:

Allenton Company is a manufacturing firm that uses job-order costing.At the beginning of the year,the company's inventory balances were as follows:

Sweet Company applies overhead to jobs on the basis of 125% of direct labour cost.If Job 107 shows $10,000 of manufacturing overhead applied,how much was the direct labour cost on the job:

Knowlton Company applies overhead to completed jobs on the basis of 70% of direct labour cost.If Job 501 shows $21,000 of manufacturing overhead applied,the direct labour cost on the job was:

The ending balance of which of the following accounts can be calculated by summing the totals of the open job-order cost sheets:

Kelsh Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs.The company has provided the following estimated costs for next year: Kelsh estimates that 5,000 direct labour hours and 10,000 machine hours will be worked during the year.The predetermined overhead rate per hour will be:

What was the cost of jobs completed during 2014?

The cost of goods manufactured is:

For the current year,Paxman Company incurred $150,000 in actual manufacturing overhead cost.The Manufacturing Overhead account showed that overhead was overapplied in the amount of $6,000 for the year.If the predetermined overhead rate was $8.00 per direct labour hour,how many hours were worked during the year?

The actual direct labour hours worked during April totalled: