ACCT 346 Week 3 Quiz (2 Versions)
1. Question : (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 $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over/underapplied
2. Question : (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the predetermined overhead rate based on:
(a) Direct labor dollars
(b) Direct labor hours
(c) Machine hours
3. Question : (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.
4. Question : (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX. ……………..
Prepare a schedule of cost of goods manufactured.
5. Question: (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. activity-based costing
______ 2. cost of goods available for sale
______ 3. period costs
______ 4. process costing system
______ 5. just-in-time system
______ 6. work in process
6. Question : (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.
7. Question: (TCO 2) Match each of the six following terms with...