Acct 346 Week 3 Quiz

ACCT 346 WEEK 3 QUIZ

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ACCT 346 Week 3 Quiz,

Question1. 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 $2,250,000, and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000, and actual overhead 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- or underapplied. (Points : 6)

Question 2.2. (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; and

(c) machine hours. (Points : 6)

Question 3.3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. (Points : 4)

Question 4.4. (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 $ 17,000

Ending balance in Finished Goods 15,200

Beginning balance in Work in Process 12,500

Ending balance in Work in Process 4,500

Selling expenses 123,000

General and administrative expenses 89,000

Direct material cost 54,500

Direct labor cost 66,000

Manufacturing overhead 21,400

Sales 385,000

Prepare a schedule of cost of goods manufactured. (Points : 4)

Question 5.5.(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.

G_____ 1. Activity-based costing

J______ 2....