Acct 346 Week 3 Quiz (2 Versions)

ACCT 346 Week 3 Quiz (2 Versions)

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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)...