Homework Answers
9. Answer: pre determined rate x actual hours
The pre determined overhead rate is computed based on the estimated hours however, the overhead is applied based on the actual hours and is computed by multiplying the actual hours with the pre determined overhead rate.
10. Answer: True
Under normal costing, the product cost is determined by using the actual cost of direct materials, actual cost of direct labor, and the manufacturing overheads cost which is based on the predetermined overhead rates. Hence, the given statement is true.
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Question 9 3 pts overhead applied to a job is which of the following pre determined...
D Question 9 3 pts overhead applied to a job is which of the following O...
D Question 9 3 pts overhead applied to a job is which of the following O pre determined rate x actual hours O predetermined rate x estimated hours none of the above 2 pts D Question 10 applying overhead to a job using pre determined rates is prevalent in a normal costing system True O False
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
D | Question 7 2 pts machine hours is an allocation base for pre determined rate...
D | Question 7 2 pts machine hours is an allocation base for pre determined rate calculations O True O False DI Question 3 pts the pre determined rate is based upon which of the following as it relates to the type of data used. O actual data estimates O hybrid O none of the above
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg...
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg direct labor hours) Actual overhead cost divided by estimated allocation base (eg direct labor hours) Estimated overhead Costs divided by actual allocation base (eg actual direct labor hours) actual overhead costs divided by actual allocation base (eg actual direct labor hours) Do not cost their services using job costing techniques True O False The beginning in Finished Goods Inventory is $50,000, the ending balance...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
both questions plz Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by...
both questions plz
Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by the number of months in the period Actual overhead divided by actual direct labor hours Actual overhead minus estimated overhead Actual overhead multiplied by the actual activity level for a period Estimated overhead divided by the estimated activity level for a period D la 2 19 Under job order costing, the overhead variance is underapplied if: actual overhead is less than applied overhead O...
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's...
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's actual usage of the allocation base equals: the total estimated overhead for the period the amount of manufacturing overhead applied to the job's cost the total cost of the job O actual manufacturing overhead Question 24 5 pts Which of the following is(are) typical cost drivers that would be used as an allocation base? Choose the best answer sales persons commissions O machine hours...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
3. Nelson Company uses a pre-determined overhead rate to apply overhead. The estimate for this year's...
3. Nelson Company uses a pre-determined overhead rate to apply overhead. The estimate for this year's overhead is $600,000. Machine hours are used to apply overhead. This year's estimate of machine hours is 50,000 hours. a) Compute the pre-determined overhead rate for Hatcher Company. b) If Job #101 used DM of $150, DL of $470, and 10 machine hours, what was the total cost of the job? c) If total machine hours for the year were 49,000 and total actual...
2. How much manufacturing overhead was applied to Job P and how much was applied to Job...
2. How much
manufacturing overhead was applied to Job P and how much was
applied to Job Q?
Required information (The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments --Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and...
D Question 9 3 pts overhead applied to a job is which of the following O pre determined rate x actual hours O predetermined rate x estimated hours none of the above 2 pts D Question 10 applying overhead to a job using pre determined rates is prevalent in a normal costing system True O False
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
D | Question 7 2 pts machine hours is an allocation base for pre determined rate calculations O True O False DI Question 3 pts the pre determined rate is based upon which of the following as it relates to the type of data used. O actual data estimates O hybrid O none of the above
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg direct labor hours) Actual overhead cost divided by estimated allocation base (eg direct labor hours) Estimated overhead Costs divided by actual allocation base (eg actual direct labor hours) actual overhead costs divided by actual allocation base (eg actual direct labor hours) Do not cost their services using job costing techniques True O False The beginning in Finished Goods Inventory is $50,000, the ending balance...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
both questions plz
Under job order costing, the predetermined overhead rate equals: Estimated overhead divided by the number of months in the period Actual overhead divided by actual direct labor hours Actual overhead minus estimated overhead Actual overhead multiplied by the actual activity level for a period Estimated overhead divided by the estimated activity level for a period D la 2 19 Under job order costing, the overhead variance is underapplied if: actual overhead is less than applied overhead O...
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's actual usage of the allocation base equals: the total estimated overhead for the period the amount of manufacturing overhead applied to the job's cost the total cost of the job O actual manufacturing overhead Question 24 5 pts Which of the following is(are) typical cost drivers that would be used as an allocation base? Choose the best answer sales persons commissions O machine hours...
$7.65 $12.00 O $9.20 Question 17 5 pts Dearden Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $148,000, variable manufacturing overhead of $3.75 per machine- hour, and 50,000 machine-hours. The actual usage of machine hours was 52,100. The predetermined overhead rate per machine hour is closest to: $6,59 O $6.71 $9.67 O $2.96 Question...
3. Nelson Company uses a pre-determined overhead rate to apply overhead. The estimate for this year's overhead is $600,000. Machine hours are used to apply overhead. This year's estimate of machine hours is 50,000 hours. a) Compute the pre-determined overhead rate for Hatcher Company. b) If Job #101 used DM of $150, DL of $470, and 10 machine hours, what was the total cost of the job? c) If total machine hours for the year were 49,000 and total actual...
2. How much
manufacturing overhead was applied to Job P and how much was
applied to Job Q?
Required information (The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments --Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and...
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