Homework Answers
Q9)
Overhead rate is calculated based on an allocation base. The allocation base can be labor hours, labor cost, machine hours etc.
Since the overhead rate is calculated using an allocation base, therefore, the overhead is applied based on the allocation base used as follows:
Overhead applied = Overhead rate x Allocation base used
Thus allocation base may vary depending on the type of operations.
Thus none of the above is the correct answer i.e. the third option is correct.
Q10)
Normal costing system uses a standard overhead rate is used to calculate the overhead cost.
Hence the statement is TRUE.
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D Question 9 3 pts overhead applied to a job is which of the following O...
Question 9 3 pts overhead applied to a job is which of the following pre determined...
Question 9 3 pts overhead applied to a job is which of the following pre determined rate x actual hours predetermined rate x estimated hours none of the above O D Question 10 2 pts applying overhead to a job using pre determined rates is prevalent in a normal costing system O 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...
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...
$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...
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...
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
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...
D Question 3 3 pts The breakeven point in sales is the fixed cost divided by...
D Question 3 3 pts The breakeven point in sales is the fixed cost divided by the contribution margin per unit. True O False D Question 4 3 pts The margin of safety equal actual sales-breakeven sales O True O False 3 pts D Question 5 D Question 5 3 pts machine hours can be used as an allocation base for calculating the pre determined rate True ○ False 3 pts D Question 6 rates are assigned to An unfavorable...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corp estimated total manufacturing overhead cost at $777,000 and total direct labor hours of 51,800. Koebel Corp. started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $747,400 and 48,200 direct labor hours were used. (a) Calculate the predetermined...
Question 9 3 pts overhead applied to a job is which of the following pre determined rate x actual hours predetermined rate x estimated hours none of the above O D Question 10 2 pts applying overhead to a job using pre determined rates is prevalent in a normal costing system O 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...
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...
$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...
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...
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
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...
D Question 3 3 pts The breakeven point in sales is the fixed cost divided by the contribution margin per unit. True O False D Question 4 3 pts The margin of safety equal actual sales-breakeven sales O True O False 3 pts D Question 5 D Question 5 3 pts machine hours can be used as an allocation base for calculating the pre determined rate True ○ False 3 pts D Question 6 rates are assigned to An unfavorable...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corp estimated total manufacturing overhead cost at $777,000 and total direct labor hours of 51,800. Koebel Corp. started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $747,400 and 48,200 direct labor hours were used. (a) Calculate the predetermined...
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