Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Correct answer is option C. |
| It is often overly simplistic and incorrect to assume that direct labor hours is a company’s only manufacturing overhead cost driver. |
| Correct answer is option A. |
| Fixed, decreasing. |
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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...
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3) Obermeyer Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 10,000 direct labor-hours, total fixed manufacturing overhead cost of $96,000, and a variable manufacturing overhead rate of $3.60 per direct labor- hour. Job A735, which was...
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4) Gercak Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Departments predetermined overhead rate is based on machine-hours and the Assembly Departments predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the...
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5) Grib Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The predetermined overhead rates for the year are 200% of direct labor cost for Department A and 50% of direct labor cost for Department B. Job 436, started and completed during the year, was charged with the following...
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Question 1 1) Which of the following is NOT a period cost? A) B) C) D) Depreciation of factory maintenance equipment. Salary of a clerk who handles customer billing. Insurance on a company showroom where customers can view new products, Cost of a seminar concerning tax law updates that was attended by the company's controller. Question 4...
16) Assigning manufacturing overhead to a specific job is complicated by all of the below except:...
16) Assigning manufacturing overhead to a specific job is complicated by all of the below except: A) Manufacturing overhead is an indirect cost that is either impossible or difficult to trace to a particular job. B) Manufacturing overhead is incurred only to support some jobs. C) Manufacturing overhead consists of both variable and fixed costs. D) The average cost of actual fixed manufacturing overhead expenses will vary depending on how many units are produced in a period. 17) Which of...
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2) Classify the following costs for an auto manufacturer as either direct materials, direct labor, manufacturing overhead, or period costs. Required : Complete the answer sheet below by placing an "X" under each heading that identifies the cost involved. (12 pts) Direct Direct Manufacturing Period Cost Materials Labor Overhead a. Steel used in automobiles b. Assembly department...
In a job-order costing system that is based on machine-hours, which of the following formulas is correct? A) Predeter...
In a job-order costing system that is based on machine-hours, which of the following formulas is correct? A) Predetermined overhead rate = Actual manufacturing overhead ÷ Actual machine-hours B) Predetermined overhead rate = Actual manufacturing overhead ÷ Estimated machine-hours C) Predetermined overhead rate = Estimated manufacturing overhead ÷ Estimated machine-hours D) Predetermined overhead rate = Estimated manufacturing overhead ÷ Actual machine-hours 41. Which of the following statements about using a plantwide overhead rate based on direct labor is correct? A)...
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5. Tondre Corporation has provided the following data concerning last months operations. Direct materials Direct labor Manufacturing overhead cost applied to Work in Process $24,000 $58,000 $87,000 $ 86,000 Actual manufacturing overhead for the month Note: There were no indirect materials in manufacturing overhead. All raw materials used are direct materials. Beginning Ending Raw materials inventory Work...
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5,300 1) Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. $ 590...
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...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
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3) Obermeyer Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 10,000 direct labor-hours, total fixed manufacturing overhead cost of $96,000, and a variable manufacturing overhead rate of $3.60 per direct labor- hour. Job A735, which was...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
Thank you for your help!
4) Gercak Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Departments predetermined overhead rate is based on machine-hours and the Assembly Departments predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
Thank you for your help!
5) Grib Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The predetermined overhead rates for the year are 200% of direct labor cost for Department A and 50% of direct labor cost for Department B. Job 436, started and completed during the year, was charged with the following...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
Thank you for your help!
Question 1 1) Which of the following is NOT a period cost? A) B) C) D) Depreciation of factory maintenance equipment. Salary of a clerk who handles customer billing. Insurance on a company showroom where customers can view new products, Cost of a seminar concerning tax law updates that was attended by the company's controller. Question 4...
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answer!
Thank you for your help!
2) Classify the following costs for an auto manufacturer as either direct materials, direct labor, manufacturing overhead, or period costs. Required : Complete the answer sheet below by placing an "X" under each heading that identifies the cost involved. (12 pts) Direct Direct Manufacturing Period Cost Materials Labor Overhead a. Steel used in automobiles b. Assembly department...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
Thank you for your help!
5. Tondre Corporation has provided the following data concerning last months operations. Direct materials Direct labor Manufacturing overhead cost applied to Work in Process $24,000 $58,000 $87,000 $ 86,000 Actual manufacturing overhead for the month Note: There were no indirect materials in manufacturing overhead. All raw materials used are direct materials. Beginning Ending Raw materials inventory Work...
Please help me complete this!
I have been struggling for a while, and mainly I need the
answer!
Thank you for your help!
5,300 1) Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense Cost of goods sold is a variable cost in this company. $ 590...
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