charter oak acc102 week 3 test part 1

1. Under
a job order cost system, costs are accumulated for:

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2.A job cost sheet usually contains a
record of each of the following except:

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3.A job cost sheet should:

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4.Which of the following is a
characteristic of manufacturing overhead in a job order cost system?

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5.Debits to the Manufacturing Overhead
account record:

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6.At the end of the accounting period,
applied overhead was larger than actual overhead by a material amount. The
overapplied overhead should be:

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7.All of the following are advantages
of developing a predetermined overhead application rate except:

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8.Under applied overhead at the end of
a month:

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9.Which of the following statements is
true about activity-based costing?

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10.An activity-based costing system
would probably not be appropriate if:

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11.Which of the following would likely
be the most appropriate cost driver to allocate machinery set-up costs to
products?

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12.Using machine hours to assign
manufacturing overhead to a labor intensive product line is likely to:

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13.Marvin Company uses a job order cost
system and has established a predetermined overhead application rate for the
current year of 150% of direct labor cost, based on budgeted overhead of
$900,000 and budgeted direct labor cost of $600,000.Job no. 1 was charged with direct
materials of $30,000 and with overhead of $24,000.The total cost of job no. 1:

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14.PAK Co. uses a job order cost
accounting system.At year-end the
Work in Process Inventory controlling account showed a debit balance of
$57,500.For the two jobs
in process at year-end, one showed $8,000 in direct materials and $6,000 in
direct labor. The job cost sheet for the second job showed $12,000 in direct
materials and $9,000 in direct labor.If
the company is using a predetermined overhead application rate based on
direct labor cost, the rate is:

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15) Parkway
Auto Body uses a job order cost system.Overhead is applied to jobs on the basis of direct labor hours.During the current period, Job No. 337 was charged $400 in direct
materials, $450 in direct labor, and $180 in overhead.If direct labor costs an average of $15 per hour, the company’s
overhead application rate is:

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