ACCT105 Week 6 Quiz SCORE 100 PERCENT

Question 1 of 10 10.0/ 10.0 Points Materials were requisitioned for use, $28,200, of which $25,000 were direct materials. The entry is: A. Dr. Manufacturing Overhead for $25,000 and Work in Process Inventory for $3,200 and Cr. Materials Inventory for $28,200 B. Dr. Work in Process Inventory for $25,000 and Manufacturing Overhead for $3,200 and Cr. Materials Inventory for $28,200 C. Dr. Manufacturing Overhead for $25,000 and Work in Process Inventory for $3,200 and Cr. Materials Purchases for $28,200 D. Dr. Work in Process Inventory for $28,200 and Cr. Materials Inventory for $28,200

Question 2 of 10 10.0/ 10.0 Points Which of the following would be classified as manufacturing overhead? (1) marketing research; (2) depreciation on president's office facilities; (3) advertising; (4) factory taxes; (5) indirect materials; (6) machinery maintenance. A. 1, 3, 4 are manufacturing overhead costs. B. 4, 5, 6 are manufacturing overhead costs. C. 4, 6 are manufacturing overhead costs. D. 1, 2, 3, 4, 5, 6 are manufacturing overhead costs. E. None of the above combinations.

Question 3 of 10 10.0/ 10.0 Points A job is a unique order made for a particular customer according to the customer's requirements.   A. True B. False

Question 4 of 10 10.0/ 10.0 Points When actual overhead costs incurred are larger than the amount of overhead costs applied to production, manufacturing overhead is underapplied.   A. True B. False

Question 5 of 10 10.0/ 10.0 Points Materials, labor, and overhead are always assumed to be added evenly throughout the process of manufacturing.   A. True B. False

Question 6 of 10 10.0/ 10.0 Points The essential distinction between a process cost system and a job cost system is that: A. A job order cost system usually requires the use of an estimated overhead rate to allocate manufacturing overhead costs to jobs. B. A process cost system accumulates product costs by department or time periods while a job order cost system accumulates product costs by jobs. C. A job order cost system requires a more orderly classification of costs than does a process cost system. D. A job order cost system does not use a predetermined overhead rate to apply manufacturing overhead.

Question 7 of 10 10.0/ 10.0 Points The entry to reflect a practical disposition of overapplied overhead contains a debit to Cost of Goods Sold and a credit to Manufacturing Overhead.   A. True B. False

Question 8 of 10 10.0/ 10.0 Points If the variable costing concept is followed, which of the following costs would be included as part of the cost of product manufactured? (1) Depreciation on plant; (2) Direct labor; (3) Direct materials; (4) Property taxes on plant; (5) Insurance on plant; (6) Electricity purchased to operate machinery. A. 1, 2, 3 would be included. B. 2, 3, 5, and 6 would be included. C. Only 2, 3, and 6 would be included.

Question 9 of 10 10.0/ 10.0 Points In a job cost accounting system, costs are accumulated in terms of departments for a specified time period.   A. True B. False

Question 10 of 10 10.0/ 10.0 Points What is the cost of materials available for use assuming the following data? Materials inventory, January 1 - $33,660; materials purchases - $148,800; direct labor - $120,000; work in process inventory, January 1 - $336,000; selling expense - $28,800; materials inventory, December 31 - $48,000; manufacturing overhead - $360,000; work in process inventory, December 31 - $288,000; transportation-in - $600. A. $48,000 B. $183,060 C. $33,660 D. $182,460 E. None of the above.