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4. The accountant for Champion Brake, Inc. applies overhead based
on machine hours. The budgeted overhead and machine hours for
the year are $260,000 and 16,000, respectively. The actual
overhead and machine hours incurred were $275,000 and 20,000.
The cost of goods sold and inventory data compiled for the year is
as follows: Direct Materials $ 50,000, COGS 450,000, WIP
(units)
100,000, Finished Goods (units) 150,000. What is the
amount of over/under applied overhead for the year?
5. If a product required a great deal of electricity to produce, and
crude oil prices increased, which of the following costs most likely
increased?
6. Fab Co. manufactures textiles. Among Fab's 2004 manufacturing
costs were the following salaries and wages: Loom
operators $120,000, Factory foremen 45,000, Machine mechanics
30,000. What was the amount of Fab's 2004 direct labor?
7. In a process cost system, the application of factory overhead
usually would be recorded as an increase in
8. Jonathan Mfg. adopted a job-costing system. For the current year,
budgeted cost driver activity levels for direct labor hours and direct
labor costs were 20,000 and $100,000, respectively. In addition,
budgeted variable and fixed factory overheads were $50,000 and
$25,000, respectively. The actual costs and hours for the year were
as follows: Direct labor hours 21,000, Direct labor costs $110,000,
Machine hours 35,000. For a particular job, 1,500 direct labor
hours were used. Using direct labor hours as the cost driver, what
amount of overhead should be applied to this job?
9. Indirect labor is a
10.
Hoyt Co. manufactured the following units: Saleable 5,000,
Unsalable (normal spoilage)
200, Unsalable (abnormal spoilage)
300, the manufacturing cost totaled $99,000. What amount should
Hoyt debit to finished goods?
11.
In the past, four direct labor hours were required to produce
each unit of product Y. Material costs were $200 per unit, the
direct labor rate was $20 per hour, and factory overhead was three
times the direct labor cost. In budgeting for next year, management