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1. A predetermined manufacturing overhead rate is calculated in the same manner as
an actual manufacturing overhead rate except that estimated rather than actual
costs and activity levels are used in computing predetermined overhead rates.
2. Absorption costing, rather than variable costing, is generally required for financial
reporting and tax purposes.
3. The amount of overhead costs applied to production in a given month may be more
or less than the amount of overhead actually incurred in that same month.
4. Rorry Company uses a job cost system. Finished goods costing $10,080 were sold
for $25,200 cash. The journal entry is:
5. Managerial accounting information is intended for external financial reports.
6. Marketing, selling, and administrative costs are the three broad classifications of
costs incurred by a manufacturing company.
7. Materials were requisitioned for use, $28,200, of which $25,000 were direct
materials. The entry is:
8. Sales salaries in a manufacturing company are direct labor costs.
9. Rorry Company uses a job cost system. Overhead was applied to production using
a rate of 78 percent of direct labor costs. What is the journal entry when direct labor
costs are $18,000?
10. Under variable costing, finished goods are carried at their full manufacturing cost
per unit.