ACCT 346 Course Great Wisdom / tutorialrank.com ACCT 346 Course Great Wisdom / tutorialrank.com | Page 5

(TCO 2) During 2011, Madison Company applied overhead using a
job-order costing system at a rate of $12 per direct labor hours.
Estimated direct labor hours for the year were 150,000, and estimated
overhead for the year was $1,800,000. Actual direct labor hours for
2011 were 140,000 and actual overhead was $1,670,000.
What is the amount of under or over applied overhead for the year?
10. Question :
(TCO 3) Companies in which of the following industries would not be
likely to use process costing?

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ACCT 346 Week 4 Midterm 2 (DEVRY)
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1.Question :
(TCO 1) Which of the following is not a difference between financial
accounting and managerial accounting?
2. Question :
TCO 1) Which of the following statements regarding fixed costs is
true?
3. Question :