ACCT 360 WEEK 2 QUIZ

  1. A document that lists the quantity of each type of direct material needed to complete a unit of product is called a
  2. A predetermined overhead rate includes:

 

  1. A unit product cost includes:

 

4. Assume the following:

  1. Estimated fixed manufacturing overhead for the coming period of $211,000
  2. Estimated variable manufacturing overhead of $2.00 per direct labor hour
  3. Estimated direct labor-hours to be worked in the coming period of 55,000 hours.
  4. The predetermined plantwide overhead rate for the period is closest to:
  1. Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completed only two jobs during July—Job Y and Job Z. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Y and Z:
Estimated total fixed manufacturing overhead $ 13,000
Estimated variable manufacturing overhead per direct labor-hour $ 1.00
Estimated total direct labor hours to be worked 2,000
Total actual manufacturing overhead costs incurred $ 12,800

 

  Job Y Job Z
Direct materials $ 13,000 $ 8,000
Direct labor cost $ 21,000 $ 7,500
Actual direct labor hours worked 1,600 500

How much manufacturing overhead was applied to Job Y?

 

  1. Which of the following statements is false?
  2. The journal entry to record the cost of goods sold during the period includes:
  3. Assume the following information from a schedule of cost of goods manufactured:
Total manufacturing costs to account for $ 230,000
Ending work in process inventory $ 34,000

What is the cost of goods manufactured?

 

  1. Assume the following information from a schedule of cost of goods manufactured:
Beginning raw materials inventory $ 7,000
Purchases of raw materials $ 60,000
Ending raw materials inventory $ 5,100

What is the raw materials used in production?

 

 

10. Assume the following:

Beginning finished goods inventory $ 10,000
Ending finished goods inventory $ 9,400
Cost of goods manufactured $ 52,000

What is the unadjusted cost of goods sold?