ACCT 6301 Ch 4 Quiz
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Jul 3, 2024
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Review Test Submission: ACCT 6301 Chapter 4 Quiz Test ACCT 6301 Chapter 4 Quiz Status Completed Attemit Score 100 out of 100 ioints Results Displayed Submitted Answers, Correct Answers Question 1 20 out of 20 points Quiz Company uses a normal, functional-based (traditional) cost system and applies overhead based on direct labor hours. The following information is available for the year. Estimated Actual Overhead cost $400,000 $440,000 Direct labor hours 40,000 50,000 Calculate the predetermined overhead rate for the year. Selected Answer: V) $10.00 per direct labor hour Correct Answer: @, $10.00 per direct labor hour Question 2 20 out of 20 points Quiz Company uses a normal, functional-based (traditional) cost system and applies overhead based on direct labor hours. The following information is available for the year. Estimated Actual Overhead cost $400,000 $440,000 Direct labor hours 40,000 50,000 Calculate the applied overhead for the year. Note: Give our answer using dollar signs and commas but not decimal points (cents). Example: $12,345 Selected Answer: @& $500,000 Correct Answer: Evaluation Method Correct Answer & Exact Match $500,000 Case Sensitivity
Question 3 20 out of 20 points Quiz Company reported the following amounts for the year. Estimated overhead $120,000 Applied overhead 123,000 Actual overhead 119,000 Determine the overhead variance for the year. Selected Answer: @ $4,000 overapplied Correct Answer: o, $4,000 overapplied Question 4 20 out of 20 points Quiz Company prepared the following estimates at the beginning of the year. Department 1 Department 2 Total Overhead cost $405,000 $110,000 $515,000 Direct labor hours 28,750 100,000 128,750 Machine hours 90,000 = - 90,000 Quiz Company reported the following actual results for the month of July. Department 1 Department 2 Total Overhead cost $34,000 $9,370 $43,370 Direct labor hours 2,350 8,600 10,950 Machine hours 7400 0 e 7,400 Assume that Quiz Company uses a plant-wide predetermined overhead rate and applies overhead based on direct labor hours. Determine the applied overhead for the month of July. Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345 Selected Answer: & $43,800 Correct Answer: Evaluation Method Correct Answer Case Sensitivity & Exact Match $43,800
Question 5 20 out of 20 points Quiz Company prepared the following estimates at the beginning of the year. Department 1 Department 2 Total Overhead cost $405,000 $110,000 $515,000 Direct labor hours 28,750 100,000 128,750 Machine hours 90,000 = - 90,000 Quiz Company reported the following actual results for the month of July. Department 1 Department 2 Total Overhead cost $34,000 $9,370 $43,370 Direct labor hours 2,350 8,600 10,950 Machine hours 7400 0 e 7,400 Assume that Quiz Company uses departmental overhead rates and applies overhead in Department 1 based on machine hours and applies overhead in Department 2 based on direct labor hours. Determine the applied overhead for the month of July. Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345 Selected Answer: & $42,760 Correct Answer: Evaluation Method Correct Answer Case Sensitivity & Exact Match $42,760
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Choices for Q1
a. $46,154
b. $29,970
c. $11,988
d. $41,958
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a. Choice D
b. Choice A
c. Choice B
d. Choice C
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Weld-Rite Fabricators has two producing departments, P1 and P2, and one service department, S1.
Estimated directed overhead costs per month are as follows:
P1 $450,000
P2 750,000
$1 273,000
Other data follow:
Numbers of employees
Production capacity (units)
Space occupied (square feet)
Five-year average of $1's service output used
P1
P2
150
50
100,000 60,000
5,000 15,000
65% 35%
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$
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P2
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4.
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Units produced
Production runs per quarter
Direct materials cost per unit
Direct labor cost per unit
Supervision
Setup labor
Incoming inspection
Total overhead
Manufacturing overhead in the plant has three main functions: supervision, setup labor, and Incoming material Inspection.
Data on manufacturing overhead for a representative quarter follow:
$ 288,750
336,000
241,500
$ 866,250
Standard
14,000
a. Using current costing system
b. Using proposed ABC system
50
$30
50
Required:
a. Compute the unit costs for the two products, Standard and Premium, using the current costing system at Benton (using direct labor
costs as the allocation basis for overhead).
b. Compute the unit costs for the two products, Standard and Premium, using the proposed ABC system at Benton.
Note: For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places.
S
S
Answer is complete but not entirely correct.
Premium
3,500
25
$64
75
Unit cost
Standard
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20A
20B
Units produced
10,000
11,000
Overhead applied per unit
P15
P15
Actual overhead:
Fixed
50,000
55,000
Variable
95,000
150,000
Estimated overhead:
Fixed
50,000
56,000
Variable
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142,000
The company determines overhead rates based on estimated units to be produced.
Required:
Determine the estimated units of production used to obtain the overhead allocation rates in 20A and 20B.
Determine the over- or underapplied factory overhead for each of the two years.
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ipped
Book
erences
Kunkel Company makes two products and uses a conventional costing system in which a single plantwide
predetermined overhead rate is computed based on direct labor-hours. Data for the two products for the
upcoming year follow:
Mercon
$ 10.00
Direct materials cost per unit
Direct labor cost per unit
Direct labor-hours per unit
Number of units produced
$ 3.00
0.20
10,000
These products are customized to some degree for specific customers.
Wurcon
$ 8.00
$ 3.75
0.25
40,000
Required:
1. The company's manufacturing overhead costs for the year are expected to be $336,000. Using the company's
conventional costing system, compute the unit product costs for the two products.
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be allocated on the basis of direct labor-hours and half would be allocated on the basis of engineering design
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1.…
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