Predetermined overhead rates are calculated: O a. based on estimated total manufacturing overhead costs O b. at the beginning of the accounting period once the actual amount of manufacturing overhead is known. O c. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. O d. All the given answers are correct. O e. by dividing total estimated manufacturing overhead cost by estimated units of the allocation base.

Predetermined overhead rates are calculated: O a. based on estimated total manufacturing overhead costs O b. at the beginning of the accounting period once the actual amount of manufacturing overhead is known. O c. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. O d. All the given answers are correct. O e. by dividing total estimated manufacturing overhead cost by estimated units of the allocation base.

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Description: Time left 1:5Predetermined overhead rates are calculated:O a. based on estimated total manufacturing overhead costsO b. at the beginning of the accounting period once the actual amount of manufacturingoverhead is known.O c. first and then multiplied

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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N1. Account
Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
Assigning indirect costs to specific jobs is completed by which of the following a. Applying the costs to manufacturing overhead b. Using the predetermined overhead rate c. Using the manufacturing costs incurred d. Applying the indirect labor to the work in process inventory
In highly automated manufacturing, the most appropriate base for factory overhead application is: a. machine hours b. physical output c. direct materials cost d. direct labor hours
Explain the four-step process used to compute a predetermined overhead rate.
Direct labour cost is an element of_________ a. All of the given options b. Prime cost c. Conversion cost d. Factory overhead
Match one or more of the following terms with each definition below: a. Direct labor b. Direct materials c. Indirect labor d. Indirect materials e. Inventoriable product costs f. Manufacturing overhead g. Period costs __ ______I) Operating costs that are expensed in the period in which they are incurred. _____ ___ii) Materials that become a physical part of a finished product and whose costs are traceable to the finished product. ________ iii) All manufacturing costs other than direct materials & direct labor. _____ ___IV) Labor costs that is difficult to trace to specific products. _________ v) Materials whose costs cannot conveniently be directly traced to particular finished products. _____ ____VI) Product costs included in inventory, as required by GAAP. _____ ____Vii) the compensation of employees who physically convert materials into the company’s products; labor costs that are directly traceable to finished products. 2. Distinguish between direct and indirect costs.…
Indicate which of the following phrases correctly completesthis sentence: “Equivalent units of production . . .” (Indicateall correct answers.)a. Are a measure of productive activity.b. Represent work done on units still in process, as well asthose completed during the period.c. Are used as the basis for computing per-unit costs inmost process cost accounting systems. d. Are computed separately for each significant input con-sumed in the production process.
In a process cost system, the amount of work in process inventory Is valued by Oa. multiplying units in ending inventory by the direct materials cost per unit Ob. finding the sum of all completed jobs Oc. allocating departmental costs between completed and partially completed units Od. finding the sum of all open job costs
Assign indirect labor cost is recorded with a Select one: O a. debit to Labor Cost. O b. debit to Work in Process Inventory. O C. debit to job cost sheets. d. debit to Manufacturing Overhead.
Total manufacturing costs are composed of the following, except: * a. Direct Materials b. Labor union c. Direct Labor d. Factory Overhead
Multiple predetermined overhead rates: calculated for each department by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. O a. O b. makes job-order costing less accurate accounting for costs. O c. none of the given answers is correct. O d. are based on actual total manufacturing overhead costs are calculated at the beginning of the accounting perioc before the actual amount of manufacturing overhead is known. O e.