Exam (elaborations)
financial-management-theory-and-practice-14th-edition-solution-manual (CHAP 28)
- Institution
- University Of Kansas
financial-management-theory-and-practice-14th-edition-solution-manual (CHAP 28)
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Some examples from this set of practice questions
1.
Plantwide overhead rate
Answer: A single predetermined overhead rate that is used throughout a plant
2.
Predetermined overhead rate
Answer: A rate used to charge manufacturing overhead cost to jobs that is established in advance for each period. It is computed by dividing the estimated total manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period.
3.
Raw materials
Answer: Any materials that go into the final product.
4.
Schedule of cost of goods manufactured
Answer: A schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods.
5.
Schedule of cost of goods sold
Answer: A schedule that contains three elements of product costs—direct materials, direct labor, and manufacturing overhead—and that summarizes the portions of those costs that remain in ending Finished Goods inventory and that are transferred out of Finished Goods into Cost of Goods Sold.
6.
Time ticket
Answer: A document that is used to record the amount of time an employee spends on various activities
7.
Underapplied overhead
Answer: A debit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost actually incurred exceeds the amount of overhead cost applied to Work in Process during a period
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