ACC 202 Week 1 Quiz, Questions And Answers.Matt, Inc., a toy manufacturing company uses job order cost system. The time tickets from September jobs are summarized below.
Job 100 $3,500
Job 101 1,800
Job 102 1,200
Job 103 2,800
Factory
supervision 1,700
Factory overhead is applied to jobs ...
a toy manufacturing company uses job order cost system the time tickets from september jobs are summarized below
b determine t
Written for
Ashford University
ACC 202
All documents for this subject (5)
Seller
Follow
StudyConnect
Reviews received
Content preview
●
ACC202
●
Assignments
●
Week 1 - Quiz
Matt, Inc., a toy manufacturing company uses job order cost system. The time tickets from
September jobs are summarized below.
Job 100 $3,500
Job 101 1,800
Job 102 1,200
Job 103 2,800
Factory
1,700
supervision
Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $25 per
direct labor hour. The direct labor rate is $30 per hour.
a. Determine the total factory labor costs transferred to Work in Process and Factory Overhead
for September.
Costs transferred to Work in Process $9300
Costs transferred to Factory Overhead $1700
b. Determine the amount of factory overhead applied to production for September.
$7750
The following information is available for the first month of operations of Diacox Inc., a manufacturer of
sports apparel:
Sales $2,050,000
Gross profit 490,000
Indirect labor 152,000
Indirect materials 45,000
Other factory overhead 515,000
Materials purchased 801,000
Total manufacturing costs for the period 1,710,000
Materials inventory, end of period 36,800
Using the given information, determine the following:
a. Cost of goods sold $1560000
b. Direct materials cost $719200
c. Direct labor cost $278800
KCT Printing Company uses a job order cost system.
a. Indicate the source of the data for increasing Work in Process for each of the following:
, 1. Direct materials requisitioned Summary of materials requisitions
2. Direct labor used Summary of time tickets
b. Indicate the source of the data for decreasing Work in Process for jobs completed.
Summary of job cost sheets
Select the appropriate account classification for each item below.
1) direct materials
2) selling and administrative expenses
3) factory overhead
4) direct labor
a. Rent expense on factory building Factory overhead
b. Sales supplies used Selling and administrative expenses
c. Factory supplies used Factory overhead
d. Indirect materials used Factory overhead
e. Wages of assembly line personnel Direct labor
f. Depreciation on office equipment Selling and administrative expenses
g. Rent on office facilities Selling and administrative expenses
h. Insurance expired on factory equipment Factory overhead
i. Cost of primary material used to assemble product Direct materials
Indicate whether each of the following costs of a cabinet manufacturer would be classified as direct
materials cost, direct labor cost, factory overhead cost, or period cost.
a. Plant manager's salary Factory overhead cost
b. Office administrative assistant's salary Period cost
c. Depreciation on factory equipment Factory overhead cost
d. Rent on office building Period cost
e. Varieties of wood Direct materials cost
f. Varnish for coating cabinets Factory overhead cost
g. Utilities cost on the factory Factory overhead cost
h. Cabinet assembly worker's salary Direct labor cost
i. Advertising costs Period cost
j. Screws and glue used in assembly process Factory overhead cost
Heedy Winery accumulates the costs incurred in the labeling process in an activity cost pool. Costs for
the labeling process are estimated to be $320,000, and the winery expects to generate 640,000 labels
for the coming year. Production for its top-selling wine is estimated at 160,000 bottles. How much
overhead from the labeling process will be allocated to this particular variety of wine?
a.$160,000 b.
$80,000 c.$320,000
d.$40,000
An activity-based costing system allocates factory overhead rates to products or services using:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyConnect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
