Question : 131. The direct labor and overhead costs of providing services to : 1246732

 

 

131. The direct labor and overhead costs of providing services to clients are accumulated in: A. finished services expenseB. work in processC. administrative salaries expenseD. overhead

 

132. When a job is completed in a service organization, the job costs are transferred to the A. work in process account.B. cost of services account.C. finished goods account.D. cost of goods sold account.

 

133. The following budget data are available for Happy Company: 

Estimated direct labor hours

12,000

Estimated direct dollars

$90,000

Estimated factory overhead costs

$179,000

Actual direct labor hours

11,500

Actual direct dollars

$92,000

Actual factory overhead costs

$180,000

 

 

If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is A. 199%B. 196%C. $14.92D. $15.65

 

134. The following budget data are available for Happy Company: 

Estimated direct labor hours

12,000

Estimated direct dollars

$90,000

Estimated factory overhead costs

$180,000

Actual direct labor hours

11,500

Actual direct dollars

$92,000

Actual factory overhead costs

$181,000

 

 

If factory overhead is to be applied based on direct labor hours as the cost allocation base for the predetermined overhead rate, the amount of overhead applied into production is A. $180,000B. $181,000C. $172,500D. $184,000

 

135. Scooby Company has applied $567,988 of overhead into production on Jobs in the Work in Process account.  Actual overhead at the end of the year is $575,000.  What is the adjustment for over or underapplied overhead? A. $7012 Overapplied, increase Cost of Goods SoldB. $7012 Underapplied, increase Cost of Goods SoldC. $7012 Overapplied, decrease Cost of Goods SoldD. $7012 Underapplied, decrease Cost of Goods Sold

 

136. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Work in Process for Zeke Company as of the end of the 1st quarter? A. $0B. $456C. $3,208D. $2,752

 

137. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Finished Goods for Zeke Company as of the end of the 1st quarter? A. $456B. $1,067C. $1,685D. $2,752

 

138. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is the ending balance of Cost of Goods sold for Zeke Company as of the end of the 1st quarter? A. $456B. $2,685C. $1,685D. $685

139. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is Sales for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685

 

140. Zeke Company is a manufacturing company that has worked on several production jobs during the 1st quarter of the year.  Below is a list of all the jobs for the quarter:

 

Balance

Job 356

$   450

Job 357

$1,235

Job 358

$   378

Job 359

$   689

Job 360

$   456

 

 

Job 356, 357, 358 & 359 were completed.  Jobs 356 & 357 were sold at a profit of $500 on each job. What is Gross Margin for Zeke Company as of the end of the 1st quarter? A. $1,685B. $2,685C. $1,000D. $685

 

 

 

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