69.Refer to the information above. The amount of direct materials cost charged to completed jobs during March was:
A. $20,000.
B. $50,000.
C. $30,000.
D. Some other amount.
70.Refer to the information above. The predetermined overhead application rate at Capri Boat is what percentage of direct labor costs?
A. 38%.
B. 62%.
C. 260%.
D. 580%.
71.Refer to the information above. The amount of overhead costs applied to Job #007 during March was:
A. $90,000.
B. $26,250.
C. $65,000.
D. $60,000.
72.Refer to the information above. The journal entry which accounts for the $300,000 transferred out of Work in Process account includes a debit of $300,000 to:
A. Finished Goods.
B. Cost of Goods Sold.
C. Accounts Receivable.
D. Sales.
Canfield Construction applies overhead to its projects at a rate of $65 per direct labor hour. Laborers are paid an average rate of $30 per hour. The Jefferson Apartments project was charged a total of $1,200,000 in direct materials and $450,000 in direct labor costs.
73.Refer to the information above. Overhead applied to the Jefferson Apartments project amounted to:
A. $450,000.
B. $650,000.
C. $975,000.
D. Some other amount.
74.Refer to the information above. The journal entry to transfer the completed Jefferson Apartments project to Canfield’s finished goods inventory would include:
A. A debit to the Finished Goods Inventory account of $975,000.
B. A debit to the Finished Goods Inventory account of $2,625,000.
C. A debit to the Finished Goods Inventory account of $1,650,000.
D. A credit to the Work in Process Inventory account of $2,175,000.
75.Refer to the information above. The journal entry made by Canfield to record the sale of the Jefferson Apartments project to King Development Company for $5,250,000 would include:
A. A debit to Sales of $5,250,000.
B. A debit to Cost of Goods Sold of $2,625,000.
C. A credit to Finished Goods Inventory of $975,000.
D. A debit to Finished Goods Inventory of $975,000.
76.Which of the following statements is true about activity-based costing?
A. Only one activity should be used for a company.
B. Many different activity bases are used in applying overhead.
C. There can only be one cost driver.
D. Direct materials and direct labor are applied to work-in-process based upon cost drivers.
77.In an activity-based costing system, manufacturing overhead costs are divided into separate:
A. Cost drivers.
B. Activity cost pools.
C. Activity bases.
D. Indirect cost centers.
78.Benefits of activity-based costing include all of the following except:
A. More accurate measures of product costs.
B. More accurate evaluations of product profitability.
C. A better understanding of what “drives” manufacturing overhead costs.
D. More subjective product pricing decisions.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more