Question : 141.Templeton Widgetsapplies manufacturing overhead based direct labor hours. It budgeted : 1302696

 

 

141.Templeton Widgetsapplies manufacturing overhead based on direct labor hours. It budgeted 123,000 direct labor hours at $11.50 per labor hour and incurred 125,000 direct labor hours at an actual total labor cost of $1,500,000. It incurred $720,000 of manufacturing overhead and estimated the manufacturing overhead cost to be $707,250 for the period. What was the predetermined overhead rate?

A.$0.50

B.$5.75

C.$0.48

D.$5.76

 

142.The balances in Dellco Company’s accounts at the end of the period were:

 

Work in Process Inventory              $ 40,000

Finished Goods Inventory              60,000

Cost of Goods Sold              300,000

Manufacturing Overhead (credit balance)              12,000

 

If the balance in the Manufacturing Overhead account is considered immaterial, which of the following represents the amounts that should be adjustedto the Work in Process Inventory account?

A.$0

B.Debit of $12,000

C.Credit of $12,000

D.Credit of $9,000

 

143.Which of these service-type companies typically donot assign overhead costs to jobs when using a job-order costing system?

A.Consulting firms

B.Hospitals

C.Repair shops

D.Law firms

 

144.In which country were just-in-time (JIT) systems first used?

A.England

B.United States

C.Japan

D.Germany

 

145.If a company has zero beginning inventory and zero ending inventory which of the following is true?

A.Cost of goods sold will equal cost of goods manufactured.

B.Cost of goods sold will be zero.

C.Cost of goods manufactured will be zero.

D.Inventory levels will fluctuate each period.

 

146.To which of the following is the goal of minimizing raw materials and work in process inventories considered to be a key objective?

A.ABC

B.JIT

C.TQM

D.Computer-controlled manufacturing systems

 

147.Which of the following is true concerning computer-controlled manufacturing systems?

A.They require a company to use a just-in-time inventory system.

B.They result in a decrease in direct labor costs.

C.They increase the variable costs and decrease fixed costs.

D.They require overhead tobe allocated based on machine hours.

 

148.Which of the following is another name for the total quality management program?

A.Just-in-time

B.Activity-based allocation

C.Lean manufacturing

D.Continuous quality improvement

 

149.Which of the following is not a component of a total quality management (TQM) program?

A.Making products right the first time, which reducesrework and scrap costs

B.Listening to the customers’ needs

C.Encouraging workers to continuously improve the production process

D.Reducing inventories to very small, or non-existent levels

 

150.What occurs when state of the art equipment is installed as part of incorporating a computer-controlled manufacturing system?

A.Labor costs generally decrease.

B.Direct labor becomes a good allocation base.

C.Fixed costs will generally decrease.

D.All of these choices are correct

 

 

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