Accounting 101 ECC
Final Exam
A partial listing of costs incurred at Peggs Corporation during September appears below:
Direct materials
$199,000
Utilities, factory
$11,000
Administrative salaries
$83,000
Indirect labor
$29,000
Sales commissions
$37,000
Depreciation of production equipment
$31,000
Depreciation of administrative equipment
$44,000
Direct labor
$81,000
Advertising
$154,000
02-14-2011
1. award: 4 out of
4.00 points
The total of the manufacturing overhead costs listed above for September is:
$351,000
$40,000
$71,000
$669,000
2. award: 4 out of
4.00 points
The total of the product costs listed above for September is:
$669,000
$351,000
$71,000
$318,000
3. award: 4 out of
4.00 points
Freeman Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $114,000 and direct labor-hours would be 11,400. The actual figures for the year were $135,000 for manufacturing overhead and 13,400 direct labor-hours. The cost records for the year will show: (Do not round your intermediate calculations.)
overapplied overhead of $20,000
underapplied overhead of $20,000
overapplied overhead of $1,000
underapplied overhead of $1,000
4. award: 4 out of
4.00 points
Lucy Sportswear manufactures a specialty line of T-shirts. The company uses a job-order costing system. During March, the following costs were incurred on Job ICU2: direct materials $14,600 and direct labor $5,700. In addition, selling and shipping costs of $7,900 were incurred on the job. Manufacturing overhead was applied at the rate of $34 per machine-hour and Job ICU2 required 890 machine-hours. If Job ICU2 consisted of 7,900 shirts, the Cost of Goods Sold per shirt was (Do not round your intermediate calculations and round your answer to 1 decimal place.):
$6.9
$7.4
A partial listing of costs incurred at Peggs Corporation during September appears below:
Direct materials
$199,000
Utilities, factory
$11,000
Administrative salaries
$83,000
Indirect labor
$29,000
Sales commissions
$37,000
Depreciation of production equipment
$31,000
Depreciation of administrative equipment
$44,000
Direct labor
$81,000
Advertising
$154,000
02-14-2011
1. award: 4 out of
4.00 points
The total of the manufacturing overhead costs listed above for September is:
$351,000
$40,000
$71,000
$669,000
2. award: 4 out of
4.00 points
The total of the product costs listed above for September is:
$669,000
$351,000
$71,000
$318,000
3. award: 4 out of
4.00 points
Freeman Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $114,000 and direct labor-hours would be 11,400. The actual figures for the year were $135,000 for manufacturing overhead and 13,400 direct labor-hours. The cost records for the year will show: (Do not round your intermediate calculations.)
overapplied overhead of $20,000
underapplied overhead of $20,000
overapplied overhead of $1,000
underapplied overhead of $1,000
4. award: 4 out of
4.00 points
Lucy Sportswear manufactures a specialty line of T-shirts. The company uses a job-order costing system. During March, the following costs were incurred on Job ICU2: direct materials $14,600 and direct labor $5,700. In addition, selling and shipping costs of $7,900 were incurred on the job. Manufacturing overhead was applied at the rate of $34 per machine-hour and Job ICU2 required 890 machine-hours. If Job ICU2 consisted of 7,900 shirts, the Cost of Goods Sold per shirt was (Do not round your intermediate calculations and round your answer to 1 decimal place.):
$6.9
$7.4