11. For the manufacturing business, inventory which is in the process of being manufactured is referred to as:
A. supplies inventory
B. work in process inventory
C. finished goods inventory
D. direct materials inventory
12. The proper journal entry to record the purchase of $25,000 of raw materials on account would be:
A. Jan 2 Raw Material Inventory 25,000
Accounts Receivable 25,000
B. Jan 2 Raw Material Inventory 25,000
Accounts Payable 25,000
C. Jan 2 Inventory 25,000
Accounts Receivable 25,000
D. Jan 2 Inventory 25,000
Cash 25,000
13. Select the proper journal entry to record the movement of 1,450 units of part number 116B to work in process when each unit of 116B has a value of $2.00.
A. Jan 15 Raw Material Inventory 2,900
Work in Process 2,900
B. Jan 15 Work in Process 2,900
Factory Overhead 2,900
C. Jan 15 Work in Process 2,900
Raw Material Inventory 2,900
D. Jan 15 Work in Process 2,900
Cash 2,900
14. Which of the following represents the factory overhead applied to a product?
A. Predetermined factory overhead rate times estimated activity base.
B. Actual factory overhead rate times estimated activity base.
C. Predetermined factory overhead rate times actual activity base.
D. Actual factory overhead rate times actual activity base.
15. Which of the following is the correct formula to calculate the predetermined factory overhead rate?
A. Estimated total factory overhead costs divided by estimated activity base.
B. Actual total factory overhead costs divided by estimated activity base.
C. Estimated total factory overhead costs divided by actual activity base.
D. Actual total factory overhead costs divided by actual activity base.
16. The following budget data are available for Oldest Company:
|
Estimated direct labor hours |
12,000 |
|
Estimated direct dollars |
$90,000 |
|
Estimated factory overhead costs |
$179,000 |
|
|
|
If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is
A. $2.57
B. $.51
C. $.067
D. $14.92
17. A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 47,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
A. $16,000 overapplied.
B. $16,000 underapplied.
C. $1,200 overapplied.
D. $1,200 underapplied.
18. Depreciation expense on factory equipment is part of factory overhead cost.
TRUE
19. Factory overhead is applied to production using a predetermined overhead rate.
TRUE
20. If factory overhead applied exceeds the actual costs, the factory overhead account will have a credit balance.
TRUE
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