Accounting

1)  Manufacturing overhead would include:
A. indirect labor costs only.
B. all manufacturing costs except direct materials & direct labor.
C. all manufacturing costs. D. indirect materials only.

2)  Which of the following is most likely NOT to use process costing?
A.  DuPont Chemical B.  Ashley Custom Furnishings
C.  Exxon-Mobile (gasoline) D.  General Mills (cereal)

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3)  Which costing system would a manufacturer of plywood use?
A.  Job costing    B.  Process costing
C.  Either job or process D.  Both job & process

Before the year began, a company estimated that manufacturing overhead for the year would be $160,000 & that 12,000 direct labor hours would be worked.  Actual results for the year included the following:
Actual MOH $175,000
Actual direct labor hours          15,000

4)  The predetermined manufacturing overhead rate per direct labor hour is closest to:
A.  $13.33.  B.  $10.67.
C.  $11.67. D.  $14.58.

5)  The amount of manufacturing overhead allocated for the year based on direct labor hours would have been:
A.  $160,000.  B.  $167,500.
C.  $175,000. D.  $200,000.

Use the following data to answer the next three questions:
Data below pertains to Garrett Company’s most recently completed fiscal year before any adjustments for over or underapplied overhead were made:
Estimated manufacturing overhead   $       240,000   Factory utilities  $      29,100
Estimated labor hours             35,000   Indirect labor   $      23,500
Actual direct labor hours             36,000   Sales commissions                        $      53,700
Estimated direct labor cost  $       300,000   Factory rent   $      49,200
Actual direct labor cost  $       320,000   Factory property taxes   $      28,100
Factory depreciation   $         67,200   Indirect materials  $      33,000
6)  If the company allocates manufacturing overhead based on direct labor cost, what are the allocated manufacturing overhead costs?
A.  $240,000 B.  $256,000
C.  $230,100 D.  $400,000

7)  Actual overhead incurred during the year totaled
A.  $230,100 B.  $300,000
C.  $283,800 D.  $240,000

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