The amount transferred from Work in Process to Finished Goods under a job-order costing system is the
Question:
The amount transferred from Work in Process to Finished Goods under a job-order costing system is the sum of the costs charged to all jobs:
started in process during the period.
in process during the period.
completed and sold during the period.
completed during the period.
3. How do you treat the property tax on the building that houses the manufacturing facility of a company?
A period cost
An opportunity cost
A product cost
A variable cost
4. Beginning work in process can be computed as:
Total manufacturing cost incurred minus ending work in process.
Cost of goods manufactured plus ending work in process inventory minus total manufacturing costs incurred.
Cost of goods manufactured minus ending work in process inventory plus total manufacturing costs incurred.
Ending work in process plus total manufacturing costs incurred.
5. Wayne has the following budgeted costs at its anticipated production level (expressed in hours): variable overhead, $150,000; fixed overhead, $240,000. If Wayne now revises its anticipated production slightly downward, it would expect:
total fixed overhead of $240,000 and a lower hourly rate for variable overhead.
total fixed overhead of $240,000 and the same hourly rate for variable overhead.
total fixed overhead of $240,000 and a higher hourly rate for variable overhead.
total variable overhead of less than $150,000 and a lower hourly rate for variable overhead.
total variable overhead of less than $150,000 and a higher hourly rate for variable overhead.
6. What is a product cost?
Treated in the same manner as period costs
Subtracted from cost of goods sold
Inventoried
Expensed when incurred
7. Bonoy Company uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 17,500 hours. At the end of the year, actual direct labor-hours for the year were 16,000 hours, the actual manufacturing overhead for the year was $233,000, and manufacturing overhead for the year was underapplied by $15,400. What amount is the estimated manufacturing overhead at the beginning of the year which was used in the predetermined overhead rate?
8.
a. Using the least squares method, what amount is the total cost of producing 150 grams of honey?
b. Using the high-low method, what amount is the total cost of producing 130 grams of honey?
Expert Answer:
