GB 519 Unit 2 Quiz
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UNIT 2 QUIZ
1. Question : At the end of a fiscal year, overapplied factory overhead should
Debited to Cost of Goods sold.
Credited to Cost of Goods sold.
Debited to Cost of Good Manufactured.
None of the above.
Question 2. Question : Which one of the following is the amount that actual factory
overhead exceeds the factory overhead applied?
Factory overhead applied.
Actual factory overhead.
Allocated factory overhead.
Question 3. Question : The two main advantages of using predetermined factory overhead
rates are to provide more accurate unit cost information and to:
Simplify the accounting process.
Provide cost information on a timely basis.
Insure transmission of correct data.
Extend the useful life of the cost data.
Adjust for variances in data sources.
UNIT 2 QUIZ
Question 4. Question : The ideal criterion for choosing an allocation base for overhead is:
Ease of calculation.
A cause-and-effect relationship.
Ease of use.
Question 5. Question : Effective implementation of activity-based costing (ABC)
Normally the assistance of a consultant.
A sophisticated and expensive computer system.
Support of top management and key employees.
Capturing properly the complexity of the data.
ABC has no significant implementation issues.
Question 6. Question : Which of the following would likely be the most appropriate cost
driver of electric power used by machines?
Number of units.
Number of machine hours.
Number of production runs.
Purchase cost of machines.
UNIT 2 QUIZ
Question 7. Question : In an activity-based costing system, overhead costs are divided
Activity cost pools.
Resource consumption and activity consumption cost drivers.
Product-line cost pools.
Plantwide or departmental cost pools.
Question 8. Question : Which of the following is a batch-level cost driver?
Number of employees.
Number of orders.
Number of parts.
Question 9. Question : Units accounted for includes units completed and transferred out
Units to account for.
UNIT 2 QUIZ
Question 10. Question : In calculating unit cost in a process costing system, "conversion
cost" is defined as the sum of:
Direct and indirect material costs.
Direct and indirect labor costs.
Direct labor and factory overhead costs.
Indirect labor and factory overhead costs.
Question 11. Question : The journal entry to record incurred direct labor would include a
Finished Goods Inventory.
Question 12. Question : Process cost systems are used in all of the following industries
UNIT 2 QUIZ
Question 13. Question : ABC Company listed the following data for the current year:
Budgeted Factory Overhead = $ 1,044,000
Budgeted Direct labor Hours = 69,600
Budgeted Machine Hours = 24,000
Actual Factory Overhead = 1,037,400
Actual Labor Hours = 72,600
Actual Machine Hours = 23,600
If overhead is applied based on direct labor hours, the
overapplied/underapplied overhead is:
UNIT 2 QUIZ
Question 14. Question : Randall Company manufactures products to customer
specifications. A job costing system is used to accumulate
production costs. Factory overhead cost was applied at 125% of
direct labor cost. Selected data concerning the past year's
operation of the company are presented below.
Direct Materials January 1 = $77,000
Direct Materials December 31 = 40,000
WIP January 1 = 66,000
WIP December 31 = 42,000
Finished Goods January 1 = 115,000
Finished Goods December 31 = 100,000
Direct Materials Purchased = $324,000
Cost of Goods Available for Sale = 950,000
Actual Factory Overhead = 206,000
The cost of goods manufactured during the year is:
Question 15. Question : If a firm has 1,200 completed and transferred out units, 200
equivalent units of beginning work in process and 500 ending
work-in-process equivalent units, what is the total of equivalent
units of production using the weighted-average method?
Cannot be determined from the above.
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