Accounting 202 - Chapter 3.2
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During manufacturing of a product different factors go into choosing what input to use during the manufacturing of a product. Take up this quiz on overhead costs when it comes to job costing and see if you are prepared for the upcoming test. All the best as you tackle it!
- 1.Which comes third in the flow of costs?
- A.
Cost of goods sold
- B.
Finished goods inventory
- C.
Raw materials inventory
- D.
Work in process inventory
- 2.Which comes last in the flow of costs?
- A.
Cost of goods sold
- B.
Finished goods inventory
- C.
Raw materials inventory
- D.
Work in process inventory
- 3.Payroll costs for factory employees who do NOT work directly on the product are considered:
- A.
Direct labor
- B.
Manufacturing overhead
- C.
Selling expenses
- D.
Administrative costs
- 4.An estimated manufacturing overhead rate computed before the year begins is a(n):
- A.
Cost allocation
- B.
Cost driver
- C.
Actual manufacturing overhead rate
- D.
Predetermined manufacturing overhead rate
- 5.Assigning manufacturing overhead costs and other indirect costs is called:
- A.
Cost allocation
- B.
Cost driver
- C.
Materials requisition
- D.
Predetermined manufacturing overhead rate
- 6.
- A.
Select an allocation base and estimate the total amount that will be used during the year
- B.
Allocate some manufacturing overhead to each individual job
- C.
Estimate total manufacturing overhead costs for the coming year
- D.
Calculate a predetermined manufacturing overhead rate
- 7.Manufacturers follow four steps to implement a manufacturing overhead allocation system. The first step is to:
- A.
Select an allocation base and estimate the total amount that will be used during the year
- B.
Allocate some manufacturing overhead to each individual job
- C.
Estimate total manufacturing overhead costs for the coming year
- D.
Calculate a predetermined manufacturing overhead rate
- 8.Manufacturers follow four steps to implement a manufacturing overhead allocation system. Which step is NOT performed before the year begins?
- A.
Select an allocation base and estimate the total amount that will be used during the year.
- B.
Allocate some manufacturing overhead to each individual job.
- C.
Estimate total manufacturing overhead costs for the coming year.
- D.
Calculate a predetermined manufacturing overhead rate.
- 9.Manufacturing overhead is allocated on the basis of
- A.
Machine hours
- B.
Direct labor hours
- C.
Direct labor costs
- D.
Any of the above
- 10.Allocating manufacturing overhead costs is done
- A.
Before the period starts
- B.
During the period
- C.
At the end of the period
- D.
At none of these times
- 11.Computing the predetermined manufacturing overhead rate is done
- A.
Before the period starts
- B.
During the period
- C.
At the end of the period
- D.
At any time
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