Urgent Chemistry Homework 2

Question 1 of 20

5.0 Points

Beginning raw materials inventory

$37,000

Beginning work-in-process inventory

$62,200

Beginning finished goods inventory

58,300

Cost of materials purchased

151,000

Cost of direct materials requisitioned

91,300

Direct labor incurred

135,000

Actual manufacturing overhead

160,000

Cost of goods manufactured

287,000

Cost of goods sold

265,000

Manufacturing overhead rate (% of direct labor)

125%

A. $161,500

B. $170,250

C. $211,200

D. $229,950

Question 2 of 20

5.0 Points

A. raw materials inventory.

B. finished goods inventory.

C. manufacturing overhead.

D. wages payable.

Which of these documents informs the storeroom to send specific materials to the factory floor?

Watson's Computer Company uses ABC to account for its manufacturing process.

Watson's Computer Company expects to produce 2,250 computers. Watson's Computer Company also expects to use 13,000 parts and have 20 setups. The allocation rate for materials handling will be:

Which term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers?

Which of the following is a result of cost distortion?

The benefits of using the ABC costing system are higher if the company:

If jobs have been under costed due to under allocation of manufacturing overhead, then cost of goods sold (COGS) is too low and which of the following corrections must be made?

Venus Crates manufactures custom crates for a variety of uses. The following data have been recorded for Job 551, which was recently completed. Direct materials used cost $7,200. There were 82 machine hours used on this job. The predetermined overhead rate is $30 per machine hour used. There were 175 direct labor hours worked on this job at a direct labor wage rate of $24 per hour. What is the total manufacturing cost of Job 551?

A system that focuses on activities as the fundamental cost object and uses the costs for these activities to compile indirect costs of goods and services is:

Kramer Company manufactures coffee tables and uses an activity-based costing system to allocate all manufacturing conversion costs. Each coffee table consists of 20 separate parts totaling $240 in direct materials, and each requires 5 hours of machine time to produce. Additional information follows.

What is the cost of machining per coffee table?

The first step in developing an ABC system is:

A(n) ________ is an estimated manufacturing overhead rate computed before the year begins.

The entry to record the purchase of raw materials on account using a job costing system would include a:

Service firms develop a predetermined rate for some costs. This rate is called the:

Which of the following is a lean strategy?

Which term listed below describes costs incurred when the company fails to detect poor quality goods or services before delivery to the customer?

The cost of downtime caused by quality problems with the raw materials would be classified as what type of cost?

The predetermined indirect cost allocation rate is computed as:

Showboat Corporation had actual manufacturing overhead costs for the most recent year of $29,500. Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $1.50 per direct labor hour. Direct labor cost is $19 per hour. At the end of the year, Cabaret Corporation found it had over allocated manufacturing overhead by $1,250. How much manufacturing overhead was allocated in total during the year?