1 out of 1.00 point The following journal entry would be made in a processing costing system when units that have been completed with respect to the work done in Processing Department Z are transferred from Processing Department Z to Processing Department Y: True False In a process costing system, overhead costs are traced to units of product as they are incurred. True False A process cost system would be used to account for the cost of manufacturing an oil tanker. True False A process costing system would be best suited for production of a large quantity of a homogeneous product. True False In process costing, costs are accumulated in processing departments, rather than by job. True False The job cost sheet is used in both job-order and process costing.
5, 6) Lima Parts, Inc., shows the following overhead information for the current period: Actual overhead incurred $ 29,400 2/3 of which is variable Budgeted fixed overhead $ 8,640 per hour Standard variable overhead rate per direct labor-hour $ 9.00 Standard hours allowed for actual production 2,350 hours Actual labor-hours used 2,200 hours ________________________________________ Required: What are the variable overhead price and efficiency variances and fixed overhead price variance? (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) Amounts Variable overhead: Price variance $ (0%) (0%) Efficiency variance $ (0%) (0%) Fixed overhead: Price variance $ (0%) (0%) ________________________________________ P16-45 Overhead Variances (L.O.
User | Alonzo Doby | Course | Spring2014-ECO2023-Princ Economics II-397328 | Test | Chapter 4 Quiz | Started | 2/12/14 10:49 PM | Submitted | 2/12/14 11:24 PM | Due Date | 2/19/14 11:59 PM | Status | Completed | Attempt Score | 6 out of 20 points | Time Elapsed | 34 minutes out of 40 minutes. | Instructions | | * Question 1 0 out of 2 points | | | Examine the graph below. If the equilibrium price is P1, then producer surplus | | | | | Selected Answer: | can be determined by the area of the triangle acP1. | | | | | * Question 2 2 out of 2 points | | | Examine the graph below. Consumer surplus is | | | | | Selected Answer: | defined by the area of the triangle
3. The rate variance is calculated by the difference between the $16.90 actual labor rate vs the $16 budgeted rate, then we multiply the difference by the 9000 actual labor hours which gives us an $8,100 unfavorable rate variance. To figure out the efficiency variance we multiply the $16 budgeted rate by the difference between the 9,000 actual labor hours and the 10,000 budgeted hours, giving us a $16,000 favorable efficiency variance. As a result of the difference between the rate and efficiency variances we end up having a $7,900 favorable flexible budget variance. 4.
10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year. ACCT 344 Week 2 Quiz 1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is 2.
Only in revised cost system, set-up labor is allocated in direct cost. The major difference among the three is the allocation of indirect cost. Firstly, for standard unit cost, as shown in case exhibit 3, total indirect cost is $682,688, total run labor is 155,600, which calculate the overhead rate 439%. Besides, revised unit cost (exhibit 4 in case) allocated two overhead cost, namely, material related overhead cost (including receiving and material handling) and other overhead cost. The data in exhibit4 shows the material related overhead absorption rate is $220,000/ 458,000=48% and other overhead absorption rate is $460,000/10800hr = $42.59 per hour.
• Based on the data collected on a typical day, what is the probability that oil change will take 15 minutes or less time? Class Interval Frequency 6 to 10 minutes 3 11 to 15 minutes 8 16 to 20 minutes 6 21 to 25 minutes 2 More than 25 Minutes 1 11/20= 55% chance that the oil change will take 15 minutes or less. • What are the characteristics of standard normal distribution? A standard normal distribution is defined as a normal distribution with the numbers 0 and 1, according to the Statistics for Business and Economics book. •
Case Study Hank Kolb Operations Management September 5, 2013 1. What are the causes of the quality problems on the Greasex line? Display your answers on a fishbone diagram. Be specific. Money Money Machine Machine Method Method Quantity over quality Lack of testing No clear process for managing defects Lack of Adherence to QC Control Measurements Quantity over quality Lack of testing No clear process for managing defects Lack of Adherence to QC Control Measurements Machine Maintenance Machine Compatibility with project –filling heads Machine down-time Machine Maintenance Machine Compatibility with project –filling heads Machine down-time Quantity over quality Back-order –revenue loss Reliability – lost customers Machine down-time –loss of production of products Quantity over quality Back-order –revenue loss Reliability – lost customers Machine down-time –loss of production of products Quality Problems Quality Problems No Formal Training Lack of Communication Lack of commitment and ownership - attitude Poor Management No Formal Training Lack of Communication Lack of commitment and ownership - attitude Poor Management Rushed to Market Vendor Product Flaws Can Design Vendor products Rushed to Market Vendor Product Flaws Can Design Vendor products Man Man Material Material 2.
To reduce the production complexity by attracting large sub contractors. However, the deal was not successful and Lego learnt that 1. Outsourced facilities are always not effective and satisfactory. 2. The outsourcing only is not the solution to control and coordinate the increasingly global and complex network of production facilities 3.
The minimum wage that welfare reform was expecting people to live off of was in fact not enough to even support the buying of food. In Working poor, working hard Katherine Newman expounds on the fact that welfare benefits are cut off at low levels and unavailable to those that earn minimum wage and work a forty-hour week. Newman also states that only a “combination of the two income streams [welfare and a job] make it possible to manage…life.” (Newman) These two sources only emphasize the already established fact that welfare reform must be reformed