Acct 346 Week 3 Quiz (2 Versions) Essay

1769 WordsSep 3, 20158 Pages
ACCT 346 Week 3 Quiz (2 Versions) Purchase here Product Description 1. Question : (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000. (a) Calculate the predetermined overhead rate. (b) Calculate the overhead applied. (c) Determine the amount of overhead that is over/underapplied 2. Question : (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the predetermined overhead rate based on: (a) Direct labor dollars (b) Direct labor hours (c) Machine hours 3. Question : (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. 4. Question : (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX. …………….. Prepare a schedule of cost of goods manufactured. 5. Question: (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once. ______ 1. activity-based costing ______ 2. cost of goods available for sale ______ 3. period costs ______ 4. process costing system ______ 5. just-in-time system ______ 6. work in process 6. Question : (TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal

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