111.The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work inprocess is
a. Materials
Work in Process
|
4,000
|
4,000
|
b. Work in Process
Factory Overhead
|
4,000
|
4,000
|
c. Work in Process
Materials
|
4,000
|
4,000
|
d. Work in Process
Cash
|
4,000
|
4,000
|
112.Which of the following represents the factory overhead applied to a product?
a.predetermined factory overhead rate times estimated activity base
b.actual factory overhead rate times estimated activity base
c.predetermined factory overhead rate times actual activity base
d.actual factory overhead rate times actual activity base
113.Which of the following is the formula to calculate the predetermined factory overhead rate?
a.estimated total factory overhead costs divided by estimated activity base
b.actual total factory overhead costs divided by estimated activity base
c.estimated total factory overhead costs divided by actual activity base
d.actual total factory overhead costs divided by actual activity base
114.Aspen Technologies has the following budget data:
Estimated direct labor hours
|
15,000
|
Estimated direct labor dollars
|
$90,000
|
Estimated factory overhead costs
|
$198,000
|
If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is
a. $7.50
b. $13.20
c. $2.20
d. $16.50
115.A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, itestimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factoryoverhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount ofoverapplied or underapplied manufacturing overhead at the end of the year?
a.$6,000 overapplied
b.$6,000 underapplied
c.$54,800 overapplied
d.$54,800 underapplied
116.The following budget data are available for Sharp Company:
Estimated direct labor hours
|
12,000
|
Estimated direct labor dollars
|
$90,000
|
Estimated factory overhead costs
|
$179,000
|
Actual direct labor hours
|
11,500
|
Actual direct labor dollars
|
$92,000
|
Actual factory overhead costs
|
$180,000
|
If factory overhead is to be applied based on direct labor dollars, the predetermined overhead rate is
a. 199%
b. 196%
c. $14.92
d. $15.65
117.A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, itestimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actualmanufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is thepredetermined overhead rate per direct labor hour?
a. $12.00
b. $10.00
c. $12.57
d. $10.48
118.A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, itestimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actualmanufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry toapply the factory overhead costs for the year would include a
a.debit to factory overhead for $360,000
b.credit to factory overhead for $432,000
c.debit to factory overhead for $377,200
d.credit to factory overhead for $360,000
119.The following budget data are available for Sharp Company:
Estimated direct labor hours
|
12,000
|
Estimated direct labor dollars
|
$90,000
|
Estimated factory overhead costs
|
$180,000
|
Actual direct labor hours
|
11,500
|
Actual direct labor dollars
|
$92,000
|
Actual factory overhead costs
|
$181,000
|
If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is
a. $180,000
b. $181,000
c. $172,500
d. $184,000
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter ofthe year. Below is a list of all the jobs for the quarter:
|
Balance
|
Job No. 356
|
$ 450
|
Job No. 357
|
1,235
|
Job No. 358
|
378
|
Job No. 359
|
689
|
Job No. 360
|
456
|
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
120.What is the ending balance of Work in Process for Adams Company at the end of the first quarter?
a.$0
b. $456
c. $3,208
d. $2,752