Using the Pittinger Cuckoo Clock information above, what is the - 35535

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•  3 out of 3 points
    
    Using the Pittinger Cuckoo Clock information above, what is the cost of assembling per cuckoo clock?           
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•  Question 2
3 out of 3 points
   
    If manufacturing overhead has been overallocated during the period, and most of the jobs produced have been sold, then           
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•  Question 3
3 out of 3 points
   
    ABC uses job costing. Actual manufacturing overhead for the period is $19,600 while allocated manufacturing overhead is $18,700. What entry will close manufacturing overhead balance?           
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Correct Answer:
           
•  Question 4
3 out of 3 points
   
    Sonnheim Manufacturing uses job costing. In May, materials requisitions were $51,000 ($45,000 of these were direct materials), and raw material purchases were $58,900. The end of month balance in raw materials inventory was $28,700. What was the beginning raw materials inventory balance?           
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•  Question 5
2 out of 2 points
   
    Which of the following is TRUE about a lean production system?           
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•  Question 6
2 out of 2 points
   
    Managers who practice total quality improvement           
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•  Question 7
0 out of 3 points
   
    Waterside Sports Equipment Company's work in process inventory on June 1 has a balance of $21,500 representing Job No. 151. During June, $52,000 of direct materials was requisitioned for Job No. 151, and $31,000 of direct labor cost was incurred for Job No. 151. Manufacturing overhead is allocated at 120% of direct labor cost. Actual manufacturing overhead costs incurred in June amounted to $42,000. No new jobs were started during June. Job No. 151 is completed on June 28.

What is the total cost assigned to Job No. 151?           
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•  Question 8
0 out of 3 points
   
    When job costing is used at service firms, the bill to the client shows           
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•  Question 9
3 out of 3 points
   
    Cabaret Manufacturing had actual manufacturing overhead costs for the most recent year of $ 27,500. Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $ 1.75 per direct labor hour. Direct labor cost is $18 per direct labor hour. At the end of the year, Cabaret Corporation found it had overallocated manufacturing overhead by  1,000. How much manufacturing overhead was allocated in total during the year?           
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•  Question 10
3 out of 3 points
   
    Which of the following statements regarding total quality management is FALSE?           
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•  Question 11
3 out of 3 points
   
    Pittinger Company manufactures cuckoo clocks and uses an activity-based costing system to allocate all manufacturing conversion costs. Each cuckoo clock consists of 10 separate parts totaling $120 in direct materials and requires 2.0 hours of machine time to produce. Additional information follows:
ACTIVITY    ALLOCATION BASE    COST ALLOCATION RATE
Materials Handling    Number of Parts    $ 1,25 per part
Machining    Machine Hours    $2.50 per machine hour
Assembling    Number of Parts    $0.50 per part
Packaging    Number of Finished Parts    $1.50 per finished unit












What is the total manufacturing cost per cuckoo clock?           
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Correct Answer:
           
•  Question 12
2 out of 2 points
   
    Non-value-added activities are           
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•  Question 13
3 out of 3 points
   
    Whirl 'n Twirl Corporation uses a job costing system. On January 1, Whirl 'n Twirl Corporation's work in process inventory account had a balance of $62,000. During the year, materials requisitioned for use in production amounted to $110,000, of which $79,000 represented direct materials. Factory wages for the period were $242,000, of which $199,000 were for direct labor. Manufacturing overhead is allocated on the basis of 80% of direct labor cost. Actual overhead cost for the year was $125,000. Jobs costing $350,000 were completed during the year. The December 31 work in process inventory balance is            
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•  Question 14
3 out of 3 points
   
    If a job consists of a batch of identical units, managers find the unit cost by            
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•  Question 15
0 out of 2 points
   
    When calculating a departmental overhead rate, the numerator should be the           
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•  Question 16
3 out of 3 points
   
    An internal request for raw materials calls for a _________ to be completed.           
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•  Question 17
4 out of 5 points
   
    State whether each company below would be more likely to use a job costing system or a process  costing system.           
    Question    Correct Match    Selected Match
Custom home builder       
Paint manufacturer        
Carpet manufacturer       
Concrete manufacturer       
Jumbo jet manufacturer       

           
•  Question 18
3 out of 3 points
   
    Smith Paints allocates overhead based on machine hours. Selected data for the most recent data are these:
Estimated manufacturing overhead cost    $ 250,000
Actual manufacturing overhead cost    $ 230,000
Estimated machine hours         20,000
Actual machine hours         21,000






The estimates were made as of the beginning of the year, while the actual results were for the entire year. The predetermine manufacturing overhead rate per machine hour is closest to           
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•  Question 19
3 out of 3 points
   
    Job 229 started on June 1 and finished on July 15. Total cost on July 1 was $9,200, and the costs added in July were $153,400. The product was sold. What is the debit to Cost of Goods Sold?           
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•  Question 20
3 out of 3 points
   
    Job 2908 requires $ 12,000 of direct materials, $ 5,500 of direct labor, 500 direct labor hours, and 250 machine hours. It also requires 9 hours of inspection at $40 per hour. Manufacturing overhead is computed at $25 per direct labor hour used and $45 per machine hour used. The total dolllars of conversion costs are           
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•  Question 21
0 out of 2 points
   
    Activity Based Costing (ABC) might lead to            
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•  Question 22
3 out of 3 points
   
    Sykes Company has sales revenue of $610,000. Cost of good sold before adjustment is $350,000. The company's actual manufacturing overhead is $93,000, while allocated manufacturing overhead is $101,500. What is the actual gross profit?           
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•  Question 23
2 out of 2 points
   
    Signs that a product cost system is not working properly include that           
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•  Question 24
3 out of 3 points
   
    The assignment of direct and indirect materials to cost objects reduces           
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•  Question 25
Needs Grading
   
    Paulson Enterprises uses a job costing system. Record the following transactions in Paulson  Enterprises’s general journal for the current month:
 
a)  Purchased raw materials on account, $75,000.
b)  Requisitioned $44,500 of direct materials and $7,000 of indirect materials for use in production.
c)  Factory payroll incurred, $90,000; 80% direct labor, 20% indirect labor.
d)  Recorded depreciation expense factory equipment $12,000, and other manufacturing overhead of $42,100     (credit accounts payable).
e)   Allocated manufacturing overhead costs based on 120% of direct labor cost.
f)  Cost of completed production for the current month, $142,000.
g)  Cost of finished goods sold, $115,000; selling price, $175,000 (all sales on account).
            
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•  Question 26
0 out of 3 points
   
    Using the Smith Paint information shown above, the amount of manufacturing overhead allocated for the year based on machine hours would have been           
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•  Question 27
0 out of 3 points
   
    Green Bags Company manufactures cloth grocery bags to be sold to grocery stores and other retailers. Green Bags Company sells the bags Green Bags Company sells the bags in cases of 1000 bags. The bags come in three sizes: Large, Medium, and Small.

Currently Green Bags Company uses a single plantwide overhead rate to allocate its $7,141,100 of annual manufacturing overhead. Of this amount, $1,875,000 is associated with the Large Bag line, $2,992,500 is associated with the Medium Bag line, and $2,273,000 is associated with the Small Bag line.

Green Bags Company is currently running a total of 37,000 machine hours: 12,500 in the Large Bag line, 13,300 in the Medium Bag line, and 11,200 in the Small Bag line.

Green Bags Co uses machine hours as the cost driver for manufacturing overhead costs. Which product line(s) have been overcosted or undercosted by using the plantwide manufacturing overhead rate?           
               
•  Question 28
0 out of 2 points
   
    If a company were to increase its appraisal costs by inspecting more units as the units are completed, the company's internal failure costs            
               
•  Question 29
2 out of 2 points
   
    Indications that a product cost system needs a revision include            
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•  Question 30
3 out of 3 points
   
    Crockett Company had a beginning work in process inventory balance or $33,200. During the year, $ 57,000 of direct materials were placed into production. Direct labor was $61,500 and indirect labor was $19,500. Manufacturing overhead is allocated at 130% of direct labor costs. Actual manufacturing overhead was $ 86,500 and jobs costing $225,000 were completed during the year. What is the ending work in process inventory balance?           
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•  Question 31
3 out of 3 points
   
    Stacey Enterprises uses job costing. Actual overhead for the year was $394,500. The allocated overhead was $511,700. What is the balance in the manufacturing overhead account?            
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•  Question 32
2 out of 2 points
   
    Which of the following cost items should be classified as an internal failure cost of quality report?           
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