ACCT 346 Week 3 Quiz

ACCT 346 DEVRY WEEK 3 QUIZ (2 DIFFERENT SETS)

ACCT 346 DeVry Week 3 Quiz (2 Different Sets)

ACCT 346 DeVry Week 3 Quiz ( Version 1)

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.

Calculate the predetermined overhead rate.
Calculate the overhead applied.
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 here $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. here Compute the predetermined overhead rate ACCT34 based on:

Direct labor dollars
Direct labor hours
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

Beginning balance in Finished Goods $ 17,000

Ending balance in Finished Goods 15,200

Beginning balance in Work in Process 2,500

Ending balance in Work in Process 1,836

Selling expenses 123,000

General and administrative expenses 89,000

Direct material cost 54,500

Direct labor cost 66,000

Manufacturing overhead 21,400

Sales 385,000

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.

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