Graded Exam #3

1. Investment center managers are responsible only for revenues and the costs of investment.

Select one: True FalseGraded Exam #3 12. The rate established prior to the beginning of a period that relates estimated overhead to an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the: Select one: a. Predetermined overhead allocation rate. b. Overhead variance rate. c. Estimated labor cost rate. d. Chargeable overhead rate. e. Miscellaneous overhead rate.

2. Graded Exam #3When factory payroll costs for direct labor are recorded in a job cost accounting system: Select one: a. Factory Payroll is debited and Goods in Process is credited. b. Goods in Process Inventory and Factory Overhead are debited and Factory Payroll is credited. c. Cost of Goods Manufactured is debited and Direct Labor is credited. d. Direct Labor and Indirect Labor are debited and Factory Payroll is credited. e. Goods in Process is debited and factory payroll is credited.