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Accounting

1. Given the following: Transfers In $30,000; Transfers Out: $36,000; Ending Inventory: $6,000. Compute the beginning balance?

a. $12,000
b. $0
c. $10,000
d. $18,000

Use following to reply problems 2 and 3: Mansfield Corporation evaluates its manufacturing overhead costs to be= $160,000 and its direct labor costs to be= $320,000 for 2007. Actual manufacturing labor costs were $80,000 for job 1, $120,000 for job 2 and $160,000 for job 3 in 2007. Manufacturing overhead is applied to jobs on the basis of direct labor costs by using predetermined overhead rate. Actual manufacturing overhead cost for year was $172,000.

2. Amount of overhead allocated to Job 3 during 2007 was:

a. $80,000
b. $320,000
c. $160,000
d. $71,110

3. Amount of manufacturing overhead variance in 2007 was:

a. 8,000 Overapplied
b. $12,000 Overapplied
c. $12,000 Underapplied
d. $8,000 Underapplied

4. Salaries of human resource staff responsible for hiring production personnel at Dell Computer would be ex of:

a. Unit-level activity
b. Facility-level activity
c. Batch-level activity
d. Product-level activity

5. Setup labor costs needed for setting up equipment for flexible production facilities for manufacturing would be the ex of:

a. Unit-level activity
b. Batch-level activity
c. producer-level activity
d. customer-level activity

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M918880

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