# Midterm

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Midterm2Practice Key
1. The following data have been recorded for recently completed Job 501 on its job cost sheet. Direct materials cost was \$3,067. A total of 30 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is \$12 per labor-hour. The company applies manufacturing overhead on the basis of machinehours. The predetermined overhead rate is \$11 per machine-hour. The total cost for the job on its job cost sheet would be: A. \$4,571 B. \$3,757 C. \$3,090 D. \$3,427 Applied manufacturing overhead = Predetermined overhead rate x Actual machine-hours Applied manufacturing overhead = \$11 x 104 Applied manufacturing overhead = \$1,144 Total cost = Direct materials + Direct labor + Applied manufacturing overhead Total cost of Job 607 = \$3,067 + (30 x \$12) + \$1,144 = \$4,571

Loraine Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company:

2. The amount of direct materials cost in the August 31 Work in Process inventory account was: A. \$10,200 B. \$9,000 C. \$4,800 D. \$4,200

3. The Cost of Goods Manufactured for August was: A. \$69,600 B. \$69,500 C. \$76,900 D. \$84,500

4. The balance on August 1 in the Raw Materials inventory account was: A. \$4,500 B. \$7,000 C. \$9,000 D. \$11,500

5. Schrick Inc. manufactures a variety of products. Variable costing net operating income was \$86,800 last year and ending inventory increased by 1,900 units. Fixed manufacturing overhead cost was \$6 per unit. What was the absorption costing net operating income last year? A. \$86,800 B. \$75,400 C. \$98,200 D. \$11,400 Fixed manufacturing overhead deferred = \$6 x 1,900 = \$11,400 Absorption costing net income = Variable costing...

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