Managerial Accounting
16th Edition
ISBN: 9781259995484
Author: Ray Garrison
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 2, Problem 10Q
If a company fully allocates all of its
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Overtime salary and Nightshift allowance are examples of _______.
A. Direct Labour cost
B. General and Administrative Cost
C. Indirect Labour cost
D. Manufacturing Overhead
The ________ is the hourly price charged to clients for professional labor.
salary rate
billing rate
wage rate
job rate
If a company applies overhead to jobs on the basis of a predetermined overhead rate, a credit balance in the manufacturing overhead account at the end of any period means that: *
A. more overhead cost has been charged to jobs than has been incurred during the period.
B. the amount of overhead cost charged to jobs is greater than the estimated cost for the period.
C. the amount of overhead cost charged to jobs is less than the estimated overhead cost for the period.
D. more overhead cost has been incurred during the period than has been charged to jobs.
Chapter 2 Solutions
Managerial Accounting
Ch. 2.A - EXERCISE 2A-1 Activity-Based Absorption Costing...Ch. 2.A - EXERCISE 2A-2 Activity-Based Absorption Costing as...Ch. 2.A - EXERCISE 2A-3 Activity-Based Absorption Costing as...Ch. 2.A - PROBLEM 2A-4 Activity-Based Absorption Costing as...Ch. 2.A - Prob. 5PCh. 2.A -
CASE 2A-6 Activity-Based Absorption Costing and...Ch. 2.B - EXERCISE 2B-1 Overhead Rate Based on Capacity...Ch. 2.B - EXERCISE 2B-2 Overhead Rates and Capacity Issues...Ch. 2.B - Prob. 3PCh. 2.B - Prob. 4C
Ch. 2 - Prob. 1QCh. 2 - What is absorption costing?Ch. 2 - What is normal costing?Ch. 2 - How is the unit product cost of a job calculated?
Ch. 2 - Explain the four-step process used to compute a...Ch. 2 - What is the purpose of the job cost sheet in a...Ch. 2 - Explain why some production costs must be assigned...Ch. 2 - Why do companies use predetermined overhead rates...Ch. 2 - What factors should be considered in selecting an...Ch. 2 - If a company fully allocates all of its overhead...Ch. 2 - Would you expect the amount of applied overhead...Ch. 2 - Prob. 12QCh. 2 - What is a plantwide overhead rate? Whyare multiple...Ch. 2 - This Excel worksheet relates to the Dickson...Ch. 2 - This Excel worksheet relates to the Dickson...Ch. 2 - Prob. 3AECh. 2 - This Excel worksheet relates to the Dickson...Ch. 2 - Prob. 1F15Ch. 2 - Prob. 2F15Ch. 2 - Prob. 3F15Ch. 2 - Prob. 4F15Ch. 2 - Prob. 5F15Ch. 2 - Prob. 6F15Ch. 2 - Prob. 7F15Ch. 2 - Prob. 8F15Ch. 2 - Prob. 9F15Ch. 2 - Prob. 10F15Ch. 2 - Prob. 11F15Ch. 2 - Sweeten Company had no jobs in progress at the...Ch. 2 - Prob. 13F15Ch. 2 - Prob. 14F15Ch. 2 - Prob. 15F15Ch. 2 - EXERCISE 2-1 Compute a Predetermined Overhead Rate...Ch. 2 - Prob. 2ECh. 2 - EXERCISE 2–3 Computing Total Job Costs and Unit...Ch. 2 - EXERCISE 24 Computing Total Job Costs and Unit...Ch. 2 - EXERCISE 2-5 Computing Total Job Costs and Unit...Ch. 2 - Prob. 6ECh. 2 - EXERCISE 2-7 Job-Order Costing; Working Backwards...Ch. 2 - EXERCISE 2-8 Applying Overhead Cost; Computing...Ch. 2 - EXERCISE 2–9 Job-Order Costing and Decision Making...Ch. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - EXERCISE 2—13 Departmental Predetermined Overhead...Ch. 2 - EXERCISE 214 Job-Orders Costing for a Service...Ch. 2 - Prob. 15ECh. 2 - PROBLEM 2—16 Plantwide Predetermined Overhead...Ch. 2 - PROBLEM 217 Plantwide and Departmental...Ch. 2 - Prob. 18PCh. 2 - Prob. 19PCh. 2 - Prob. 20PCh. 2 - PROBLEM 2-21 Plant wide Versus Multiple...Ch. 2 - CASE 2-22 Plantwide versus Departmental Overhead...
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- What factors would you consider in deciding whether to use direct labor dollars or direct labor hours in charging overhead to jobs in a service firm?arrow_forwardClassify each of the following items of factory overhead as either a fixed or a variable cost. (Include any costs that you consider to be semivariable within the variable category. Remember that variable costs change in total as the volume of production changes.) Indirect labor Indirect materials Insurance on building Overtime premium pay Depreciation of building (straight-line method) Polishing compounds Depreciation of machinery (units-of-production method) Employer’s payroll taxes Property taxes Machine lubricants Employees’ hospital insurance (paid by employer) Labor for machine repairs Vacation pay Janitor’s wages Rent Small tools Plant manager’s salary Factory electricity Product inspector’s wagesarrow_forwardAn example of labor-related costs is: bonus pay factory labor fringe benefits operating expensearrow_forward
- if the overtime premium is charge to specific job, it should be debited to: Work in process account Selling expense account General expense account Manufacturing overhead accountarrow_forwardHow can I get the total direct labor hours and costs for a business?arrow_forwardWould the cost of full-time hourly employees behave mainly as a variable cost or a fixed cost? Does your answer change if you consider part-time hourly employees rather than full-time employees? Explain.arrow_forward
- In a factory, a team of six maintenance staff are paid a guaranteed weekly wage. Which of the following is the most appropriate cost classification for their wages? Direct labour cost Indirect labour cost Semi-variable cost Variable overhead costarrow_forwardWhy must a company estimate the amount of factory overheadassigned to indivdual jobs or jobs lotsarrow_forwardClassify each of the following as a variable, fixed cost or mixed cost. a. Direct labour b. Depreciation of machinery c. Factory rental d. Factory managers salary e. Commissions paid to sales personnel f. Salaries of sales clerks g. Maintenance for production equipment based on production volume h. Telephone chargesarrow_forward
- what of the costs is an example of a cost that remains the same in total as the number of units produced changes a. salary of a factory supervisor b. direct materials c. direct labor d. units-of-production depreciation on factory equipmentarrow_forwardhow to i get total direct labor for a company with hours and cost number available?arrow_forwardwhich of the following is typically a mixed cost? a. Rent for a factory building b. Total Manufacturing Overhead c. Hourly wages of plant workers d. Straight-line depreciation of plant machinery e. Sales commissionsarrow_forward
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