Job Costing

1.Given that the planned direct labor hours amount to 3,550 and the labor cost rate is $500 per hour, what is the total direct labor expense?

2.What term describes the scenario where a cost object is associated with a specific job, customer, or product?

3.In normal costing, what is determined by multiplying the budgeted overhead rate by the actual quantity of the allocation base used?

4.Given an indirect cost pool budget of $139,600 and a total cost allocation base amounting to $155,600, what is the budgeted indirect cost rate?

5.Given a budgeted indirect cost rate of $225 and a budgeted allocation base of 750 hours, what is the total annual budgeted indirect cost?

$168,750$148,570$186,750$125,680

6.During a typical accounting cycle, if the assigned indirect cost is $2000 but the actual cost incurred is $2200, how is this situation classified?

7.Given an annual budgeted manufacturing overhead of $2,250,000 and a total of 2,800 labor hours as the allocation base, what is the predetermined overhead rate per labor hour?

$803.571 for each labor hour$805 for every labor hour$905 per labor hour$802 assigned to each labor hour

8.Given a budgeted indirect cost rate of $115 and a budgeted allocation base of 830 hours, what is the total budgeted indirect cost for the year?

9.What is the term for the process of directly assigning costs to a specific cost object?

10.Given an indirect cost pool budget of $144,500 and a total cost allocation base quantity of $165,500, what is the budgeted indirect cost rate?

67.30%87.31%55.50%45.50%

11.Given that the actual manufacturing overhead expenses amount to $485,000 and the total actual labor hours used as the cost allocation base are 4,500, what is the calculated overhead rate per labor hour?

12.Which costing method involves multiplying the actual direct rates by the quantity of direct cost inputs?

13.During a typical accounting period, if the assigned indirect cost is $700 but the actual indirect cost incurred is $800, how is this difference categorized?

14.If the actual indirect costs amount to $35,000 and the allocated indirect costs are $43,000, what is the value of the underallocated indirect cost?

$78,000-$78,000-$8,000$8,000

15.What term describes the structured method of assigning a group of indirect costs to a specific cost object?

16.Given an annual budgeted indirect cost of $85,000 and a budgeted annual quantity of 7,500 units for the cost allocation base, what is the budgeted indirect cost rate per unit?

17.How is the manufacturing overhead cost assigned to specific jobs categorized?

manufacturing overhead allocatedcost overhead appliedmanufacturing overhead appliedboth A and C

18.Given that the planned total direct labor hours amount to 5,500 and the expected direct labor expense is $755,000, what is the budgeted direct labor cost rate per hour?

$138 for each labor hour$137.27 per labor hour$140 for every labor hour$142 per labor hour

19.Given a budgeted total of 3,800 direct labor hours and a budgeted direct labor cost of $480,000, what is the budgeted direct labor cost rate per hour?

$126.32 for each labor hour$128.32 for each labor hour$130.00 for each labor hour$132.00 for each labor hour

20.What is the name of the document that details the labor hours spent on a particular task within a specific department?

sales time loglabor time recordpurchase time sheetdirect work log