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on an hourly basis. Java Joe’s cost is which kind of cost? A. Fixed cost B. Variable cost C. Semi-variable cost D. Step-Fixed cost Q9. Nellibell's Café bakes croissants that are sold to local restaurants and grocery stores in the Columbia, South Carolina area. When 600 croissants are baked, the average cost is $0.70. When 720 croissants are baked, the average cost is $0.65. What is the total cost when 670 croissants are baked? A. $568. B. $588. C. $448. D. $532. Q10.Technical Engineering presently leases a copying machine on a monthly basis. The lease agreement requires a fixed fee each month in addition to a charge per copy. Technical Engineering made 2 400 copies and paid a total of $162 in rent in September and in October they paid $195 for 3 500 copies. Determine Technical’s monthly fixed fee. A. $138 B. $ 90 C. $ 66 D. $ 55 3 Q11. Oregon Manufacturing incurred $106,000 of direct labor and $11,000 of indirect labor. The proper journal entry to record these events would include a debit to Work in Process for: A. $0 because Work in Process should be credited. B. $0 because Work in Process is not affected. C. $117,000. D. $106,000. Q.12 Media, Inc., an advertising agency, applies overhead to jobs on the basis of direct professional labor hours. Overhead was estimated to be $150,000, direct professional labor hours were estimated to be 15,000, and direct professional labor cost was projected to be $225,000. During the year, Media incurred actual overhead costs of $146,000, actual direct professional labor hours of 14,500, and actual direct labor cost of $222,000. By year-end, the firm's overhead was: A. $1,000 underapplied. B. $1,000 overapplied. C. $4,000 underapplied. D. $5,000 overapplied. Q13. Job no. C12 was completed in November at a cost of $18,500, subdivided as follows: direct material, $3,500; direct labor, $6,000; and manufacturing overhead, $9,000. The journal entry to record this information is: A. B. C. D. 4 Q14. Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes: A. a debit to Cost of Goods Sold for $432,000. B. a credit to Finished-Goods Inventory for $432,000. C. a credit to Work-in-Process Inventory for $432,000. |
