Fundamentals of Cost Accounting 5Th Edition Lanen Test Bank Full Chapter PDF

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Chapter 06
Fundamentals of Product and Service Costing
True / False Questions
1. The term "product" often refers to an organization's output and includes both tangible items (e.g.,
chair, desk, etc.) and intangible items (e.g., services provided).
True False
2. Individual product costs are relevant for managerial decision-making but irrelevant for preparing
the financial statements.
True False
3. One of the most common decisions facing managers is determining the price at which to sell one
of their products or to provide their services.
True False
4. It is important that cost management systems are designed using the cost-benefit principle so
that the costs of gathering additional information are balanced against the benefits of that
information.
True False
6-1
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McGraw-Hill Education.
5. In general, indirect costs are allocated, while direct costs are assigned.
True False
6. Cost management systems should be designed to report the same costs to each decision-
maker.
True False
7. The only purpose of cost information is to determine the individual product cost on a per unit
basis in order to value inventory.
True False
8. "Beginning Balance (BB) plus Transfers Out (TO) equals Ending Balance (EB) plus Transfers In
(TI)".
True False
9. The Transfers In (TI) costs in the basic cost flow model of a manufacturing firm are direct
materials, direct labor, and manufacturing overhead.
True False
10. The basic cost flow model applies only to physical units and not to costs.
True False
11. If the Beginning Balance (BB) equals the Ending Balance (EB), then the Transfers In (TI) equal
the Transfers Out (TO).
True False
6-2
12. The predetermined overhead rate is calculated by dividing the prior period's overhead cost by the
prior period's allocation base (i.e., activity level).
True False
13. Overestimating a period's allocation base will understate the predetermined overhead rate.
True False
14. Regression analysis can be used to estimate the strength of the relationship between a cost and
potential allocation bases for that cost.
True False
15. The two-stage cost allocation process allocates costs to multiple cost pools and then to individual
cost objects using different allocation bases.
True False
16. If a company has three cost pools, it should have three different cost allocation bases.
True False
17. The selection of an appropriate cost allocation base is more important for single-stage cost
allocation systems than for two-stage cost allocation systems.
True False
18. Hospitals are more likely to use a process costing system than a job order costing system.
True False
6-3
19. Process costing systems do not separate and record direct material and direct labor costs for
each individual unit of product.
True False
20. Operation costing is a hybrid system used in manufacturing goods that have some common
characteristics and some individual characteristics.
True False
Multiple Choice Questions
21. Which of the following statements is (are) true regarding product costing?
(A) Individual product costs are relevant for managerial decision-making but irrelevant for
preparing the financial statements.

(B) A common decision facing managers is determining the price at which to sell their products or
provide their services.
A. Only A is true.
B. Only B is true.
C. Both A and B are true.
D. Neither A nor B is true.
6-4
22. A system that provides information about the costs of processes, products, and services used
and produced by an organization is a:
A. continuous flow process.
B. cost management system.
C. two-stage allocation system.
D. operations cost.
23. Which of the following statements is (are) false regarding cost allocations and product costing?
(A) It is easier to determine the individual product cost for a manufacturer than it is for a
wholesaler.
(B) In general, indirect costs are assigned, while direct costs are allocated.
A. Only A is false.
B. Only B is false.
C. Both A and B are false.
D. Neither A nor B is false.
24. The Cost Flow Diagram for product costing includes all of the following costs except:
A. selling expenses.
B. direct materials.
C. direct labor.
D. fixed manufacturing overhead.
6-5
25. Which of the following statements does not reflect one of the fundamental themes underlying the
design of cost systems for managerial purposes?
A. Cost systems should have a decision focus.
B. Different cost information is used for different purposes.
C. Cost information for managerial purposes must meet the cost-benefit principle.
D. The primary purpose of cost systems is to gather information to value inventory.
26. Case Case Case
(A) (B) (C)
Beginning Balance
? $23,000 $7,900
(BB)
Ending Balance (EB) $67,000 19,200 8,300
Transferred In (TI) 149,600 97,700 ?
Transferred Out (TO) 164,600 ? 21,100
For Case (A) above, what is the Beginning Balance (BB)?
A. $52,000.
B. $82,000.
C. $67,000.
D. $97,600.
6-6
27. Case Case Case
(A) (B) (C)
Beginning Balance
? $23,000 $7,900
(BB)
For Case (B) above, what is the amount Transferred Out (TO)?
A. $93,900.
B. $101,500.
C. $116,900.
D. $120,700.
28. Case Case Case
(A) (B) (C)
Beginning Balance
? $23,000 $7,900
(BB)
For Case (C) above, what is the amount Transferred In (TI)?
A. $12,800.
B. $20,700.
C. $21,500.
D. $29,400.
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29. The basic cost flow model is:
A. BB + TO = TI + EB.
B. BB + TO - TI = EB.
C. EB = BB + TI - TO.
D. EB - BB = TO - TI.
A. EB + TO = TI + BB.
B. BB + TO - TI = EB.
C. EB = BB - TI + TO.
A. EB + BB = TI + TO.
B. BB + EB = TI + TO.
C. EB - BB = TI - TO.
A. BB + TO - TI = EB.
B. BB + EB - TO = TI.
C. BB - TI - TO = EB.
D. BB + TI - TO = EB.
6-8
33. Case Case Case
(A) (B) (C)
Beginning Balance
$36,520 $15,100 $5,600
(BB)
Ending Balance (EB) ? 11,400 12,200
Transferred In (TI) 166,200 ? 68,400
Transferred Out (TO) 164,400 93,200 ?
For Case (A) above, what is the Ending Balance (EB)?
A. $36,920.
B. $36,520.
C. $34,720.
D. $38,320.
34. Case Case Case
(A) (B) (C)
Beginning Balance
$36,520 $15,100 $5,600
(BB)
For Case (B) above, what is the Transferred-In (TI)?
A. $96,900.
B. $119,700.
C. $89,500.
D. $66,700.
6-9
35. Case Case Case
(A) (B) (C)
Beginning Balance
$36,520 $15,100 $5,600
(BB)
For Case (C) above, what is the Transferred-Out (TO)?
A. $75,000.
B. $61,800.
C. $68,400.
D. $80,600.
36. Case Case Case
(A) (B) (C)
Beginning Balance
? $8,630 $71,600
(BB)
Ending Balance (EB) 34,360 ? 75,100
Transferred Out (TO) 192,800 46,500 181,900
For Case (A) above, what is the Beginning Balance (BB)?
A. $36,400.
B. $32,560.
C. $37,680.
D. $34,040.
6-10
37. Case Case Case
(A) (B) (C)
Beginning Balance
? $8,630 $71,600
(BB)
For Case (B) above, what is the Ending Balance (EB)?
A. $4,730.
B. $12,530.
C. $46,500.
D. $8,630.
38. Case Case Case
(A) (B) (C)
Beginning Balance
? $8,630 $71,600
(BB)
For Case (C) above, what is the Transferred-In (TI)?
A. $146,700.
B. $178,400.
C. $190,790.
D. $185,400.
6-11
39. Case Case Case
(A) (B) (C)
Beginning Balance
64,800 $59,840 ?
(BB)
Transferred In (TI) 189,100 79,530 65,200
Transferred Out (TO) ? 76,420 67,300
For Case (A) above, what is the Transferred-Out (TO)?
A. $185,600.
B. $192,600.
C. $126,100.
D. $178,890.
40. Case Case Case
(A) (B) (C)
Beginning Balance
64,800 $59,840 ?
(BB)
For Case (B) above, what is the Ending Balance (EB)?
A. $139,300.
B. $136,260.
C. $62,950.
D. $56,730.
6-12
41. Case Case Case
(A) (B) (C)
Beginning Balance
64,800 $59,840 ?
(BB)
For Case (C) above, what is the Beginning Balance (BB)?
A. $15,900.
B. $2,100.
C. $11,700.
D. $13,800.
42. Refresh produces soft drinks and sodas. Production of 100,000 liters was started in February,
85,000 liters were completed. Material costs were $38,220 for the month while conversion costs
were $16,380. There was no beginning work-in-process; the ending work-in-process was 40%
complete. What is the cost of the product that was completed and transferred to finished goods?
A. $54,600.
B. $51,000.
C. $46,410.
D. $38,220.
6-13
43. Refresh produces soft drinks and sodas. Production of 100,000 liters was started in February,
85,000 liters were completed. Material costs were $38,220 for the month while conversion costs
were $16,380. There was no beginning work-in-process; the ending work-in-process was 40%
complete. What is the cost of the product that remains in work-in-process?
A. $16,380.
B. $51,000.
C. $3,600.
D. $9,000.
44. MegaRock produces quick setting concrete mix. Production of 200,000 tons was started in April,
190,000 tons were completed. Material costs were $3,152,000 for the month while conversion
costs were $591,000. There was no beginning work-in-process; the ending work-in-process was
70% complete. What is the cost of the product that was completed and transferred to finished
goods?
A. $3,610,000.
B. $3,555,850.
C. $2,994,400.
D. $3,743,000.
6-14
70% complete. What is the cost of the product that remains in work-in-process?
A. $591,000.
B. $131,005.
C. $187,150.
D. $133,000.
70% complete. What is the material cost of the product that remains in work-in-process?
A. $315,200.
B. $157,600.
C. $112,000.
D. $160,000.
47. QuikCard processes credit card receipts for local banks. QuikCard processed 1,400,000 receipts
in October. All receipts are processed the same day they are received. October costs were labor
of $14,000 and overhead of $28,000. What is the cost to process 1,000 receipts?
A. $10.00.
B. $30.00.
C. $20.00.
D. $42.00.
6-15
48. Slider processes rebate requests for a large building supply firm. Slider processed 420,000
rebates in March. All rebates are processed the same day they are received. March costs were
labor of $28,000 and overhead of $14,000. What is the cost to process 1,000 rebates?
A. $66.67.
B. $100.00.
C. $10.00.
D. $42.00.
49. When a manufacturing company has a highly automated manufacturing plant producing many
different products, what is probably the most appropriate basis of applying overhead costs to
work-in-process?
A. Direct labor hours.
B. Direct labor dollars.
C. Machine hours.
D. Cost of materials used.
50. Magnum Company uses direct labor cost as a basis for computing its predetermined overhead
rate. In computing the predetermined overhead rate for 2016, the company misclassified a portion
of direct labor cost as indirect labor. The effect of this misclassification will be to:
A. understate the predetermined overhead rate.
B. overstate the predetermined overhead rate.
C. there will be no effect on the predetermined overhead rate.
D. Can't tell from the information provided.
6-16
51. In a labor intensive company in which more overhead is used by the more highly skilled and paid
employees, which activity base would be most appropriate for applying overhead to production?
A. Direct labor cost.
B. Direct material cost.
C. Direct labor hours.
D. Machine hours.
52. The following information has been gathered for the Harrell Manufacturing Company for its fiscal
year ending December 31:
Actual manufacturing overhead costs $212,500
Actual direct labor hours 54,900
Actual direct labor costs $445,000
Estimated manufacturing overhead costs $210,000
Estimated direct labor $434,000
Estimated direct labor hours 56,000
What is the predetermined manufacturing overhead rate per direct labor hour?
A. $3.87.
B. $3.79.
C. $3.83.
D. $3.75.
6-17
53. The following information has been gathered for the Harrell Manufacturing Company for its fiscal
year ending December 31:
Actual direct labor hours 54,900
Actual direct labor costs $445,000
Estimated direct labor $434,000
Estimated direct labor hours 56,000
What is the predetermined manufacturing overhead rate, assuming direct labor cost is used as
the activity base?
A. 48.4%.
B. 47.2%.
C. 49.0%.
D. 47.8%.
54. The predetermined manufacturing overhead rate for 2016 was $4.00 per direct labor hour;
employees were paid $5.00 per hour. If the estimated direct labor cost was $75,000, what was
the estimated manufacturing overhead?
A. $15,000.
B. $60,000.
C. $75,000.
D. $93,750.
6-18
55. The Bondi Company uses a predetermined overhead rate in applying overhead to production
orders on a direct labor cost basis in Department A and on a machine hours basis in Department
B. At the beginning of the year, the company made the following estimates:
Dept. A Dept. B
Direct labor cost $60,000 $40,000
Factory overhead $90,000 $45,000
Direct labor hours 6,000 9,000
Machine hours 2,000 15,000
What predetermined overhead rate would be used in Department A and Department B,

respectively?
A. 150% and 300%.
B. 150% and $3.00.
C. $1.50 and 300%.
D. $1.50 and $3.00.
6-19
56. Fortify, Inc. uses a predetermined manufacturing overhead rate based on direct labor hours to
apply its indirect product costs to jobs. The following information has been collected for the
previous year:
Direct materials $150,000
Direct labor 200,000
Sales commissions 100,000
Indirect labor 50,000
Rent on office equipment 25,000
Depreciation - factory building 75,000
Utilities - factory 125,000
Fortify used 25,000 direct labor hours and 50,000 machine hours during the previous year. What
is the predetermined overhead rate per direct labor hour?
A. $24.00.
B. $15.00.
C. $14.00.
D. $10.00.
57. Rapid Enterprises applies manufacturing overhead to its cost objects on the basis of 75% of
direct material cost. If Job 17X had $72,000 of manufacturing overhead applied to it during May,
the direct materials assigned to Job 17X was:
A. $54,000.
B. $72,000.
C. $96,000.
D. $126,000.
6-20
58. The Titan Enterprises Company manufactures cleaning spray for public schools. During 2016, the
company spent $600,000 on prime costs and $800,000 on conversion costs. Overhead is applied
at a rate of 150% of direct labor costs. How much did the company allocate (apply) for
manufacturing overhead during 2016?
A. $480,000.
B. $360,000.
C. $320,000.
D. $300,000.
59. Flare Co. manufactures textiles. Among Flare's 2016 manufacturing costs were the following
salaries and wages:
Loom operators $120,000
Factory foremen 45,000
Machine mechanics 30,000
What was the amount of Flare's 2016 direct labor? (CPA adapted)
A. $195,000.
B. $165,000.
C. $150,000.
D. $120,000.
6-21
60. Flare Co. manufactures textiles. Among Flare's 2016 manufacturing costs were the following
salaries and wages:
Loom operators $120,000
Factory foremen 45,000
Machine mechanics 30,000
What was the amount of Flare's 2016 indirect labor? (CPA adapted)
A. $75,000
B. $165,000
C. $150,000
D. $120,000
6-22
61. The following direct labor information pertains to the manufacture of product Scour:
2 direct labor
Time required to make one unit
hours
Number of direct workers 50
Number of productive hours per

40
week, per worker
Weekly wages per worker $500
Workers’ benefits treated as direct

20% of wages
labor costs
What is the standard direct labor cost per unit of product Scour? (CPA adapted)
A. $30.
B. $24.
C. $15.
D. $12.
6-23
62. The following direct labor information pertains to the manufacture of product Glaze:
3 direct labor
Time required to make one unit
hours
Number of direct workers 25
Number of productive hours per

36
week, per worker
Weekly wages per worker $700
Workers’ benefits treated as direct

30% of wages
labor costs
What is the standard direct labor cost per unit of product Glaze? (CPA adapted)
A. $19.44.
B. $25.28.
C. $58.33.
D. $75.83.
63. The cost per unit of the allocation base used to charge overhead to products is the:
A. job cost.
B. predetermined overhead rate.
C. operational cost.
D. process cost.
6-24
64. Arbor, Inc. has estimated overhead to be $300,000 and labor hours to be 30,000. Actual
overhead turned out to be $310,000 when 30,500 labor hours were worked. The predetermined
overhead rate would be:
A. 101.67%.
B. $10.00.
C. $10.16.
D. $10.33.
65. Arbor, Inc. had overhead of $310,000 during the year when $260,000 in labor costs were
incurred. Estimates at the start of the year for overhead and labor costs were $300,000 for
overhead and $250,000 for labor costs. The predetermined overhead rate would be:
A. 101.67%.
B. 104.00%.
C. 120.00%.
D. 83.33%.
6-25
66. The following information has been gathered for Catalyst Legal Services for its fiscal year ending
December 31:
Actual office overhead costs $1,275,500
Actual billable labor hours 44,600
Actual billable labor costs $3,960,000
Estimated office overhead costs $1,080,000
Estimated billable labor hours 48,000
Estimated billable labor costs $4,320,000
What is the predetermined office overhead rate per billable labor hour?
A. $28.60.
B. $26.57.
C. $22.50.
D. $24.22.
6-26
67. The following information has been gathered for Catalyst Legal Services for its fiscal year ending
December 31:
Actual office overhead costs $1,275,500
Actual billable labor hours 44,600
Actual billable labor costs $3,960,000
Estimated office overhead costs $1,080,000
Estimated billable labor hours 48,000
Estimated billable labor costs $4,320,000
What is the predetermined office overhead rate per billable labor dollar?
A. 118.10%.
B. 25.00%.
C. 32.21%.
D. 400.00%.
6-27
68. The following information has been gathered for Foxmoor Industries for its fiscal year ending
December 31:
Estimated factory overhead costs $1,500,000
Actual factory overhead costs $1,776,400
Estimated labor hours 48,000
Actual labor hours 51,700
Estimated labor costs $756,000
Actual labor costs $840,125
Estimated machine hours 96,000
Actual machine hours 102,600
What is the predetermined factory overhead rate per labor dollar?
A. 178.54%.
B. 211.44%.
C. 118.43%.
D. 198.41%.
6-28
December 31:
What is the predetermined factory overhead rate per labor hour?
A. $29.01.
B. $31.25.
C. $37.01.
D. $34.36.
6-29
December 31:
What is the predetermined factory overhead rate per machine hour?
A. $15.625.
B. $14.620.
C. $18.504.
D. $17.314.
71. Savor Flavor Supplies applies manufacturing overhead to its products on the basis of 50% of
direct material cost. If a job had $35,000 of manufacturing overhead applied to it during May, the
direct materials assigned to the job was:
A. $17,500.
B. $35,000.
C. $70,000.
D. $140,000.
6-30
72. Trippett Industries manufactures cleaning products. During the year, the company spent
$600,000 on chemicals and $728,000 on conversion costs. Overhead is applied at a rate of 180%
of direct labor costs. How much did the company spend on manufacturing overhead during the
year?
A. $260,000.
B. $468,000.
C. $128,000.
D. $404,444.
73. The predetermined manufacturing overhead rate for the year was $14.00 per direct labor hour;
employees were paid $17.50 per hour. If the estimated direct labor cost was $315,000, what was
A. $22,500.
B. $90,000.
C. $252,000.
D. $393,750.
74. The predetermined manufacturing overhead rate for the year was 140% of direct labor cost;
employees were paid $17.50 per hour. If the estimated direct labor hours were 15,000, what was
A. $210,000.
B. $187,500.
C. $262,500.
D. $367,500.
6-31
75. In computing its predetermined overhead rate, Stiles Company inadvertently left its indirect labor
costs out of the computation. This oversight will cause:
A. Manufacturing Overhead to be overapplied.
B. the Cost of Goods Manufactured to be understated.
C. the debits to the Manufacturing Overhead account to be understated.
D. the ending balance in Work-in-Process to be overstated.
76. Which of the following is the correct formula to compute the predetermined overhead rate?
A. Estimated total units in the allocation base divided by estimated total manufacturing overhead
costs.
B. Estimated total manufacturing overhead costs divided by estimated total units in the allocation
base.
C. Actual total manufacturing overhead costs divided by estimated total units in the allocation
base.
D. Estimated total manufacturing overhead costs divided by actual total units in the allocation
base.
77. Which of the following would probably be the least appropriate allocation base for allocating
overhead in a highly automated manufacturer of specialty valves?
A. Machine-hours.
B. Power consumption.
C. Direct labor-hours.
D. Machine setups.
6-32
78. At the beginning of the year, manufacturing overhead for the year was estimated to be $267,500.
At the end of the year, actual direct labor-hours for the year were 22,100 hours, the actual
manufacturing overhead for the year was $262,500, and manufacturing overhead for the year
was overapplied by $13,750. If the predetermined overhead rate is based on direct labor-hours,
then the estimated direct labor-hours at the beginning of the year used in the predetermined
overhead rate must have been:
A. 22,100 direct labor-hours.
B. 19,900 direct labor-hours.
C. 21,000 direct labor-hours.
D. 21,400 direct labor-hours.
79. The Work in Process inventory account of a manufacturing firm shows a balance of $3,000 at the
end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $500
and $300 for materials, and charges of $400 and $600 for direct labor. From this information, it
appears that the company is using a predetermined overhead rate, as a percentage of direct
labor costs, of:
A. 83%.
B. 120%.
C. 40%.
D. 300%.
6-33
80. Markham Corporation uses a job-order costing system. The following data are for last year:
Estimated direct labor-hours 12,000
Actual direct labor-hours 11,000
Markham applies overhead using a predetermined rate based on direct labor-hours. What
predetermined overhead rate was used last year?
A. $3.55 per direct labor-hour.
B. $3.25 per direct labor-hour.
C. $3.08 per direct labor-hour.
D. $3.36 per direct labor-hour.
81. Hyu Corporation bases its predetermined overhead rate on the estimated labor-hours for the
upcoming year. At the beginning of the most recently completed year, the company estimated the
labor-hours for the upcoming year at 52,000 labor-hours. The estimated variable manufacturing
overhead was $2.78 per labor-hour and the estimated total fixed manufacturing overhead was
$1,192,360. The actual labor-hours for the year turned out to be 52,600 labor-hours. The
predetermined overhead rate for the recently completed year was closest to:
A. $2.78.
B. $25.45.
C. $25.71.
D. $22.93.
6-34
82. Marvel Company uses a predetermined overhead rate in applying overhead to production orders
on a labor cost basis in Department A and on a machine-hours basis in Department B. At the
beginning of the most recently completed year, the company made the following estimates:
Dept. A Dept. B
Factory overhead $67,200 $45,000
Direct labor-hours 8,000 9,000
Machine-hours 4,000 15,000
What predetermined overhead rate would be used in Department A and Department B,

respectively?
A. 83% and $5.
B. 83% and $3.
C. 120% and $3.
D. 120% and $5.
6-35
83. Moore Corporation bases its predetermined overhead rate on the estimated machine-hours for
the upcoming year. Data for the most recently completed year appear below:
Estimates made at the
beginning of the year:
Estimated machine-hours 19,000
Estimated variable per machine-

$7.89
manufacturing overhead hour
Estimated total fixed

$465,880
manufacturing overhead
Actual machine-hours for

20,200
the year
The predetermined overhead rate for the recently completed year was closest to:
A. $7.89.
B. $30.95.
C. $24.52.
D. $32.41.
6-36
84. Ashland Corporation estimates its manufacturing overhead costs to be $160,000 and its direct
labor costs to be $320,000 for 2016. The actual manufacturing labor costs were $80,000 for job 1,
$120,000 for job 2 and $160,000 for job 3 during 2016. Manufacturing overhead is applied to jobs
on the basis of direct labor costs using a predetermined overhead rate. The actual manufacturing
overhead cost for the year was $172,000.

The amount of overhead assigned to Job 3 during 2016 was:
A. $80,000.
B. $320,000.
C. $160,000.
D. $71,110.
85. The predetermined overhead rate for manufacturing overhead for Ashland Corporation was $8.00
per direct labor hour. The estimated labor rate was $10.00 per hour. If the estimated direct labor
cost was $150,000, what was the estimated manufacturing overhead?
A. $93,750.
B. $75,000.
C. $120,000.
D. $15,000.
6-37
86. The Crater Company uses predetermined overhead rates to apply manufacturing overhead to
jobs. The predetermined overhead rate is based on labor cost in Dept. A and machine-hours in
Dept. B. At the beginning of the year, the company made the following estimates:
Dept A Dept B
Manufacturing overhead $91,000 $48,000
Direct labor-hours 8,000 10,000
Machine-hours 3,000 12,000
What predetermined overhead rates would be used in Dept A and Dept B, respectively?
A. 71% and $4.00.
B. 140% and $4.00.
C. 140% and $4.80.
D. 71% and $4.80.
87. Flambe Corporation bases its predetermined overhead rate on the estimated machine-hours for
the upcoming year. At the beginning of the most recently completed year, the company estimated
the machine-hours for the upcoming year at 22,000 machine-hours. The estimated variable
manufacturing overhead was $8.65 per machine-hour and the estimated total fixed manufacturing
overhead was $609,400. The predetermined overhead rate for the recently completed year was
closest to:
A. $36.35 per machine-hour.
B. $27.70 per machine-hour.
C. $33.32 per machine-hour.
D. $8.65 per machine-hour.
6-38
88. Horton Industries Company uses a predetermined overhead rate based on machine-hours to
apply manufacturing overhead to jobs. The company has provided the following estimated costs
for next year:
Direct labor $30,000
Sales commissions $40,000
Salary of production supervisor $20,000
Indirect materials $4,000
Advertising expense $8,000
Rent on factory equipment $10,000
Horton estimates that 5,000 direct labor-hours and 10,000 machine-hours will be worked during
the year. The predetermined overhead rate per hour will be:
A. $6.80.
B. $6.40.
C. $3.40.
D. $8.20.
6-39
89. Spring Corporation bases its predetermined overhead rate on the estimated machine-hours for
the upcoming year. Data for the upcoming year appear below:
Estimated machine-hours 70,000
per
Estimated variable
$6.68 machine-
hour
Estimated total fixed

$1,283,800
The predetermined overhead rate for the recently completed year was closest to:
A. $6.68.
B. $25.02.
C. $25.59.
D. $18.34.
90. The following data have been recorded for recently completed Job 674 on its job cost sheet.
Direct materials cost was $2,039. A total of 32 direct labor-hours and 175 machine-hours were
worked on the job. The direct labor wage rate is $14 per labor-hour. The company applies
manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $15
per machine-hour. The total cost for the job on its job cost sheet would be:
A. $2,967.
B. $2,487.
C. $2,068.
D. $5,112.
6-40
91. Job 731 was recently completed. The following data have been recorded on its job cost sheet:
Direct labor-hours 69 labor-hours
Direct labor wage rate $13 per labor-hour
Machine-hours 129 machine-hours
The company applies manufacturing overhead on the basis of machine-hours. The

predetermined overhead rate is $14 per machine-hour. The total cost that would be recorded on
the job cost sheet for Job 731 would be:
A. $3,288.
B. $5,094.
C. $4,254.
D. $2,418.
6-41
92. Under Pierre Company's job-order costing system, manufacturing overhead is applied to Work in
Process inventory using a predetermined overhead rate. During January, Pierre's transactions
included the following:
Direct materials issued to

$90,000
production
Indirect materials issued

$8,000
to production
Manufacturing overhead
$125,000
cost incurred
Manufacturing overhead
$113,000
cost applied
Direct labor cost incurred $107,000
Pierre Company had no beginning or ending inventories. What was the cost of goods
manufactured for January? (CMA adapted)
A. $302,000.
B. $310,000.
C. $322,000.
D. $330,000.
6-42
93. Buster Corporation, a manufacturing company, has provided data concerning its operations for
September. The beginning balance in the raw materials account was $37,000 and the ending
balance was $29,000. Raw materials purchases during the month totaled $57,000. Manufacturing
overhead cost incurred during the month was $102,000, of which $2,000 consisted of raw
materials classified as indirect materials. The direct materials cost for September was:
A. $63,000.
B. $57,000.
C. $65,000.
D. $49,000.
94. Morton Inc. has provided the following data for the month of November. The balance in the
Finished Goods inventory account at the beginning of the month was $49,000 and at the end of
the month was $45,000. The cost of goods manufactured for the month was $226,000. The actual
manufacturing overhead cost incurred was $74,000 and the manufacturing overhead cost applied
to Work in Process was $70,000. The adjusted cost of goods sold that would appear on the
income statement for November is:
A. $226,000.
B. $230,000.
C. $222,000.
D. $234,000.
6-43
95. A company is considering the use of a single-stage cost allocation process. Under what
conditions would this choice be justified?
A. The company has many service departments but only one production department.
B. The company produces a few products with similar characteristics in a few departments.
C. The company has no service departments but many production departments.
D. The company produces a wide selection of differing products.
96. Which of the following statements regarding the two-stage cost allocation process is (are) false?
(A) If a company has three cost pools, then it should also have three different cost allocation
bases.
(B) The selection of an appropriate cost allocation base is more important for single-stage cost
allocation systems than for two-stage cost allocation systems.
A. Only A is false.
B. Only B is false.
C. Both A and B are false.
D. Neither A nor B is false.
97. Cost pools are:
A. costs that are accumulated before being allocated to cost objects on some common basis.
B. costs that are relevant to decision-making but irrelevant to financial reporting.
C. product costs that are assigned to cost objects using direct labor or machine hours.
D. accounts in the product life cycle from research and development to customer service.
6-44
98. The process of first allocating costs to intermediate cost pools and then to the individual cost
objects using different allocation bases is a(n):
D. operations cost.
99. Which of the following would be the least appropriate allocation base for allocating overhead in a
highly automated (i.e., capital-intensive) manufacturing company?
A. Electricity used.
B. Machine hours.
C. Direct labor hours.
D. Material consumed.
100.A system that mass-produces a single, homogenous output in a continuous process is a(n):
D. operation costing.
6-45
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"The leaves of the flower, as you call them, are called the corolla; and the
green envelope, which in your flower is shaped like a cup, is the calyx, while
the slender parts in the centre are the stamens. And the one exactly in the
middle is the pistil. Sometimes there are more pistils than one. Each division
of the calyx is called a sepal, and each division of the corolla is a petal. Now
you have quite a number of new names to-day to remember. What is the
outside envelope?"
"Calyx," said Ella promptly, the boys chiming in a little behind time.
"And the separate parts of the calyx?"
"Sepals," said all together.
"Now the colored part of the flower?"
"The whole is the corolla, and the parts or divisions are petals."
"Correct."
"But, mamma!" exclaimed Bennie, "my flower has no green part on the
outside. Do not all flowers have a calyx?"
"Some do not; but in the case of the poppy, the calyx falls off as the corolla
expands. Notice the bud which you have, the calyx is just ready to fall off."
"I see," said Bennie, and the rest examined the bud which he passed around.
"Now notice that in the pink the sepals are united in one piece, forming a cup,
while the petals are separate. Some flowers have united petals. Those we call
monopetalous, and those like the pink we call polypetalous. The sepals, calyx
and corolla taken together, are sometimes called the perianth. I do not
remember if I told you that the root, stem and leaves are the organs of
vegetation while the flower, fruit and seed are the organs of reproduction. Now
the calyx and corolla are only the protecting parts, while the essential organs
are the stamens and pistils. If you can remember all this, with all the new
names, you will do well for to-day, and next time we will talk about the
stamens and pistils. Just one thing more, you notice that as you pull out one
of the petals of the pink there is a long, narrow part running down into the
deep cup. We call that the claw of the petal. Now see if you can find all these
organs in other flowers, and give them their names."
SWEET-BRIER.
And leaving the children to busy themselves Mrs. Browne resumed her
sewing, though she sat near and now and then joined in the talk which
followed.
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Fundamentals of Cost Accounting 5th

Edition Lanen Test Bank

Fundamentals of Product and Service Costing

True / False Questions

chair, desk, etc.) and intangible items (e.g., services provided).

the financial statements.

of their products or to provide their services.

materials, direct labor, and manufacturing overhead.

cost objects using different allocation bases.

Multiple Choice Questions

preparing the financial statements.

provide their services.

C. Both A and B are true.

D. Neither A nor B is true.

A. continuous flow process.

B. cost management system.

C. two-stage allocation system.

C. Both A and B are false.

D. Neither A nor B is false.

D. fixed manufacturing overhead.

A. Cost systems should have a decision focus.

B. Different cost information is used for different purposes.

D. The primary purpose of cost systems is to gather information to value inventory.

26. Case Case Case

(A) (B) (C)

Ending Balance (EB) $67,000 19,200 8,300

Transferred In (TI) 149,600 97,700 ?

Transferred Out (TO) 164,600 ? 21,100

For Case (A) above, what is the Beginning Balance (BB)?

(A) (B) (C)

Ending Balance (EB) $67,000 19,200 8,300

Transferred In (TI) 149,600 97,700 ?

Transferred Out (TO) 164,600 ? 21,100

28. Case Case Case

(A) (B) (C)

Ending Balance (EB) $67,000 19,200 8,300

Transferred In (TI) 149,600 97,700 ?

Transferred Out (TO) 164,600 ? 21,100

For Case (C) above, what is the amount Transferred In (TI)?

30. The basic cost flow model is:

31. The basic cost flow model is:

32. The basic cost flow model is:

(A) (B) (C)

Ending Balance (EB) ? 11,400 12,200

Transferred In (TI) 166,200 ? 68,400

Transferred Out (TO) 164,400 93,200 ?

For Case (A) above, what is the Ending Balance (EB)?

34. Case Case Case

(A) (B) (C)

Ending Balance (EB) ? 11,400 12,200

Transferred In (TI) 166,200 ? 68,400

Transferred Out (TO) 164,400 93,200 ?

For Case (B) above, what is the Transferred-In (TI)?

(A) (B) (C)

Ending Balance (EB) ? 11,400 12,200

Transferred In (TI) 166,200 ? 68,400

Transferred Out (TO) 164,400 93,200 ?

For Case (C) above, what is the Transferred-Out (TO)?

36. Case Case Case

(A) (B) (C)

Ending Balance (EB) 34,360 ? 75,100

Transferred In (TI) 194,600 42,600 ?