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Question 1 of 5
1. Question
Mikee Company distributes the service department overhead costs to producing departments and the following information for January is presented as follows:
Maintenance
Utilities
Overhead costs incurred
18,700
9,000
Services provided to:
–
10%
Maintenance department
Utility department
20%
–
Producing department A
40%
30%
Producing department B
40%
60%
Mikee Company distributes service department overhead costs based on the reciprocal method, what would be the formula to determine the total maintenance costs?
CorrectIncorrect -
Question 2 of 5
2. Question
Hartwell Company distributes the service department overhead costs to producing departments and the following information for the month of January is presented as follows:
Maintenance
Utilities
Overhead costs incurred
P18,700
P9,000
Service provided to:
Maintenance department
–
10%
Utilities department
20%
–
Producing department A
40%
30%
Producing department B
40%
60%
Hartwell Company distributes service department overhead costs based on the reciprocal method, what would be the formula to determine the total maintenance costs?
CorrectIncorrect -
Question 3 of 5
3. Question
Bagley Company has two service departments and two producing departments.
Square footage of space occupied by each department follows:
Custodial Services 1,000 ft.
General Administration 3,000 ft. Producing Department A 8,000 ft.
Producing Department B 8,000 ft.
Total 20,000 ft.
The department costs of Custodial Services are allocated on a basis of square footage of space. If these costs are budgeted at P38,000 during a given period, the amount of cost allocated to General Administration under the direct method would be
a. P15,200
b. P7,125
c. P6,000
d. P0
CorrectIncorrect -
Question 4 of 5
4. Question
The debits to Work-in-Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1,200 in process at the beginning of the period. Department #2 uses FIFO costing.
1,200 units, ¼ completed P1,200
From Dept. 1, 6,000 units 3,600
Direct Labor 8,000
Factory Overhead 4,800
Product X, 6,200 units P ?
1,000 units, ½ complete P ?
Work-in-Process – Department #2
The cost of goods transferred to finished goods is:
CorrectIncorrect -
Question 5 of 5
5. Question
I. For the period just ended, Lambda Company budgeted its variable overhead at P40 per direct labor hour and fixed overhead at P480,000. Budgeted production volume was 8,000 units and the production time, which was the basis for allocation of variable and fixed overhead, was budgeted at .80 hour per unit. The actual results for the period were: fixed overhead, P552,000; variable overhead, P283,480; units produced, 7,460; direct labor hours used, 5,595.
II. Bagley Company has two service departments and two producing departments.
III. Square footage of space occupied by each department follows:
Custodial Services 1,000 ft.
General Administration 3,000 ft.
Producing Department A 8,000 ft.
Producing Department B 8,000 ft.
Total 20,000 ft.
The department costs of Custodial Services are allocated on a basis of square footage of space. If these costs are budgeted at P38,000 during a given period, the amount of cost allocated to General Administration under the direct method would be
CorrectIncorrect