# ACCT336DeVryWeek3Quiz

ACCT 336 DEVRY WEEK 3 QUIZ

ACCT 336 DeVry Week 3 Quiz

Question 1.1.(TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at \$2,250,000, and direct labor hours are budgeted at 415,000 hours. Actual overhead was \$2,200,000, and actual overhead hours worked were 422,000.

(a) Calculate the predetermined overhead rate.

(c) Determine the amount of overhead that is over- or underapplied.(Points : 6)

Question 2.2.(TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is \$312,500. Budgeted machine hours are 97,000 hours, and budgeted labor hours are 18,000 hours at a rate of \$14.00 per hour. Compute the predetermined overhead rate based on

(a) direct labor dollars;

(b) direct labor hours; and

(c) machine hours.(Points : 6)

Question 3.3.(TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.(Points : 4)

Question 4.4.(TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.

Beginning balance in Finished Goods \$ 17,000

Ending balance in Finished Goods 15,200

Beginning balance in Work in Process 12,500

Ending balance in Work in Process 4,500

Selling expenses 123,000