1) Job cost sheets are used to record costs for:
A. Customized products
2) Which of the following is a prime cost?
A. Direct materials
3) Conversion costs include direct labor and manufacturing overhead.
A. True
4) If fixed factory overhead totals $100,000, unit variable factory overhead is $5 per unit, and 10,000 units were produced, what is total manufacturing overhead?
A. 150000
5) Manufacturing overhead costs are indirect costs.
A. True
6) If actual overhead was $500,000 and actual hours were 50,000, and the estimation was $550,000 for 60,000 hours, what was the volume variance?
A. 55,000 Favorable
7) Companies apply actual manufacturing overhead in job costing.
A. False
8) The costs related to the manufacture of a product are known as :
A) Product cost
9) The budgeted fixed overhead rate is equal to ________ divided by the __________ .
A) budgeted fixed overhead cost & budgeted activity level
10) The predetermined factory overhead rate equals estimated factory overhead divided by the ____ .
A) estimated activity level