COST ACCOUNTING 

Deadline: Nov. 5, 2021 until 11:59 PM

Group Activity (Finals)

CHAPTER 3
Multiple Choice

1. C
2. A
3. B
4. D
5. D
6. D
7. D
8. B
9. A
10. A
11. D
12. B
13. A
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27. A
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31. A
32. C
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34. B
35. D
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37. B
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CHAPTER 4
Multiple Choice

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25. B
26. D
27. B
 28. A
29. C
30. B
31. B
32. B
33. C
34. C
35. C
36. D
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39. A, C, D
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42. A
43. B

Gross payroll 5,000,000

Less: Employee’s deductions

SSS 

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CHAPTER 5
Multiple Choice

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Fixed overhead rate = 1,566,000/540,000 = 2.9

Variable overhead rate = 3,078,000/540,000 = 5.7

Total applied overhead rate 8.6

Applied overhead

Fixed overhead (521,100 x 2.9) 1,511,190

Variable overhead (521,100 x 5.7) 2,970,270

Total applied overhead 4,481,460

Less: Actual overhead

Fixed overhead (1,566,000)

Variable overhead (2,870,460)

Overapplied factory overhead       45,000

Variable overhead spending variance

Actual variable overhead rate (2,870,460/521,100) 5.51

Less: Standard overhead rate (5.7)

Total (0.19)

Multiply by: Actual number of labor hours           521,100

Variable overhead spending variance 99,009

Fixed overhead spending variance

Actual fixed overhead       1,566,000

Budgeted fixed overhead       1,566,000

Fixed overhead spending variance -

Total spending variance         (99,009)

Budgeted labor hours         540,000

 Actual labor hours       (521,100)

Total         18,900

Multiply by: Overhead rate 8.60

Total Idle capacity variance       162,540

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CHAPTER 6
Multiple Choice

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16. A
17. C
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26. D
27. B
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CHAPTER 7
Multiple Choice
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22. D
23. C
24. B
25. B
26. D
27. C
28. A
29. B
30. D
31. B
32. D
33. C
34. C
35. D
36. A
37. B
38. C
39. D
40. C
41. D
42. B
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64. B, B, A, A

Factory overhead based on direct labor hours:

81,250 x 5.75 = 467,187.50
Actual factory overhead 429,000
Applied factory overhead 467,1877.50
Overapplied factory overhead   38,187,5

Raw materials, Oct 1 217,750

Add: Material purchased 536,250
Total materials available for use 754,000
Less: Raw materials, Oct 31 201,500
Direct materials used 552,500
Direct labor 650,000
Factory overhead 467,187.5
Total Manufacturing costs             1,669,687.5
Add: Work in process, Oct 1 471,250
Cost of goods put into process                          2,140,937.5
Less: Work in process, Oct 31 555,750
Total cost of goods manufactured           1,585,187.5
Add: Finished goods, Oct 1 276,250
Total goods available for sale                           1,861,437.5
Less: Finished goods, Oct 31 253,500
Cost of goods sold              1,607,937.5
Less: Overapplied factory overhead   38,187.5
Actual cost of goods sold         1,569,750
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65. A
 Actual labor hours worked 168,350
Predetermined rate         P8
        1,346,800
Less: Actual manufacturing overhead         1,372,000
Underapplied factory overhead   25,200
69. C, D
Direct materials requisitioned
Job #1 30% of 900,000 = 270,000
Job #2 25% of 900,000 = 225,000
Job #3 25% of 900,000 = 225,000

Indirect materials 
20% of 900,000 = 180,000

Factory overhead applied to Job #2

8.50 x 18,750 = 159,375
159,375 x 120% = 237, 150

Actual factory overhead

Factory overhead 270,000
Indirect labor 247,500
Indirect materials 180,000
Total actual factory overhead 697,500

70. A, D, B
Direct materials used 49,000
Add: Raw materials, End           105,000
Raw materials available for use           154,000
Less: Raw materials purchased 56,000
Raw materials, Beg             98,000

Applied factory overhead

P5 x 31,500 = 157,500
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71.

CHAPTER 8
Multiple Choice
1. B
2. D
 3. B
4. A
5. C
6. B
7. A
8. A
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Submitted by:

Group 5 - ACT102
Aquino, Gywneth
Barbosa, Leian SM.
Rodriguez, Erica Mae
Tayao, Ma. Pheriza Beatriz T.