SOCSCI 2J03 Lecture Notes - Lecture 3: Subledger, General Ledger, Finished Good

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2J03
• Professor: Rizwan Tahir

Document Summary

Process: if the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied, then manufacturing overhead would be considered to be underapplied. Chapter 3 practice questions multiple choice: the work in process inventory account of a manufacturing company shows a balance of. ,400 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of and for direct materials and charges of and for direct labour. The overhead was overapplied in the amount of ,000 for the year. If the predetermined overhead rate was . 00 per direct labour hour, how many hours were worked during the year: 17,750 hours, 18,000 hours, 18,750 hours, 19,500 hours, none of the above, worrell corporation has a job-order costing system. The following debits (credits) appeared in the work in process account for the month of march: Worrell applies overhead at a predetermined rate of 90% of direct labour cost.