Chapter 04 Testbank Used For Online Quizzes

Chapter 04 Testbank
Student: ___________________________________________________________________________
1. Product costing is the process of:
A. accumulating the costs of a production process.
B. assigning costs to a firm's products.
C. placing a value on fixed assets owned by a producer.
D. accumulating the costs of a production process AND assigning costs to a firm's products.
2. Under Australian accounting standards, manufactured products are generally:
A. valued at market value and expensed in the period made.
B. valued at market value and expensed in the period sold.
C. valued at cost and expensed in the period made.
D. valued at cost and expensed in the period sold.
3. Consider the following statements regarding product cost information.
i. Product cost information is necessary for planning, cost control and providing information for making decisions.
ii. Product cost information is not necessary to justify rate increases that are subject to the approval of government
authorities.
iii. Product cost information is necessary to value inventory on the balance sheet.
Which of the statement/s is/are correct?
A. i, ii and iii
B. i and ii
C. i and iii
D. iii
4. Manufacturing costs consist of:
A. direct materials.
B. conversion costs.
C. downstream costs.
D. direct materials and conversion costs, but not downstream costs.
5. As production takes place, all manufacturing costs are debited to the:
A. work in process inventory account.
B. manufacturing overhead account.
C. cost of goods sold account.
D. finished goods account.
6. When products are completed, their product costs are transferred from work in process inventory to the:
A. manufacturing overhead accounts.
B. finished goods account.
D. indirect labour account.

7. To transfer work in process inventory to finished goods inventory:
A. debit finished goods and credit work in process.
B. debit work in process and credit finished goods.
C. add direct labour to the work in process inventory.
D. add direct labour and direct materials to the finished goods inventory.
8. Cost of goods sold is closed into the income summary account:
A. at the end of the production cycle.
B. when the product is sold.
C. at the end of the accounting period, along with other expenses and revenues of the period.
D. at no time.
9.
The following data apply to Stratford Ltd
Calculate the amount of direct materials used during the year.

A. $36 500
B. $42 500
C. $47 500
D. $53 500

10.
Predetermined overhead rate—200 per cent of direct labour cost
Calculate the amount of direct labour cost incurred during the year.

A. $20 000
B. $18 000
C. $10 000
D. None of the given answers

11.
What was the actual manufacturing overhead incurred during the year?

A. $22 000
B. $20 000
C. $18 000
D. $16 000

12.
Calculate the cost of goods manufactured during the year.

A. $62 500
B. $67 500
C. $70 500
D. $72 500

13. Manufacturing overhead:
A. consists of direct material and direct labour costs.
B. is easily traced to jobs.
C. should not be assigned to individual jobs because it bears no obvious relationship to them.
D. is a heterogeneous pool of indirect production costs that can include gas and electricity costs and depreciation.

14. A predetermined overhead rate is calculated as follows:
A. budgeted manufacturing overhead/budgeted amount of cost driver.
B. budgeted amount of cost driver/budgeted manufacturing overhead.
C. budgeted manufacturing overhead/budgeted amount of non-manufacturing overhead.
D. budgeted manufacturing overhead/ budgeted total expenses.
15. Which of the following statements is not correct regarding work in process?
A. Work in process is partially completed inventory.
B. Work in process consists of direct labour, direct material and allocated manufacturing overhead.
C. Work in process is debited as product costs are incurred.
D. Work in process is credited when goods are sold.
16. The debit side of the manufacturing overhead account is used to accumulate:
A. actual manufacturing overhead costs as they are incurred throughout the accounting period.
B. overhead applied, to work in process inventory.
C. predetermined overhead.
D. overapplied overhead.
17. Gratis Company Ltd applies overhead based on direct labour hours in their printing department. At the beginning of
the year, the company estimated that manufacturing overhead would be $550 000, direct labour hours would be 100 000
and direct labour cost would be $1 100 000 in the printing department. What is the printing department's predetermined
overhead rate for the year?
A. $0.18 per direct labour hour
B. $0.50 per direct labour hour
C. $2.00 per direct labour hour
D. $5.50 per direct labour hour
18. Brainpower Pty Ltd is an advertising agency that uses a job costing system. Brainpower applies overhead to jobs
based on direct professional labour hours. At the beginning of the year, overhead was estimated to be $75 000, direct
professional labour hours were estimated to be 15 000, and direct professional labour cost was projected to be $225 000.
During the year, Brainpower incurred actual overhead of $80 000, actual direct labour hours of 14 500 and actual direct
labour cost of $222 000. What was Brainpower's overapplied or underapplied overhead during the year?
A. $5000 underapplied
B. $5000 overapplied
C. $7500 underapplied
D. $7500 overapplied
19. Process costing is normally used when:
A. large numbers of different products are manufactured.
B. large numbers of nearly identical products are manufactured.
C. small numbers of nearly identical products are manufactured.
D. the fixed costs of manufacturing exceed the variable cost of manufacturing.

20. If a manufacturer underestimated the manufacturing overhead budget and overestimates the activity base for the year,
what is the result?
A. Overapplied factory overhead
B. Underapplied factory overhead
C. Overstated finished goods inventory
D. Understated work in process inventory
21. If manufacturing overhead is overapplied for the period, a method to bring the balance of the manufacturing overhead
account to zero would be:
A. debit cost of goods sold, credit manufacturing overhead.
B. debit work in process inventory, credit manufacturing overhead.
C. debit manufacturing overhead, credit raw materials inventory.
D. debit manufacturing overhead, credit cost of goods sold.
22. The estimates used to calculate the predetermined overhead rate:
A. will generally prove to be incorrect to some degree.
B. will usually result in a non-zero balance left in the manufacturing overhead account at the end of the year.
C. are likely to result in either overapplied or underapplied overhead.
D. All of the given answers.
23. When underapplied or overapplied overhead is allocated among the three accounts work in process, finished goods
and cost of goods sold, this process is called:
A. proration.
B. just-in-time costing.
C. zero-based costing.
D. overhead application.
24. When underapplied or overapplied manufacturing overhead is prorated, to which of the following accounts can
amounts be assigned?
A. Direct materials, manufacturing overhead and direct labour
B. Cost of goods sold, work in process and finished goods
C. Direct materials, finished goods and cost of goods sold
D. Direct materials, work in process inventory and finished goods inventory
25. If the manufacturing overhead account has a credit balance, then
A. manufacturing overhead is overapplied.
B. manufacturing overhead is underapplied.
C. cost of goods sold is understated.
D. manufacturing overhead is underapplied AND cost of goods sold is understated.
26. To accumulate costs under job costing
A. the cost of direct labour is assigned to each production job.
B. the cost of direct material is assigned to each production job.
C. the cost of manufacturing overhead is allocated to each production job.
D. All of the given answers

27. Total manufacturing cost includes
A. direct material and direct labour in a job costing system.
B. direct labour and manufacturing overhead in a process costing system.
C. direct material, direct labour and manufacturing overhead in both job costing and process costing.
D. direct labour and manufacturing overhead in both a job costing and a process costing system.
28. The assignment of direct labour costs to individual jobs is based on
A. actual total payroll costs divided equally among all the jobs in process.
B. estimated total payroll costs divided equally among all the jobs in process.
C. the actual time spent on each job multiplied by the wage rate.
D. the estimated time spent on each job multiplied by the wage rate.
29. Leisure Life manufactures a variety of sporting equipment. The firm's predetermined overhead application rate was
150 per cent of direct labour cost. Job 101 included direct materials of $15 000 and direct labour of $6000.
The manufacturing overhead applied to Job 101 during the year was
A. $4000.
B. $6000.
C. $8000.
D. $9000.
150 per cent of direct labour cost. Job 104 included direct material of $20 000 and total costs were $25 000. The
manufacturing overhead applied to Job 104 to date is
A. $5000.
B. $2000.
C. $3000.
D. $2500.
31. Which of the following is true regarding job costing?
A. It is a type of product costing system used for small numbers of products produced in distinct batches.
B. It is used exclusively in manufacturing environments.
C. It is used for continuous mass production of products.
D. It is used exclusively for products of a similar nature.
32. In which of the following industries could process costing be used?
A. Petroleum refining
B. Food processing
C. Paper mills
33. In which of the following industries could job costing be used?
A. Machine shop and specialty manufacturing
B. Bread making
C. Cement production
D. Food processing

34. Which of the following statements is false?
A. In job costing, costs are accumulated by job order.
B. In process costing, the cost per unit is found by averaging the costs incurred over the units produced.
C. In process costing, the production costs are assigned to each unit produced.
D. In job costing, the cost of each unit of a particular job is found by dividing the total cost of the job by the number of units
in the job.
35. In the valuation of inventory at the end of an accounting period, the following costs are included:
A. manufacturing costs.
B. manufacturing and upstream costs.
C. manufacturing and downstream costs.
D. manufacturing, upstream and downstream costs.
36. Managers using costing data for making decisions will usually use the following data in product cost information.
A. Manufacturing costs
B. Manufacturing and upstream costs
C. Manufacturing and downstream costs
D. Manufacturing, upstream and downstream costs
37. Which of the following statements is most complete and correct?
A. Job costing traces costs to departments and process costing traces costs to products.
B. Job costing develops the cost of products and process costing develops the costs of processes.
C. Both job and process costing develop the cost of products.
D. Both job and process costing are concerned with the cost of departments.
i. Job costing accumulates costs by jobs or batches.
ii. Process costing accumulates costs by departments or processes.
iii. Process costing accumulates costs for specific time periods.
iv. Job costing accumulates costs by departments.
A. i and ii
B. ii
C. iv
D. iii and iv
39. If a manufacturing firm ends the year with underapplied overhead, one method of treatment is
A. debit manufacturing overhead, credit cost of goods sold.
B. debit cost of goods sold, credit manufacturing overhead.
C. debit work in process, credit manufacturing overhead.
D. debit finished goods inventory, credit manufacturing overhead.
40. On completion of products under a job cost system, costs are transferred as follows:
A. Debit finished goods inventory, credit work in process
B. Debit work in process, credit finished goods inventory
C. Debit cost of goods sold, credit work in process inventory
D. Debit work in process inventory, credit cost of goods sold

41. Product costs may be used for which of the following purposes?
i. Valuation of inventories
ii. Management decision making
iii. Pricing decisions
iv. Cost control
A. i and ii
B. ii, iii and iv
C. i, ii and iii
42. Which of the following industries are likely to be using process costing?
i. Petroleum
ii. Computer manufacture
iii. Sugar refining
iv. Furniture manufacture
A. i and ii
B. ii and iii
C. i and iii
D. ii and iv
43.
Select the relevant information from the following, and calculate the cost of goods available for sale:

Total manufacturing costs were $5390.
Cost of goods available for sale is:

A. $5300
B. $5320
C. $5920

44. Which of the following would appear on the debit side of the overhead account?
A. Actual overhead cost incurred in the period
B. Overhead applied (charged) to production
C. Overapplied overhead for the period
D. Actual overhead cost incurred in the period AND overapplied overhead for the period

45. Which of the following would appear on the credit side of the overhead account?
C. Underapplied overhead for the period
D. Overhead applied (charged) to production AND underapplied overhead for the period
46. In calculating its predetermined overhead rate, a firm incorrectly called some items of indirect labour ‘direct labour'.
Since the firm uses direct labour costs as the basis for application of overhead costs, the effect of this error is to
A. underestimate the overhead rate.
B. overestimate the overhead rate.
C. underestimate direct labour costs.
D. underestimate the denominator used for allocating overhead.
47. Which of the following statements correctly completes this sentence? ‘For a manufacturing firm, when goods are
completed and ready for sale '
A. the firm's total assets are increased.
B. the firm's total assets are decreased.
C. there is no change in the value of the firm's assets.
D. the firm's work in process inventory is increased.
48.
Howard Corporation has a job order costing system. The following debits (credits) appear in the firm's work in process account for the
month of June:
Overhead is applied at 90 per cent of direct labour cost. There is only one job still in process at the end of June, and this job has been
charged with $2250 factory overhead. What was the amount of direct materials charged to that job?

A. $2250
B. $2500
C. $4250
D. $9000

49. For a particular period, Petersen's opening and closing work in process balances were $20 000 and $14 000
respectively. Direct materials used was $200 000 and overhead applied was $130 000. Cost of goods manufactured was
$490 000. What was the amount of direct labour cost incurred for the period?
A. $148 000
B. $154 000
C. $160 000
D. $504 000
50.
Richardson & Sons purchased direct material worth $15 000 during the most recent period. At the end of the period the direct material
account balance was $6000 larger than the beginning balance. Cost of goods sold was $150 000. Overhead is applied at 50 per cent of
direct labour cost. Other account balances are:
What is the amount of prime cost added to production for the period?

A. $9000
B. $29 000
C. $33 000
D. $36 000

51.
The following information relates to Wells Fargo for July 2008:
Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, which of the following
would be the entry to the cost of goods sold account?

A. $80 000 debit
B. $80 000 credit
C. $40 000 credit
D. $40 000 debit

52. The amount of overhead applied to jobs using a predetermined (budgeted) rate is rarely equal to the actual cost of
overhead incurred for a period. Which of the following is not a valid explanation for this?
A. Actual spending for overhead is not equal to budgeted spending for overhead.
B. Actual use of the overhead allocation base is not equal to the budgeted use of the allocation base.
C. Budget estimates of overhead were unrealistically low.
D. Direct costs were unexpectedly high.
53.
A firm's total overhead incurred for the year was $40 000, and at year-end the overhead component of WIP, FG and COGS were as
follows:

If underapplied or overapplied overhead is to be prorated, what is the amount (to the nearest dollar) that will be transferred to WIP
because of the proration?

A. Credit WIP with $945
B. Debit WIP with $945
C. Credit WIP with $974
D. Debit WIP with $974

54. If the work in process inventory has increased during the period, which of the following statements is definitely true?
A. Cost of goods sold will be greater than cost of goods manufactured.
B. Cost of goods manufactured will be greater than cost of goods sold.
C. Total manufacturing costs for the period will be greater than cost of goods manufactured.
D. Total manufacturing costs for the period will be less than cost of goods manufactured.
55. Which of the following costs should be considered when managers are making short term profitability analysis
decisions?
A. Marketing costs
B. Design costs
C. Research and development costs
D. None of the above
56. Which of the following costs should managers focus on when making long term strategic pricing decisions?
A. Marketing costs
B. Design costs
D. All of the above

57. Which of the following statements about product costing is false?
A. Product costs may differ depending on the decision context.
B. Organisations should aim to have only one product costing system.
C. In designing a product costing system, managers need to make a careful assessment of costs and benefits associated
with each element of the product cost.
D. Both current costs and future costs are relevant for managerial decisions.
58. Bambie Ltd. applies overheads based on direct labour hours. The company has budgeted 50 000 direct labour hours
at a cost of $10 per hour, and manufacturing overhead of $750 000 in the assembly division for the year. The actual direct
labour hours used for the year turns out to be 47 000 hours. What is the applied overhead for the year?
A. $705 000
B. $70 500
C. $750 000
D. 500 000
59. Which of the following about using proration to dispose of underapplied or overapplied overhead is correct?
A. Proration is a less accurate method than closing the account to COGS, because it arbitrarily allocates overhead
between the COGS account, WIP account, and finished goods account.
B. Proration is a less accurate method than closing the account to COGS, because the process affects three accounts
rather than just one account.
C. Proration is a more accurate method than closing the account to COGS, because it recognises that over/under
estimation of overhead rate affects more than just the COGS account.
D. Proration is a more accurate method than closing the account to COGS, because the potential distortion is spread out
over three accounts.
60. Snoozo Moozo manufactures bed frames and mattresses that are custom-made to a person's height and weight. It is
a publicly listed company and therefore must comply with any applicable Australian accounting standards. Which of the
following statements is most correct?
A. Snoozo Moozo should use job costing as it is more applicable to their production process.
B. Snoozo Moozo should use process costing as it is more applicable to their production process.
C. Snoozo Moozo should use process costing as it is more applicable to their production process and it is required under
applicable accounting standards.
D. Snoozo Moozo may use either job costing or processing cost, as both are acceptable under applicable accounting
standards and both methods can result in accurate production costs.
61. A list of all materials required for a particular job is most commonly referred to as
A. a source document.
B. a bill of materials.
C. a purchase order.
D. a schedule of goods manufactured.
62. Snoozo Moozo manufactures bed frames and mattresses that are custom-made to a person's height and weight. Last
week, Stevie Oslow, a bed frame specialist, reported spending 35 hours working on a number of bed frames, including 5
hours overtime. Barry is paid $20 per hour ordinarily, and $30 per hour when working overtime. Which of the following
journal entries are most appropriate in accounting for Barry's wages for the 35 hours?
A. Credit Wage Payable $750, Debit WIP $750
B. Credit Wage Payable $750, Debit WIP $700, Debit Manufacturing overhead $50
C. Credit Wage Payable $750, Debit WIP $600, Debit Manufacturing overhead $150
D. Credit Wage Payable $600, Credit other expenses $150, Debit WIP $750

63. Valuing inventories using net realisable value method requires managers to:
A. estimate sales value of the components of the merchandise, less any anticipated conversion costs.
B. estimate costs of the merchandise based on the most recent job cost sheets.
C. estimate sales value of the merchandise less any anticipated costs of completing and selling the products.
D. estimate sales value of the merchandise, disregarding any anticipated costs of completing and selling the products.
64. In a company where products undergo a number of separate processes, the process costing system
A. is not appropriate and job costing system should be used instead.
B. aggregates the costs of different processes and averages them out when calculating product costs.
C. requires the costs of undergoing different production processes to be determined simultaneously.
D. requires the costs of products that have completed processing in the earlier department to be transferred to the
subsequent department.
65.
The following data apply to Brewers Ltd


A. $122 000
B. $135 000
C. $145 000
D. $150 000

66.
The following data apply to Easy Chairs Ltd


A. $420 000
B. $405 000
C. $385 000
D. $370 000

67. Which of the following factors influences management's approach to process costing?
A. The degree to which products are identical in their consumption of direct materials
B. The existence of work in process inventory at the end of the accounting period
C. The degree to which products are identical in their specific production processes
68. In the general ledger, the production costs are transferred through the work in process inventory accounts to
A. production costs account.
B. costs of goods sold account.
C. finished goods inventory account.
D. work in process account.
69. Management can hold department managers responsible for costs incurred in their area by
A. tracking production costs to production departments.
B. dividing total production costs by the number of production areas.
C. keeping work in process to a minimum in each area.
D. employing experienced production managers.

70.
Under AASB102 Inventories the cost of inventory must include

A. administration and selling costs.
B. transportation and handling costs.
C. storage costs.
D. abnormal wastage costs.

71.
Flow of costs
Describe the flow of goods through the manufacturing accounts in order to calculate cost of goods sold.

72.
Applied overhead
Discuss the reasons for using applied overhead rather than actual overhead to determine the cost of production jobs.

73.
Job costing and process costing

Differentiate between the types of manufacturing environments that would be suited to:
i. job costing and
ii. process costing
Include two examples of manufacturers that would fit each of these two environments.

74.
Underapplied overhead
i. Describe how overhead may be underapplied.
ii. Assume that underapplied overhead is treated as an adjustment to cost of goods sold. Explain why an under application of overhead
increases cost of goods sold.

75. Explain the difference between direct labour costs and indirect labour costs. How would this information be captured
on a timesheet by an employee?

76. In comparison to job-order costing, process costing is by far the most accurate costing system.
True False
77. To calculate a predetermined overhead rate, budgeted overheads are divided by the actual cost driver.
True False
78. When overheads are over-allocated, the actual overheads incurred are greater than those allocated.
True False
79.
The flow of manufacturing overheads is:
Raw materials  WIP  Finished Goods  COGS

True False

80. With job costing, a job cost sheet is used to record the manufacturing overheads allocated, when finishing a specific
job.
True False

81. Manufacturing overheads incurred are debited to the work-in-process inventory account.
True False
82. Cost of Goods Manufactured = Beginning Work in Process + Total Manufacturing Costs – Ending Work in Process.
True False
83.
When recording inventory in the financial statements, the accounting standards prescribe that the companies use the lower of cost or
net realisable value.

True False

84. Manufacturing costs include direct labour, direct materials and all company-operating costs.
True False
85. Manufacturers differ from retailers in that they have three inventory accounts in the balance sheet as opposed to one.
True False
86. In some organisations downstream costs are treated as product-related.
True False
87. External accounting reports require inventory to be valued at the distribution cost.
True False
88. The schedule of cost of goods sold includes any underapplied/overapplied overhead.
True False

Chapter 04 Testbank Key

1. Product costing is the process of:
A. accumulating the costs of a production process.
B. assigning costs to a firm's products.
C. placing a value on fixed assets owned by a producer.
D. accumulating the costs of a production process AND assigning costs to a firm's products.
AACSB: Reflective
Difficulty: Easy
Learning Objective: 4.01 Explain the role of product costing systems
2. Under Australian accounting standards, manufactured products are generally:
A. valued at market value and expensed in the period made.
B. valued at market value and expensed in the period sold.
C. valued at cost and expensed in the period made.
D. valued at cost and expensed in the period sold.
AACSB: Reflective
Difficulty: Easy
Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing
Learning Objective: 4.09 After studying the appendix, explain how inventories must be valued for external financial reporting
3. Consider the following statements regarding product cost information.
i. Product cost information is necessary for planning, cost control and providing information for making decisions.
ii. Product cost information is not necessary to justify rate increases that are subject to the approval of government
authorities.
iii. Product cost information is necessary to value inventory on the balance sheet.
Which of the statement/s is/are correct?
A. i, ii and iii
B. i and ii
C. i and iii
D. iii
AACSB: Reflective
Difficulty: Medium
Learning Objective: 4.02 Describe why managers need different measures of product costs for different purposes
4. Manufacturing costs consist of:
A. direct materials.
B. conversion costs.
C. downstream costs.
D. direct materials and conversion costs, but not downstream costs.
AACSB: Reflective
Difficulty: Easy
5. As production takes place, all manufacturing costs are debited to the:
A. work in process inventory account.
B. manufacturing overhead account.
D. finished goods account.
AACSB: Reflective
Difficulty: Easy
6. When products are completed, their product costs are transferred from work in process inventory to the:
A. manufacturing overhead accounts.
B. finished goods account.
D. indirect labour account.
AACSB: Reflective
Difficulty: Easy
7. To transfer work in process inventory to finished goods inventory:
A. debit finished goods and credit work in process.
B. debit work in process and credit finished goods.
C. add direct labour to the work in process inventory.
D. add direct labour and direct materials to the finished goods inventory.
AACSB: Reflective
Difficulty: Easy
8. Cost of goods sold is closed into the income summary account:
A. at the end of the production cycle.
B. when the product is sold.
C. at the end of the accounting period, along with other expenses and revenues of the period.
D. at no time.
AACSB: Reflective
Difficulty: Easy
9.
Calculate the amount of direct materials used during the year.

A. $36 500
B. $42 500
C. $47 500
D. $53 500

AACSB: Analytical
Difficulty: Easy
10.
Predetermined overhead rate—200 per cent of direct labour cost
Calculate the amount of direct labour cost incurred during the year.

A. $20 000
B. $18 000
C. $10 000

AACSB: Analytical
Difficulty: Medium
Learning Objective: 4.04 Use basic techniques to allocate manufacturing overhead costs to products
11.
What was the actual manufacturing overhead incurred during the year?

A. $22 000
B. $20 000
C. $18 000
D. $16 000

AACSB: Analytical
Difficulty: Medium
12.

A. $62 500
B. $67 500
C. $70 500
D. $72 500

AACSB: Analytical
Difficulty: Medium
Learning Objective: 4.07 Prepare a schedule of cost of goods manufactured and a schedule of cost of goods sold, and understand the relationship
between these reports and external accounting reports
13. Manufacturing overhead:
A. consists of direct material and direct labour costs.
B. is easily traced to jobs.
C. should not be assigned to individual jobs because it bears no obvious relationship to them.
D. is a heterogeneous pool of indirect production costs that can include gas and electricity costs and depreciation.
AACSB: Reflective
Difficulty: Easy
14. A predetermined overhead rate is calculated as follows:
A. budgeted manufacturing overhead/budgeted amount of cost driver.
B. budgeted amount of cost driver/budgeted manufacturing overhead.
C. budgeted manufacturing overhead/budgeted amount of non-manufacturing overhead.
D. budgeted manufacturing overhead/ budgeted total expenses.
AACSB: Reflective
Difficulty: Easy
15. Which of the following statements is not correct regarding work in process?
A. Work in process is partially completed inventory.
B. Work in process consists of direct labour, direct material and allocated manufacturing overhead.
C. Work in process is debited as product costs are incurred.
D. Work in process is credited when goods are sold.
AACSB: Reflective
Difficulty: Easy
16. The debit side of the manufacturing overhead account is used to accumulate:
A. actual manufacturing overhead costs as they are incurred throughout the accounting period.
B. overhead applied, to work in process inventory.
C. predetermined overhead.
D. overapplied overhead.
AACSB: Reflective
Difficulty: Easy
17. Gratis Company Ltd applies overhead based on direct labour hours in their printing department. At the beginning of
the year, the company estimated that manufacturing overhead would be $550 000, direct labour hours would be 100 000
and direct labour cost would be $1 100 000 in the printing department. What is the printing department's predetermined
overhead rate for the year?
A. $0.18 per direct labour hour
B. $0.50 per direct labour hour
C. $2.00 per direct labour hour
D. $5.50 per direct labour hour
AACSB: Analytical
Difficulty: Easy
18. Brainpower Pty Ltd is an advertising agency that uses a job costing system. Brainpower applies overhead to jobs
based on direct professional labour hours. At the beginning of the year, overhead was estimated to be $75 000, direct
professional labour hours were estimated to be 15 000, and direct professional labour cost was projected to be $225 000.
During the year, Brainpower incurred actual overhead of $80 000, actual direct labour hours of 14 500 and actual direct
labour cost of $222 000. What was Brainpower's overapplied or underapplied overhead during the year?
A. $5000 underapplied
B. $5000 overapplied
C. $7500 underapplied
D. $7500 overapplied
AACSB: Analytical
Difficulty: Medium
19. Process costing is normally used when:
A. large numbers of different products are manufactured.
B. large numbers of nearly identical products are manufactured.
C. small numbers of nearly identical products are manufactured.
D. the fixed costs of manufacturing exceed the variable cost of manufacturing.
AACSB: Reflective
Difficulty: Medium
Learning Objective: 4.05 Distinguish between job costing and process costing and understand in which situations job costing or process costing may be
the most appropriate costing system
20. If a manufacturer underestimated the manufacturing overhead budget and overestimates the activity base for the year,
what is the result?
A. Overapplied factory overhead
B. Underapplied factory overhead
C. Overstated finished goods inventory
D. Understated work in process inventory
AACSB: Reflective
Difficulty: Medium
21. If manufacturing overhead is overapplied for the period, a method to bring the balance of the manufacturing overhead
account to zero would be:
A. debit cost of goods sold, credit manufacturing overhead.
B. debit work in process inventory, credit manufacturing overhead.
C. debit manufacturing overhead, credit raw materials inventory.
D. debit manufacturing overhead, credit cost of goods sold.
AACSB: Reflective
Difficulty: Medium
22. The estimates used to calculate the predetermined overhead rate:
A. will generally prove to be incorrect to some degree.
B. will usually result in a non-zero balance left in the manufacturing overhead account at the end of the year.
C. are likely to result in either overapplied or underapplied overhead.
D. All of the given answers.
AACSB: Reflective
Difficulty: Medium
23. When underapplied or overapplied overhead is allocated among the three accounts work in process, finished goods
and cost of goods sold, this process is called:
A. proration.
B. just-in-time costing.
C. zero-based costing.
D. overhead application.
AACSB: Reflective
Difficulty: Easy
24. When underapplied or overapplied manufacturing overhead is prorated, to which of the following accounts can
amounts be assigned?
A. Direct materials, manufacturing overhead and direct labour
B. Cost of goods sold, work in process and finished goods
C. Direct materials, finished goods and cost of goods sold
D. Direct materials, work in process inventory and finished goods inventory
AACSB: Reflective
Difficulty: Easy
25. If the manufacturing overhead account has a credit balance, then
A. manufacturing overhead is overapplied.
B. manufacturing overhead is underapplied.
C. cost of goods sold is understated.
D. manufacturing overhead is underapplied AND cost of goods sold is understated.
AACSB: Reflective
Difficulty: Easy
26. To accumulate costs under job costing
A. the cost of direct labour is assigned to each production job.
B. the cost of direct material is assigned to each production job.
C. the cost of manufacturing overhead is allocated to each production job.
AACSB: Reflective
Difficulty: Easy
27. Total manufacturing cost includes
A. direct material and direct labour in a job costing system.
B. direct labour and manufacturing overhead in a process costing system.
C. direct material, direct labour and manufacturing overhead in both job costing and process costing.
D. direct labour and manufacturing overhead in both a job costing and a process costing system.
AACSB: Reflective
Difficulty: Easy
28. The assignment of direct labour costs to individual jobs is based on
A. actual total payroll costs divided equally among all the jobs in process.
B. estimated total payroll costs divided equally among all the jobs in process.
C. the actual time spent on each job multiplied by the wage rate.
D. the estimated time spent on each job multiplied by the wage rate.
AACSB: Reflective
Difficulty: Easy
Learning Objective: 4.06 Use job costing to estimate product costs; describe the procedures and source documents, and prepare journal entries to
record costs under a job costing system
150 per cent of direct labour cost. Job 101 included direct materials of $15 000 and direct labour of $6000.
The manufacturing overhead applied to Job 101 during the year was
A. $4000.
B. $6000.
C. $8000.
D. $9000.
AACSB: Analytical
Difficulty: Easy
150 per cent of direct labour cost. Job 104 included direct material of $20 000 and total costs were $25 000. The
manufacturing overhead applied to Job 104 to date is
A. $5000.
B. $2000.
C. $3000.
D. $2500.
AACSB: Analytical
Difficulty: Easy
31. Which of the following is true regarding job costing?
A. It is a type of product costing system used for small numbers of products produced in distinct batches.
B. It is used exclusively in manufacturing environments.
C. It is used for continuous mass production of products.
D. It is used exclusively for products of a similar nature.
AACSB: Reflective
Difficulty: Medium
32. In which of the following industries could process costing be used?
A. Petroleum refining
B. Food processing
C. Paper mills
AACSB: Analytical
Difficulty: Easy
33. In which of the following industries could job costing be used?
A. Machine shop and specialty manufacturing
B. Bread making
C. Cement production
D. Food processing
AACSB: Analytical
Difficulty: Medium
A. In job costing, costs are accumulated by job order.
B. In process costing, the cost per unit is found by averaging the costs incurred over the units produced.
C. In process costing, the production costs are assigned to each unit produced.
D. In job costing, the cost of each unit of a particular job is found by dividing the total cost of the job by the number of units
in the job.
AACSB: Analytical
Difficulty: Easy
35. In the valuation of inventory at the end of an accounting period, the following costs are included:
A. manufacturing costs.
B. manufacturing and upstream costs.
C. manufacturing and downstream costs.
D. manufacturing, upstream and downstream costs.
AACSB: Reflective
Difficulty: Easy
36. Managers using costing data for making decisions will usually use the following data in product cost information.
A. Manufacturing costs
B. Manufacturing and upstream costs
C. Manufacturing and downstream costs
D. Manufacturing, upstream and downstream costs
AACSB: Reflective
Difficulty: Easy
37. Which of the following statements is most complete and correct?
A. Job costing traces costs to departments and process costing traces costs to products.
B. Job costing develops the cost of products and process costing develops the costs of processes.
C. Both job and process costing develop the cost of products.
D. Both job and process costing are concerned with the cost of departments.
AACSB: Reflective
Difficulty: Easy
i. Job costing accumulates costs by jobs or batches.
ii. Process costing accumulates costs by departments or processes.
iii. Process costing accumulates costs for specific time periods.
iv. Job costing accumulates costs by departments.
A. i and ii
B. ii
C. iv
D. iii and iv
AACSB: Reflective
Difficulty: Easy
39. If a manufacturing firm ends the year with underapplied overhead, one method of treatment is
A. debit manufacturing overhead, credit cost of goods sold.
B. debit cost of goods sold, credit manufacturing overhead.
C. debit work in process, credit manufacturing overhead.
D. debit finished goods inventory, credit manufacturing overhead.
AACSB: Reflective
Difficulty: Easy
40. On completion of products under a job cost system, costs are transferred as follows:
A. Debit finished goods inventory, credit work in process
B. Debit work in process, credit finished goods inventory
C. Debit cost of goods sold, credit work in process inventory
D. Debit work in process inventory, credit cost of goods sold
AACSB: Reflective
Difficulty: Easy
41. Product costs may be used for which of the following purposes?
i. Valuation of inventories
ii. Management decision making
iii. Pricing decisions
iv. Cost control
A. i and ii
B. ii, iii and iv
C. i, ii and iii
AACSB: Reflective
Difficulty: Easy
42. Which of the following industries are likely to be using process costing?
i. Petroleum
ii. Computer manufacture
iii. Sugar refining
iv. Furniture manufacture
A. i and ii
B. ii and iii
C. i and iii
D. ii and iv
AACSB: Reflective
Difficulty: Medium
43.
Select the relevant information from the following, and calculate the cost of goods available for sale:

Total manufacturing costs were $5390.
Cost of goods available for sale is:

A. $5300
B. $5320
C. $5920

AACSB: Reflective
Difficulty: Medium
44. Which of the following would appear on the debit side of the overhead account?
C. Overapplied overhead for the period
D. Actual overhead cost incurred in the period AND overapplied overhead for the period
AACSB: Reflective
Difficulty: Medium
45. Which of the following would appear on the credit side of the overhead account?
C. Underapplied overhead for the period
D. Overhead applied (charged) to production AND underapplied overhead for the period
AACSB: Reflective
Difficulty: Medium
46. In calculating its predetermined overhead rate, a firm incorrectly called some items of indirect labour ‘direct labour'.
Since the firm uses direct labour costs as the basis for application of overhead costs, the effect of this error is to
A. underestimate the overhead rate.
B. overestimate the overhead rate.
C. underestimate direct labour costs.
D. underestimate the denominator used for allocating overhead.
AACSB: Reflective
Difficulty: Medium
47. Which of the following statements correctly completes this sentence? ‘For a manufacturing firm, when goods are
completed and ready for sale '
A. the firm's total assets are increased.
B. the firm's total assets are decreased.
C. there is no change in the value of the firm's assets.
D. the firm's work in process inventory is increased.
AACSB: Reflective
Difficulty: Medium
48.
Howard Corporation has a job order costing system. The following debits (credits) appear in the firm's work in process account for the
month of June:
Overhead is applied at 90 per cent of direct labour cost. There is only one job still in process at the end of June, and this job has been
charged with $2250 factory overhead. What was the amount of direct materials charged to that job?

A. $2250
B. $2500
C. $4250
D. $9000

AACSB: Analytical
Difficulty: Hard
49. For a particular period, Petersen's opening and closing work in process balances were $20 000 and $14 000
respectively. Direct materials used was $200 000 and overhead applied was $130 000. Cost of goods manufactured was
$490 000. What was the amount of direct labour cost incurred for the period?
A. $148 000
B. $154 000
C. $160 000
D. $504 000
AACSB: Analytical
Difficulty: Hard
50.
Richardson & Sons purchased direct material worth $15 000 during the most recent period. At the end of the period the direct material
account balance was $6000 larger than the beginning balance. Cost of goods sold was $150 000. Overhead is applied at 50 per cent of
direct labour cost. Other account balances are:
What is the amount of prime cost added to production for the period?

A. $9000
B. $29 000
C. $33 000
D. $36 000

AACSB: Analytical
Difficulty: Hard
51.
The following information relates to Wells Fargo for July 2008:
Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, which of the following
would be the entry to the cost of goods sold account?

A. $80 000 debit
B. $80 000 credit
C. $40 000 credit
D. $40 000 debit

AACSB: Analytical
Difficulty: Medium
52. The amount of overhead applied to jobs using a predetermined (budgeted) rate is rarely equal to the actual cost of
overhead incurred for a period. Which of the following is not a valid explanation for this?
A. Actual spending for overhead is not equal to budgeted spending for overhead.
B. Actual use of the overhead allocation base is not equal to the budgeted use of the allocation base.
C. Budget estimates of overhead were unrealistically low.
D. Direct costs were unexpectedly high.
AACSB: Reflective
Difficulty: Medium
53.
A firm's total overhead incurred for the year was $40 000, and at year-end the overhead component of WIP, FG and COGS were as
follows:

If underapplied or overapplied overhead is to be prorated, what is the amount (to the nearest dollar) that will be transferred to WIP
because of the proration?

A. Credit WIP with $945
B. Debit WIP with $945
C. Credit WIP with $974
D. Debit WIP with $974

AACSB: Analytical
Difficulty: Medium
Learning Objective: 4.10 Prorate underapplied or overapplied overhead to various inventory accounts
54. If the work in process inventory has increased during the period, which of the following statements is definitely true?
A. Cost of goods sold will be greater than cost of goods manufactured.
B. Cost of goods manufactured will be greater than cost of goods sold.
C. Total manufacturing costs for the period will be greater than cost of goods manufactured.
D. Total manufacturing costs for the period will be less than cost of goods manufactured.
AACSB: Reflective
Difficulty: Medium
55. Which of the following costs should be considered when managers are making short term profitability analysis
decisions?
A. Marketing costs
B. Design costs
D. None of the above
AACSB: Reflective
Difficulty: Easy
56. Which of the following costs should managers focus on when making long term strategic pricing decisions?
A. Marketing costs
B. Design costs
D. All of the above
AACSB: Reflective
Difficulty: Easy
57. Which of the following statements about product costing is false?
A. Product costs may differ depending on the decision context.
B. Organisations should aim to have only one product costing system.
C. In designing a product costing system, managers need to make a careful assessment of costs and benefits associated
with each element of the product cost.
D. Both current costs and future costs are relevant for managerial decisions.
AACSB: Reflective
Difficulty: Medium
58. Bambie Ltd. applies overheads based on direct labour hours. The company has budgeted 50 000 direct labour hours
at a cost of $10 per hour, and manufacturing overhead of $750 000 in the assembly division for the year. The actual direct
labour hours used for the year turns out to be 47 000 hours. What is the applied overhead for the year?
A. $705 000
B. $70 500
C. $750 000
D. 500 000
AACSB: Analytical
Difficulty: Easy
59. Which of the following about using proration to dispose of underapplied or overapplied overhead is correct?
A. Proration is a less accurate method than closing the account to COGS, because it arbitrarily allocates overhead
between the COGS account, WIP account, and finished goods account.
B. Proration is a less accurate method than closing the account to COGS, because the process affects three accounts
rather than just one account.
C. Proration is a more accurate method than closing the account to COGS, because it recognises that over/under
estimation of overhead rate affects more than just the COGS account.
D. Proration is a more accurate method than closing the account to COGS, because the potential distortion is spread out
over three accounts.
AACSB: Reflective
Difficulty: Medium
60. Snoozo Moozo manufactures bed frames and mattresses that are custom-made to a person's height and weight. It is
a publicly listed company and therefore must comply with any applicable Australian accounting standards. Which of the
following statements is most correct?
A. Snoozo Moozo should use job costing as it is more applicable to their production process.
B. Snoozo Moozo should use process costing as it is more applicable to their production process.
C. Snoozo Moozo should use process costing as it is more applicable to their production process and it is required under
applicable accounting standards.
D. Snoozo Moozo may use either job costing or processing cost, as both are acceptable under applicable accounting
standards and both methods can result in accurate production costs.
AACSB: Reflective
Difficulty: Medium
61. A list of all materials required for a particular job is most commonly referred to as
A. a source document.
B. a bill of materials.
C. a purchase order.
D. a schedule of goods manufactured.
AACSB: Reflective
Difficulty: Easy
62. Snoozo Moozo manufactures bed frames and mattresses that are custom-made to a person's height and weight. Last
week, Stevie Oslow, a bed frame specialist, reported spending 35 hours working on a number of bed frames, including 5
hours overtime. Barry is paid $20 per hour ordinarily, and $30 per hour when working overtime. Which of the following
journal entries are most appropriate in accounting for Barry's wages for the 35 hours?
A. Credit Wage Payable $750, Debit WIP $750
B. Credit Wage Payable $750, Debit WIP $700, Debit Manufacturing overhead $50
C. Credit Wage Payable $750, Debit WIP $600, Debit Manufacturing overhead $150
D. Credit Wage Payable $600, Credit other expenses $150, Debit WIP $750
AACSB: Analytical
Difficulty: Medium
63. Valuing inventories using net realisable value method requires managers to:
A. estimate sales value of the components of the merchandise, less any anticipated conversion costs.
B. estimate costs of the merchandise based on the most recent job cost sheets.
C. estimate sales value of the merchandise less any anticipated costs of completing and selling the products.
D. estimate sales value of the merchandise, disregarding any anticipated costs of completing and selling the products.
AACSB: Reflective
Difficulty: Easy
64. In a company where products undergo a number of separate processes, the process costing system
A. is not appropriate and job costing system should be used instead.
B. aggregates the costs of different processes and averages them out when calculating product costs.
C. requires the costs of undergoing different production processes to be determined simultaneously.
D. requires the costs of products that have completed processing in the earlier department to be transferred to the
subsequent department.
AACSB: Reflective
Difficulty: Easy
65.
The following data apply to Brewers Ltd


A. $122 000
B. $135 000
C. $145 000
D. $150 000

AACSB: Analytical
Difficulty: Medium
66.
The following data apply to Easy Chairs Ltd


A. $420 000
B. $405 000
C. $385 000
D. $370 000

AACSB: Analytical
Difficulty: Medium
67. Which of the following factors influences management's approach to process costing?
A. The degree to which products are identical in their consumption of direct materials
B. The existence of work in process inventory at the end of the accounting period
C. The degree to which products are identical in their specific production processes
AACSB: Reflective
Difficulty: Medium
Learning Objective: 4.08 Estimate product costs using a basic process costing system, and prepare journal entries to record costs
68. In the general ledger, the production costs are transferred through the work in process inventory accounts to
A. production costs account.
B. costs of goods sold account.
C. finished goods inventory account.
D. work in process account.
AACSB: Reflective
Difficulty: Medium
69. Management can hold department managers responsible for costs incurred in their area by
A. tracking production costs to production departments.
B. dividing total production costs by the number of production areas.
C. keeping work in process to a minimum in each area.
D. employing experienced production managers.
AACSB: Reflective
Difficulty: Easy
70.
Under AASB102 Inventories the cost of inventory must include

A. administration and selling costs.
B. transportation and handling costs.
C. storage costs.
D. abnormal wastage costs.

AACSB: Reflective
Difficulty: Medium
71.
Flow of costs
Describe the flow of goods through the manufacturing accounts in order to calculate cost of goods sold.
While production is occurring, all partially completed manufacturing inventory costs such as materials, labour and
overhead are accumulated in the work in process account. Once the products are completed, the related costs are
transferred from the work in process to the finished goods inventory account. When the goods are sold, the related costs
are transferred from finished goods inventory to cost of goods sold expense.
AACSB: Communication
Difficulty: Easy
72.
Applied overhead
Discuss the reasons for using applied overhead rather than actual overhead to determine the cost of production jobs.
There are three reasons. First, as overhead costs usually bear no obvious relationship to individual jobs or units of
products, but must be incurred for the production process to take place, it is crucial that overhead costs are applied to
products in order to have a complete picture of product costs.
Second, actual overhead is not known until after the end of the accounting period. The cost of jobs would not be available
in a timely fashion if actual overhead costs were used.
Third, overhead costs often vary due to seasonal factors. This variation is not relevant (once a decision has been made to
operate through the seasonal factors) to decisions involving products or pricing in the short term. Thus, it is better to use
applied overhead to eliminate cost variation due simply to seasonal factors.
AACSB: Reflective
Difficulty: Medium
73.
Job costing and process costing

Differentiate between the types of manufacturing environments that would be suited to:
i. job costing and
ii. process costing
Include two examples of manufacturers that would fit each of these two environments.
i. Job costing is typically used in manufacturing environments in which goods are produced in distinct batches, called jobs.
Two examples of such manufacturers are aircraft manufacturers and furniture manufacturers.
ii. Process costing is typically used in manufacturing environments in which large numbers of identical product units are
manufactured. Two examples of such manufacturers are textiles and processed food.
AACSB: Reflective
Difficulty: Medium
74.
Underapplied overhead
i. Describe how overhead may be underapplied.
ii. Assume that underapplied overhead is treated as an adjustment to cost of goods sold. Explain why an under application of overhead
increases cost of goods sold.
i. Overhead will be underapplied when total actual overhead costs exceed applied overhead. This can occur for a variety
of reasons, including underestimation of some overhead costs, mis-estimation of production or changes in the mix of
products that affect the level of overhead costs incurred.
ii. In most manufacturing environments, the bulk of products made during the period are also sold in the same period and
ending work in process is modest relative to the amount of goods manufactured. Therefore, the vast majority of the
overhead applied to the work in process account will flow through to finished goods inventory and to cost of goods sold
expense. However, if overhead is underapplied, the cost of goods sold has been increased by an insufficient amount.
Consequently the underapplied overhead should be added to cost of goods sold.
Difficulty: Medium
75. Explain the difference between direct labour costs and indirect labour costs. How would this information be captured
on a timesheet by an employee?
Direct labour is the employee time spent directly on each production job whereas indirect labour is not specific to any single production
job. For example cleaning the floor at the end of the day is not specific to a single production job, but to the many production jobs for
that day.
In a job costing system, direct labour costs are assigned to jobs using time sheets filled out by employees. A time sheet records the
amount of time an employee spends on each production job. The time sheet is used to add direct labour costs to work in process
inventory and to the job cost sheets for the various jobs in process, and as the basis for paying employee wages. Time sheets may be
completed daily or weekly.
An example of a daily production employee's completed time sheet for the day could show that an employee spent 4.5 hours on job
number AA10 and 3 hours on job number AA16. This is direct labour. Another 0.5 hours was spent on shop clean-up duties. This time
will be classified by the accounting department as indirect labour, and its cost will also be included in manufacturing overhead. Note
that the format of time sheets can vary, depending on the computer software that is used to generate the report.
The information on the time sheets is also used for accounting entries and the processing of wages.
Difficulty: Medium
76. In comparison to job-order costing, process costing is by far the most accurate costing system.
FALSE
AACSB: Reflective
Difficulty: Easy
77. To calculate a predetermined overhead rate, budgeted overheads are divided by the actual cost driver.
FALSE
AACSB: Reflective
Difficulty: Easy
78. When overheads are over-allocated, the actual overheads incurred are greater than those allocated.
FALSE
AACSB: Reflective
Difficulty: Easy
79.
The flow of manufacturing overheads is:
Raw materials  WIP  Finished Goods  COGS

TRUE

AACSB: Reflective
Difficulty: Easy
80. With job costing, a job cost sheet is used to record the manufacturing overheads allocated, when finishing a specific
job.
TRUE
AACSB: Reflective
Difficulty: Easy
81. Manufacturing overheads incurred are debited to the work-in-process inventory account.
FALSE
AACSB: Reflective
Difficulty: Easy
82. Cost of Goods Manufactured = Beginning Work in Process + Total Manufacturing Costs – Ending Work in Process.
TRUE
AACSB: Reflective
Difficulty: Easy
83.
When recording inventory in the financial statements, the accounting standards prescribe that the companies use the lower of cost or
net realisable value.

TRUE

AACSB: Reflective
Difficulty: Easy
84. Manufacturing costs include direct labour, direct materials and all company-operating costs.
FALSE
AACSB: Reflective
Difficulty: Easy
85. Manufacturers differ from retailers in that they have three inventory accounts in the balance sheet as opposed to one.
TRUE
AACSB: Reflective
Difficulty: Easy
86. In some organisations downstream costs are treated as product-related.
TRUE
AACSB: Reflective
Difficulty: Easy
87. External accounting reports require inventory to be valued at the distribution cost.
FALSE
AACSB: Reflective
Difficulty: Easy
88. The schedule of cost of goods sold includes any underapplied/overapplied overhead.
TRUE
AACSB: Reflective
Difficulty: Easy
Chapter 04 Testbank Summary
Category # of Qu
estions
AACSB: Analytical 20
AACSB: Communication 5
AACSB: Reflective 65
Difficulty: Easy 51
Difficulty: Hard 3
Difficulty: Medium 34
Learning Objective: 4.01 Explain the role of product costing systems 4
Learning Objective: 4.02 Describe why managers need different measures of product costs for different purposes 6
Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing 18
Learning Objective: 4.04 Use basic techniques to allocate manufacturing overhead costs to products 26
Learning Objective: 4.05 Distinguish between job costing and process costing and understand in which situations job cost 16
ing or process costing may be the most appropriate costing system
Learning Objective: 4.06 Use job costing to estimate product costs; describe the procedures and source documents, and 7
prepare journal entries to record costs under a job costing system
Learning Objective: 4.07 Prepare a schedule of cost of goods manufactured and a schedule of cost of goods sold, and un 4
derstand the relationship between these reports and external accounting reports
Learning Objective: 4.08 Estimate product costs using a basic process costing system, and prepare journal entries to rec 3
ord costs
Learning Objective: 4.09 After studying the appendix, explain how inventories must be valued for external financial reporti 4
ng
Learning Objective: 4.10 Prorate underapplied or overapplied overhead to various inventory accounts 1

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