Superb Professors

1. Oscar Corporation uses a process cost accounting system. Given the following data, compute the number of units transferred out during the current period.Beginning Work in process10,000 units (½ complete)Ending Work in Process12,500 units (? complete)Started into Production75,000 unitsQuestion options:62,500.72,500.75,000.2. Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:Estimated annual overhead cost$1,200,000Actual annual overhead cost$1,150,000Estimated machine hours300,000Actual machine hours280,000Question options:$1,150,000 applied and neither under- nor overapplied.$1,120,000 applied and $30,000 underapplied.$1,200,000 applied and $30,000 overapplied.3. Kemp Company incurs the following costs in producing 50,000 units of product:Direct materials$200,000Direct labor100,000Variable manufacturing overhead200,000Fixed manufacturing overhead600,000An outside supplier has offered to supply the 50,000 units at $14.00 each. All of Kemp’s related variable costs, but only $400,000 of the fixed costs would be eliminated if the offer is accepted. Acceptance will result in a:Question options:savings of $400,000.loss of $400,000.savings of $200,000.4. A flexible budget:Question options:is also called a static budget.can be considered a series of related static budgets.can be prepared for sales or production budgets, but not for an operating expense budget.5. A Discount on Bonds Payable account:Question options:is an adjunct account to Bonds Payable.will cause interest expense to be less than cash interest payable.is a contra account to Bonds Payable.

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