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Problem 1: The Work in Process inventory account of a manufacturing company shows a balance of $2,400 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $400 and $200 for direct materials and charges of $300 and $500 for direct labour. From this information, what predetermined overhead rate, as a percentage of direct labour costs, does the company appear to be using?
a) 80%
b) 125%
c) 240%
d) 300%
Problem 2: If a company uses two different unit cost figures to cost transfers from one department to another under a process costing system, then which of the following statements is reasonable to assume?
a) There was no beginning work-in-process inventory
b) Processing centres are arranged in a sequential pattern
c) The FIFO cost method is being used
d) The weighted-average cost method is being used
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