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Managerial Accounting Quiz 8 Score % Name Course: Managerial Accounting Section FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amount in the Answers column. ? ??For?? ? ?Answers?Scoring?? ? 0. The greatest advantage of using a single plant-wide overhead rate is that it is ? simple?? 0. ____?? ? 1. When a plant-wide factory overhead rate is used, the total overhead costs allocated to all products will be (the same, different) ??? 1. ____?? ? 2. A plant-wide factory overhead rate is computed by dividing total budgeted factory overhead costs by the?? 2. ____?? ? 3-5. The three overhead allocation methods are ???? ? 3. 1. ?? 3. ____?? ? 4. 2. ?? 4. ____?? ? 5. 3. ?? 5. ____?? ? 6. When the multiple production department factory overhead rate method is used to allocate factory overhead to products, each department uses (the same, a different) overhead rate ???? 6. ____?? ? 7. Multiple production department factory overhead rates are more accurate than are plant-wide overhead rates. (Answer, “true” or “false”) ? ?? 7. ____?? ? 8. Cost accumulations associated with a given activity are called ?? 8. ____?? ? 9-10. Estimated factory overhead costs for the year are $420,000. All products are processed on the same manufacturing line in a similar manner. Direct labor for the year is estimated to be $120,000 (8,000 hours). ???? ?? ? 9. A plant-wide overhead rate based on direct labor cost would be ? ? 9. ____?? ? 10. A plant-wide overhead rate based on direct labor hours would be ? $? 10. ____?? ? 11-13. Waxon Company produces tables and chairs in two departments, Fabrication and Assembly. The Fabrication Department overhead budget is $240,000, and the Assembly Department overhead budget is $60,000. Direct labor hours budgeted for each department are 16,000 and 5,000…