Quiz Chapter 30McK10The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000 while the manufacturing overhead applied toWork in Process was $73.000 The Corporation's Cost of Goods Sold wes $451000 prior to closing out its Manufacturing Overhead account. TheCorporation closes out its Manufacturing Overhead account to Cost of Goods Sold Which of the following statements is true!Mule ChoiceManufactug bad was overapped by $20,000 Cost of Goods Sold abercing the Manufacturing the count$471000Manufactug obed was underapplied by $20.000 Cest of Goods Soltau cougout the y$431.000Manufacturing overhead was owned by $20.000 Cest of Goods Sold after coming out the Manufacturing Overwatc$430000Manufacturing overhead was undeeppoed by $20,000 Cost of Goods Soldater dourg out the Mang Overal$471000< Prax10 10Help Save & ExtOvered accountNext >S

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Description: Quiz Chapter 30McK10The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000 while the manufacturing overhead applied toWork in Process was $73.000 The Corporation's Cost of Goods Sold wes $451000 prior to closing

Cost of goods sold after closing out to manufacturing overhead account=Cost of goods sold prior to…

Business

Accounting

10 The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overheed applied to Work in Process was $73.000 The Corporation's Cost of Goods Sold wes $451000 prior to closing out its Manufacturing Ovemend account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true Multiple Choice $471000 Mango $401000 Manufacturing overhead $2000 oped by $20000 Ca of Good pled by $20.000 Cet of Goods Solda $20.000 ( Manufacturing head wanded by $20000 Com of Goods State o $475,000

10 The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overheed applied to Work in Process was $73.000 The Corporation's Cost of Goods Sold wes $451000 prior to closing out its Manufacturing Ovemend account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true Multiple Choice $471000 Mango $401000 Manufacturing overhead $2000 oped by $20000 Ca of Good pled by $20.000 Cet of Goods Solda $20.000 ( Manufacturing head wanded by $20000 Com of Goods State o $475,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Cost of raw materials $132,000 2. Indirect materials $31,000 3. Indirect labor cost $19,000 4. Cost of goods manufactured $503,000 5. Unadjusted cost of goods sold $477,500 Questions: 1.If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 2. Was manufacturing overhead underapplied or overapplied? By how much? 3. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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24. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: Production Machine-hours Fixed overhead costs Actual 41,000 units 6,020 hours $125,500 What is the amount of fixed overhead allocated to production? A) $117,000.00 B) $123,000.00 C) $125,500.00 D) $128,210.13 Production Machine-hours Fixed overhead costs 25. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: B) $400 unfavorable C) $1,056 favorable D) $1,056 unfavorable Static Budget 39,000 units 5,850 hours $117,000 Actual 53,400 units 1,960 hours $86,520 What is the fixed overhead spending variance? A) $400 favorable Static Budget 53,000 units 2,120 hours $86,920
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2. The company incurred factory overhead cost as follows: Indirect materials $ 28,300Indirect labor 52,300Factory Utilities cost 6,000Factory Depreciation 10,200Journalize the entry to record the actual factory overhead incurred during February.
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000
6. Darrow Company uses a predetemined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 10,000 direct labor-hours and incurred S80,000 of actual manufacturing overhead cost. If overhead was underapplied by $2.000, the predetermined overhead rate for the company for the year must have been: $7.80 $8.00 $8.20 $8.40
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