23.During last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 overapplied. Use the following incomplete accounts to determine the cost of goods sold. Goods in Process Inventory Beg Bal 10,000 DM 80,000 DL. OH End. Bal 20,000 ? COGM ? Factory Overhead 50.000 A.$130,000 B.$170,000 C.$40,000 D.$60,000 E.$90,000 Finished Goods Inventory Beg. Bal 30,000 ? End. Bal. 70.000

23.During last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 overapplied. Use the following incomplete accounts to determine the cost of goods sold. Goods in Process Inventory Beg Bal 10,000 DM 80,000 DL. OH End. Bal 20,000 ? COGM ? Factory Overhead 50.000 A.$130,000 B.$170,000 C.$40,000 D.$60,000 E.$90,000 Finished Goods Inventory Beg. Bal 30,000 ? End. Bal. 70.000

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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Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000
Manufacturing overhead has an underallocated balance of $12,400; raw materials inventory balance is $145,500; work in process inventory is $122,800; finished goods inventory is $140,300; and cost of goods sold is $170,500. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold? Question 44 options: $12,400 $182,900 $170,500 $158,100
Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
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Determine the missing amount for each separate situation involving manufacturing costs. Direct materials used Direct labor used Factory overhead Total manufacturing costs $ (1) 10,000 $ 6,000 7,000 $ (2) 16,000 25,000 52,000 $ (3) 20,000 24,000 74,000