QUESTION 3A company absorbs overheads based on machine hours. Machine hours were budgeced co be 11,250 and budgeted overheads were £258,750.The actual results were 10,980 machine hours with averheads of £254,692. Were overheads over or under absorbed and by how much?Oa Under absorbed by £2.152Ob.Over absorbed by £4,058O. Under absorbed by E4,058Od. Over absorbed by £2,152QUESTION 4A firm has a high level of inventory turnover and uses the Firar in First Out (FIFO) inventory valuation method. In a period of rising purchaseprices what would the value of the dosing inventory units be?Oa Based on the pnces of the first inems recervedOb. Much iower than current purchase pricesOc The average of all goods purchased in the periodO d. Close to current purchase prices

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A company absorbs overheads based on machine hours. Machine hours were budgeced to be 11,250 and budgeced overheads were £258,750. The actual results were 10,980 machine hours with overheads of E254.692 Were overheads over or under absorbed and by how much? Oa Under absorbed by 2.152 O&Over absorbed by 54.058 Oc Under absorbed by E4,058 Oa Over absorbed by E2152

A company absorbs overheads based on machine hours. Machine hours were budgeced to be 11,250 and budgeced overheads were £258,750. The actual results were 10,980 machine hours with overheads of E254.692 Were overheads over or under absorbed and by how much? Oa Under absorbed by 2.152 O&Over absorbed by 54.058 Oc Under absorbed by E4,058 Oa Over absorbed by E2152

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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c) Having carried out the allocation and apportionment process of its operations, the management accountant of Flowers Ltd is left with the reapportionments to carry out. The data below represent the current state of the overhead distribution summary and the additional detail that is needed to answer the question that follows. Flower Ltd overhead distribution summary Production department T M Amount in Amount in Kes Kes 25,000 20,000 Total b/d Reapportionment percentages A (%) B (%) Required Production department M T 30 20 20 25 F Amount in Kes 30,000 F 25 30 i. The repeated distribution method ii. Algebraic method Service department A Amount in Kes 10,000 Service department A - B Amount in Kes 20,000 25 B 25 a) Reapportion the service department overheads into the production departments on the basis of each of the following:
am. 514.
What two accounts are affected when other manufacturing overhead costs incurred during the year totaled $676,000
Complete the following (assume $93,500 of overhead to be distributed): (Round the "Ratio" to 2 decimal places.) Amount of Overhead Square Feet Ratio Allocated Department A Department B 15,040 31,960
7
Assume that prior to period-end adjustments, Latonya Company reported Cost of Goods Sold of $15,000, and Sales of $85,000. If Latonya Company had underapplied manufacturing overhead of $5,000, what amount c income statement, after adjustments? O $75,000 O $80,000 O $65,000 O $85,000
A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000 manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These bala are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129.000 Ob. OMR195.700 Oc None of the answers given
The following information was taken from the record of Anton Manufacturing Inc.: Increase in finished goods, P100,000; Increase in work process, P110,000; Decrease in raw materials P96,00O; Total cost placed in process, P5,000,000; Materials purchases, P960,000; Direct labor, P880,000; Work in process, beg. P1,600,000. How much factory in overhead was applied to production? * Your answer
The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
ess Accounting 1B rses/ BAC1200 / General / SUPPLEMENTARY ASSESSMENT (SECOND OPPORTUNITY) A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of the year the company estimated that the direct labour hours were 10 000 hours. During the year, the actual direct labour hours and actual manufacturing overheads costs incurred were 12 000 hours and NS350 000, respectively. The amount of factory overheads estimated at the beginning of the period was: on Answer. PREVIQUS PAGE NEXT PAGE Type here to search
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