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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