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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Compute conversion costs given the following data: direct materials, $353,000; direct labor, $208,700; factory overhead, $186,300 and selling expenses, $39,400.
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Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 Under- or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Oa. $1,440,000. Ob. $640,000. Oc. $960,000. Od. $1,040,000.
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2.
A company expected its annual overhead costs to be $813200 and machine hours to equal 107000 hours. Actual overhead was $749000, and actual machine hours totalled 98000 hours. How much overhead was over or underapplied? $4200 underapplied O $68400 underapplied O $69000 over-applied O $64400 underapplied
ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?
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Subject: accounting