Good sold would cause net income to AT THE END OF THE YEAR, OVERHEAD APPLIEDWAS $4,150,000, WHILE ACTUAL OVERHEADWAS$3,720,000.CLOSINGOVER/UNDERAPPLIED OVERHEAD INTO COSTOF GOODS SOLD WOULD CAUSE NET INCOMETO:A. INCREASE BY $430,000B. INCREASE BY $860,000C. DECREASE BY $860,000D. DECREASE BY $430,000

Explanation of Over/Underapplied Overhead:Over/underapplied overhead refers to the difference…

Answered: AT THE END OF THE YEAR, OVERHEAD…

Principles of Accounting Volume 2

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Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much?
At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing over/under applied overhead into cost of goods sold would cause net income to: O Decrease by $300,000 O Remain constant O Increase by $700,000 O Decrease by $700,000
At the end of the year, overhead applied was $3,691,000. Actual overhead was $3,451,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to Oa. increase by $480,000 Ob. decrease by $240,000 Oc. increase by $240,000 Od. decrease by $480,000
Assume that actual overhead is $613,000 in a given year, the overhead rate is $10 per unit, 60,000units were sold, and 59,000 units were produced. For the end of the year, is overhead underapplied oroverapplied? By how much?
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The accounting records of ABC Corp shows the following: Increase of RM if 45,000; decrease din FG Inventory of 150,000; Purchases of raw materials of 1,290,000; Direct labor payroll of 600,000; Factory overhead of 900,000 (excludes indirect labor and indirect material of 10,000 and 20,000, respectively); Freight out of 135,000; Transportation in of 60,000 and decrease in WIP of 80,000. The cost of direct materials used for the period is?
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Jellico Inc.’s projected operating income (based on sales of 450,000 units) for the coming year isas follows:TotalSales $11,700,000Total variable cost 8,190,000Contribution margin $ 3,510,000Total fixed cost 2,254,200Operating income $ 1,255,800Required:1. Compute: (a) variable cost per unit, (b) contribution margin per unit, (c) contribution margin ratio, (d) break-even point in units, and (e) break-even point in sales dollars.2. How many units must be sold to earn operating income of $296,400?3. Compute the additional operating income that Jellico would earn if sales were $50,000 morethan expected.4. For the projected level of sales, compute the margin of safety in units, and then in salesdollars.5. Compute the degree of operating leverage. (Note: Round answer to two decimal places.)6. Compute the new operating income if sales are 10% higher than expected.
During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Sales (@ $63 per unit) Cost of goods sold (@ $36 per unit) Gross margin Selling and administrative expenses* Net operating income *$3 per unit variable; $255,000 fixed each year. The company's $36 unit product cost is computed as follows: Year 1 $ 1,008,000 576,000 432,000 303,000 $ 129,000 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($273,000 ÷ 21,000 units) Absorption costing unit product cost Production and cost data for the first two years of operations are: Units produced Units sold Year 1 21,000 16,000 Year 2 21,000 26,000 Year 2 $ 1,638,000 936,000 702,000 333,000 $ 369,000 $9 12 2 13 $36 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net…
Calculate the breakeven revenue (see Ch 5 p 107) where Total fixed costs are $78,000 and Gross profit is $250,000 and net sales is $375,000

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AT THE END OF THE YEAR, OVERHEAD APPLIED WAS $4,150,000, WHILE ACTUAL OVERHEAD WAS $3,720,000. CLOSING OVER/UNDERAPPLIED OVERHEAD INTO COST OF GOODS SOLD WOULD CAUSE NET INCOME TO: A. INCREASE BY $430,000 B. INCREASE BY $860,000 C. DECREASE BY $860,000 D. DECREASE BY $430,000