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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If fixed costs are $234,000, the unit selling price is $123, and the unit variable costs are $80, what is the break-even sales (units)? a.5,442 units b.1,902 units c.1,153 units d.2,925 units At the end of the year, overhead applied was $3,728,000. Actual overhead was $3,377,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $702,000 b.increase by $351,000 c.decrease by $351,000 d.increase by $702,000 Bryce Co. sales are $881,000, variable costs are $460,800, and operating income is $288,000. What is the contribution margin ratio? a.47.7% b.52.3% c.57.5% d.43.4%
Sales revenue is $725,700; allocated manufacturing overhead is $95,100; actual manufacturing overhead is $120,500; and cost of goods sold before adjustment is $380,300. What is the actual gross profit? Question 47 options: $224,900 $320,000 $370,800 $345,400
Garrett Company provided the following information: Common fixed cost totaled $46,000. Garrett allocates common fixed cost to Product 1and Product 2 on the basis of sales. If Product 2 is dropped, which of the following is true?a. Sales will increase by $300,000.b. Overall operating income will increase by $2,600.c. Overall operating income will decrease by $25,000.d. Overall operating income will not change.e. Common fixed cost will decrease by $27,600.
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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.
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At the end of the accounting period Tubman, Inc. reports operating income of $50,000, a contribution margin of $15, and a fixed overhead rate of $6 per unit. Under variable costing, if this company produces 100 more units of inventory, then operating income: a. will increase by $1,500 b. will decrease by $1,500 c. will increase by $900 d. will decrease by $900 e. will increase by $600 f. will decrease by $600 g. will not be affected h. Cannot be determined
Farrow Company reports the following annual results. Contribution Margin Income Statement Sales (440,000 units) Variable costs Direct materials Direct labor Overhead Contribution margin. Fixed costs Fixed overhead Fixed general and administrative Income Per Unit $15.00 2.00 4.00 2.50 6.50 2.00 1.50 $ 3.00 (a) Compute the income or loss for the special offer. (b) Should the company accept or reject the special offer? Required A Required B Annual Total $ 6,600,000. 880,000 1,760,000 1,100,000 2,860,000 The company receives a special offer for 44,000 units at $12 per unit. The additional sales would not affect its normal sales. Variable costs per unit would be the same for the special offer as they are for the normal units. The special offer would require incremental fixed overhead of $176,000 and incremental fixed general and administrative costs of $189,000. 880,000 660,000 $ 1,320,000 Complete this question by entering your answers in the tabs below.

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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