Question 25 Lakeside, Inc. estimated manufacturing overhead costs for the year at $373,000, based on 181,000 estimated direct labor hours. Actual direct labor hours for the year totaled 192,000. The manufacturing overhead account contains debit entriestotaling $391,000. The Manufacturing Overhead for the year was(Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)O A. $4,520 overallocatedO B. $39,370 underallocatedOC. $4,520 underallocatedO D. $39.370 overallocated

Solution: Overhead rate = Estimated overhead / Estimated DLHs = $373,000 / 181000 = $2.06 per DLH…

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ated manufacturing overhead costs for the year "he Manufacturing Overhead for the vear was the as

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Question 25

Lakeside, Inc. estimated manufacturing overhead costs for the year at $373,000, based on 181,000 estimated direct labor hours. Actual direct labor hours for the year totaled 192,000. The manufacturing overhead account contains debit entries
totaling $391,000. The Manufacturing Overhead for the year was
(Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
O A. $4,520 overallocated
O B. $39,370 underallocated
OC. $4,520 underallocated
O D. $39.370 overallocated

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