select choice Flagler, Inc. disposes of under or overapplied overhead at year-end asan adjustment to the cost of goods sold. Prior to disposal, the firmreported a cost of goods sold of $590,000 in a year whenmanufacturing overhead was underapplied by $15,000. If sales revenuetotaled $1,400,000, determine (1) Flagler's adjusted cost of goods soldand (2) gross margin.Adjusted Cost of Goods SoldGross MarginA$ 5,75,000$ 8,10,000B$ 5,75,000$ 8,25,000C$ 5,90,000$ 8,10,000D$ 6,05,000$ 7,95,000E$ 6,05,000$ 8,10,0001. Choice A2. Choice B3. Choice C4. Choice D5. Choice E

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Answered: Flagler, Inc. disposes of under or…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 18E: Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory...

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Renfro, Inc. was franchised on January 1, 2016. At the end of its third year of operations, December 31, 2018, management requested a study to determine what effect different materials inventory costing methods would have had on its reported net income over the three-year period. The materials inventory account, using LIFO, FIFO, and weighted average, would have had the following ending balances: a. Assuming the same number of units in ending inventory at the end of each year, were material costs rising or falling from 2016 to 2018? b. Which costing method would show the highest net income for 2017? c. Which method would show the lowest net income for 2018? d. Which method would show the highest net income for the three years combined?
Flatcher, inc. dispose of under or overapplied give me answer
Please provide this question solution general accounting
Assume that prior to period-end adjustments, Latonya Company reported Cost of Goods Sold of $15,000, and Sales of $85,000. If Latonya Company had underapplied manufacturing overhead of $5,000, what amount c income statement, after adjustments? O $75,000 O $80,000 O $65,000 O $85,000
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The following information relates to Jarden Industries for fiscal 2020, the company's first year of operation: Units produced Units sold Units in ending inventory Fixed manufacturing overhead Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using full costing. (Round fixed manufacturing overhead per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using variable costing. 150,000 120,000 30,000 $900,000 Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be included in ending inventory under full costing and reconcile it to the difference between parts a and b. Fixed manufacturing overhead in ending inventory $ FMOH expensed under variable costing FMOH expensed under full costing Difference 1
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A company manufactured 1000 units of a product during the year and sold 850 units. Costs incurred during the current year are as follows: Direct materials and direct labour OMR 10000, other production overheads OMR 5000, and advertising OMR 3000. What amount should be reported as inventory in the company's year-end balance sheet? a. 15000. b. 3000. c. 2250. d. 1500.
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