CORRECT ANSWER IS C. 5,700 Units Jefferson Inc. has the following information for the month of September. The company applies OH costs usingstandard machine hours as the allocation baseActual ResultsActual variable OH costs242,320Actual fixed OH costs244,200Actual machine hours1,180 MHsActual output1,100 unitsBudget (for 1,000 units)Variable OH2$2,000Fixed OH2$4,000Budged machine hours1,000 MHs2 The total manufacturing overhead is underapplied or overapplied by how much?A. Overapplied byB. Underapplied byC. Underapplied byD. Overapplied byE. None of the above.%24200$ 120$ 3202$$ 80

Solution... Actual manufacturing overhead costs = Variable overhead + fixed overhead = $2,320…

Jefferson Inc. has the following information for the month of September. The company applies OH costs using standard machine hours as the allocation base Actual Results 24 2,320 Actual variable OH costs %24 4,200 1,180 MHs Actual fixed OH costs Actual machine hours 1,100 units Actual output Budget (for 1,000 units) 2$ 4,000 2,000 Variable OH 2$ Fixed OH 1,000 MHs Budged machine hours 2 The total manufacturing overhead is underapplied or overapplied by how much? A. Overapplied by 2$ 2$ 200 120 B. Underapplied by 2$ C. Underapplied by 2$ 320 D. Overapplied by 80 E. None of the above.

Jefferson Inc. has the following information for the month of September. The company applies OH costs using standard machine hours as the allocation base Actual Results 24 2,320 Actual variable OH costs %24 4,200 1,180 MHs Actual fixed OH costs Actual machine hours 1,100 units Actual output Budget (for 1,000 units) 2$ 4,000 2,000 Variable OH 2$ Fixed OH 1,000 MHs Budged machine hours 2 The total manufacturing overhead is underapplied or overapplied by how much? A. Overapplied by 2$ 2$ 200 120 B. Underapplied by 2$ C. Underapplied by 2$ 320 D. Overapplied by 80 E. None of the above.

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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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

CORRECT ANSWER IS C. 5,700 Units

Jefferson Inc. has the following information for the month of September. The company applies OH costs using
standard machine hours as the allocation base
Actual Results
Actual variable OH costs
24
2,320
Actual fixed OH costs
24
4,200
Actual machine hours
1,180 MHs
Actual output
1,100 units
Budget (for 1,000 units)
Variable OH
2$
2,000
Fixed OH
2$
4,000
Budged machine hours
1,000 MHs
2 The total manufacturing overhead is underapplied or overapplied by how much?
A. Overapplied by
B. Underapplied by
C. Underapplied by
D. Overapplied by
E. None of the above.
%24
200
$ 120
$ 320
2$
$ 80

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