4 Olympia Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the beginning of the year, Olympia estimated total manufacturing overhead costs at $1,010,000 and total direct labor costs at $820,000. In June,Job 511 was completed. The details of Job 511 are shown below.Direct materials costDirect labor cost$24,000$13,000Direct labor hours500 hoursUnits of product produced500 hoursWhat is the amount of manufacturing overhead costs allocated to Job 511? (Round any percentages to two decimal places and your final answer to the nearest dollar.)O A. $29,561O B. $10,554OC. $19,485O D. $16,012

The following data is provided : Total manufacturing overhead = $1,010,000 Total Direct labor costs…

Olympia Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the beginning of the year, Olympia estimated total manufacturing overhead costs at $1,010,000 and total direct labor costs at $820,000. In June, Job 511 was completed. The details of Job 511 are shown below. $24,000 $13,000 Direct materials cost Direct labor cost Direct labor hours Units of product produced 500 hours 500 hours

Olympia Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the beginning of the year, Olympia estimated total manufacturing overhead costs at $1,010,000 and total direct labor costs at $820,000. In June, Job 511 was completed. The details of Job 511 are shown below. $24,000 $13,000 Direct materials cost Direct labor cost Direct labor hours Units of product produced 500 hours 500 hours

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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

Olympia Manufacturing uses a predetermined overhead allocation rate based on direct labor cost. At the beginning of the year, Olympia estimated total manufacturing overhead costs at $1,010,000 and total direct labor costs at $820,000. In June,
Job 511 was completed. The details of Job 511 are shown below.
Direct materials cost
Direct labor cost
$24,000
$13,000
Direct labor hours
500 hours
Units of product produced
500 hours
What is the amount of manufacturing overhead costs allocated to Job 511? (Round any percentages to two decimal places and your final answer to the nearest dollar.)
O A. $29,561
O B. $10,554
OC. $19,485
O D. $16,012

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