Q.1 Accounting Questions: 8 PTS Q.3 Work in Process, January 1 Amount ($) 48,500 Charm Industries is a job lot manufacturer. The budget for the Using the information below for Silver Bells, Inc., determine the cost of goods month of July calls for 7,500 direct labor hours to be worked. manufactured for the year: Budgeted overhead is $75,000 with a predetermined rate of $9 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 7,800 and actual overhead spending was $85,500. What was the under-applied or over- applied overhead for the month of July? Over-applied is shown as a negative number. Q.2 Work in Process, December 31 35,600 Total Factory Overhead Direct Materials Used Direct Labor Used 7,400 14,800 29,300 a. $70,500 b. $99,200 c. $58,300 d. $51,600 e. $15,400 Q.4 A company has net credit sales of $1,225,000, beginning net Mason Ltd. had net sales of $215,700 for the year ended December 31, 2022. accounts receivable of $310,000, and ending net accounts Its beginning and ending total assets were $82,300 and $120,400, receivable of $250,000. What is the days' sales in accounts respectively. Determine Mason's asset turnover ratio for the year ended receivable? (Round to the nearest whole day.) December 31, 2022.
Q.1 Accounting Questions: 8 PTS Q.3 Work in Process, January 1 Amount ($) 48,500 Charm Industries is a job lot manufacturer. The budget for the Using the information below for Silver Bells, Inc., determine the cost of goods month of July calls for 7,500 direct labor hours to be worked. manufactured for the year: Budgeted overhead is $75,000 with a predetermined rate of $9 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 7,800 and actual overhead spending was $85,500. What was the under-applied or over- applied overhead for the month of July? Over-applied is shown as a negative number. Q.2 Work in Process, December 31 35,600 Total Factory Overhead Direct Materials Used Direct Labor Used 7,400 14,800 29,300 a. $70,500 b. $99,200 c. $58,300 d. $51,600 e. $15,400 Q.4 A company has net credit sales of $1,225,000, beginning net Mason Ltd. had net sales of $215,700 for the year ended December 31, 2022. accounts receivable of $310,000, and ending net accounts Its beginning and ending total assets were $82,300 and $120,400, receivable of $250,000. What is the days' sales in accounts respectively. Determine Mason's asset turnover ratio for the year ended receivable? (Round to the nearest whole day.) December 31, 2022.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter4: Job-order Costing And Overhead Application
Section: Chapter Questions
Problem 62P: (Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith...
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Transcribed Image Text:Q.1
Accounting Questions: 8 PTS
Q.3
Work in Process, January 1
Amount ($)
48,500
Charm Industries is a job lot manufacturer. The budget for the Using the information below for Silver Bells, Inc., determine the cost of goods
month of July calls for 7,500 direct labor hours to be worked. manufactured for the year:
Budgeted overhead is $75,000 with a predetermined rate of $9
per hour. Overhead is applied based on actual direct hours
worked. Actual direct hours were 7,800 and actual overhead
spending was $85,500. What was the under-applied or over-
applied overhead for the month of July? Over-applied is shown
as a negative number.
Q.2
Work in Process, December 31 35,600
Total Factory Overhead
Direct Materials Used
Direct Labor Used
7,400
14,800
29,300
a. $70,500 b. $99,200 c. $58,300 d. $51,600 e. $15,400
Q.4
A company has net credit sales of $1,225,000, beginning net Mason Ltd. had net sales of $215,700 for the year ended December 31, 2022.
accounts receivable of $310,000, and ending net accounts Its beginning and ending total assets were $82,300 and $120,400,
receivable of $250,000. What is the days' sales in accounts respectively. Determine Mason's asset turnover ratio for the year ended
receivable? (Round to the nearest whole day.)
December 31, 2022.
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