Question Content Area At the end of the year, overhead applied was $3,772,000. Actual overhead was $3,472,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $300,000 b. increase by $300,000 c. decrease by $600,000 d. increase by $600,000
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Question Content Area
At the end of the year,
overhead applied was $3,772,000. Actual overhead was $3,472,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income toa. decrease by $300,000b. increase by $300,000c. decrease by $600,000d. increase by $600,000
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- 6Garfield Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory Fixed manufacturing overhead in production Ending fixed manufacturing overhead in inventory $210,000 800,000 70,000 Beginning variable manufacturing overhead in inventory Variable manufacturing overhead in production Ending variable manufacturing overhead in inventory What is the difference between operating incomes under absorption costing and variable costing? OA. $10,000 OB. $80,000 O C. $100,000 O D. $140,000 $30,000 100,000 30,000Question Content Area A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (17,100 units): Direct materials $181,600 Direct labor 228,800 Variable factory overhead 257,800 Fixed factory overhead 94,500 $762,700 Operating expenses: Variable operating expenses $123,200 Fixed operating expenses 43,800 167,000 If 1,500 units remain unsold at the end of the month, the amount of inventory that would be reported on the variable costing balance sheet is
- Question 2 a)At the end of the year, Era Sdn. Bhd. provided the following actual information: Overhead RM 412,600 Direct Labor Cost 532,000 Ilham uses normal costing and applies overhead at the rate of 75% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was RM 1,670,000. Required: i) Calculate the overhead variance for the year. ii) Dispose of the overhead variance by adjusting the Cost of Goods Sold.Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 44,000 units during the month with the following unit costs: Direct materials $5.80 Direct labor 3.80 Variable overhead 1.90 Fixed overhead* 7.80 Variable marketing cost 1.60 * Fixed overhead per unit = $343,200 / 44,000 units produced = $7.80 Total fixed factory overhead is $343,200 per month. During October, 42,900 units were sold at a price of $27, and fixed marketing and administrative expenses were $110,900. Required: Question Content Area 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $fill in the blank 4d8e7ff35fc6014_1 per unit 2. How many units remain in ending inventory?fill in the blank 4d8e7ff35fc6014_2 units What is the cost of ending inventory using variable costing?$fill in the blank 4d8e7ff35fc6014_3 Question Content Area 3. Prepare a variable-costing…
- Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…A partial listing of costs incurred at Backer Corporation during November appears below: Direct materials $157,000 Direct labor Manufacturing Overhead Selling Expenses Administrative Expenses 114,000 77,000 145,000 99,000 Calculate the total conversion costs for the month: Question 6 options: $234,000 $191,000 $271,000 $244,000 $348,000Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 46,000 units during the month with the following unit costs: Direct materials $5.50 Direct labor 3.50 Variable overhead 1.75 Fixed overhead* 7.50 Variable marketing cost 1.45 * Fixed overhead per unit = $345,000 / 46,000 units produced = $7.50 Total fixed factory overhead is $345,000 per month. During October, 44,700 units were sold at a price of $25.75, and fixed marketing and administrative expenses were $128,000. Required: 1. Calculate the cost of each unit using variable costing. Round your final answer to the nearest cent. $ per unit 2. How many units remain in ending inventory? units What is the cost of ending inventory using variable costing?
- High-Low Method for a Service Company Continental Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Continental Railroad is a measure of railroad operating activity, termed "gross-ton miles," which is the total number of tons multiplied by the miles moved. January February March April May June Transportation Costs Gross-Ton Miles $536,200 225,000 597,800 252,000 422,500 163,000 573,200 244,000 480,700 196,000 616,300 265,000 Determine the variable cost per gross-ton mile and the total fixed cost. Variable cost (Round to two decimal places.) Total fixed cost peHigh-Low Method for a Service Company Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Boston Railroad is a measure of railroad operating activity, termed “gross-ton miles,” which is the total number of tons multiplied by the miles moved. Transportation Costs Gross-Ton Miles January $1,061,200 303,000 February 1,183,200 338,000 March 836,200 219,000 April 1,134,400 328,000 May 951,400 263,000 June 1,219,800 356,000 Determine the variable cost per gross-ton mile and the fixed cost. Variable cost (Round to two decimal places.) $fill in the blank 1 per gross-ton mile Total fixed cost $fill in the blank 2ALL Acme Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor $172 0 9,700 9,300 400 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $33 $75 $21 $25 $145,500 $ 10,300
