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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- 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.iven a predetermined overhead rate of $1.60 per direct labor hour, a capacity of 50,000 hours and 42,000 actual hours, the cost of unused capacity isQuestion Content Area Product J is one of the many products manufactured and sold by Oceanside Company. An income statement by product line for the past year indicated a net profit for Product J of $2,750. This net profit resulted from sales of $275,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost of goods sold represents fixed factory overhead costs and that 40% of the operating expense is fixed. If Product J is retained, the revenue, costs, and expenses are not expected to change significantly from those of the current year. Because of the large number of products manufactured, the total fixed costs and expenses are not expected to decline significantly if Product J is discontinued. Question Content Area Prepare a differential analysis report dated February 8 of the current year. If an amount is zero, enter "0". If required, use a minus sign to indicate a loss. Differential AnalysisContinue (Alternative 1) or…
- View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $RESET Obj. 2 BE 16-6 Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished goods inventory was 25,000 units at $310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow. Cancel DoneTorio.cam/secured#lockdown Manufacturing overhead was estimated to be $489,600 for the year along with 20,400 direct lebor hours. Actual manufacturing overhead was $470,220, and actual labor hours were 21,800. The predetermined manufacturing overhead rate per direct labor hour would be nabled: Exam 1(Ch 1-4)0 Multiple Choice $0.07. $23.05 $24.00. $22.75
- 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:…Given the following cost and activity observations for Smithson Company’s utilities, use the high-low method to determine Smithson's fixed costs per month. Do not round intermediate computations. Cost Machine Hours January $88,390 9,700 February 156,150 18,500 March 110,360 12,500 April 126,390 14,600 a. $11,000 b. $13,700 c. $23,300 d. $43,800A 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 $348,000
- ALL 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--/1 Question 22 View Policies Current Attempt in Progress The predetermined overhead rate for Coronado Industries is $5, comprised of a variable overhead rate of $3 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $150000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $5. Actual overhead for June was $12680 variable and $8040 fixed, and standard hours allowed for the product produced in June was 4000 port hours. The total overhead variance is O $720 F. O $4040 F. O $4040 U. O $720 U. hp ins f12 f11 f10 prt sc f9 144 f8 f7 f6 f5 4+ 8 %3D C 60 To 96Question Content Area A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (20,000 units): Line Item Description Amount Amount Direct materials $180,000 Direct labor 240,000 Variable factory overhead 280,000 Fixed factory overhead 100,000 $800,000 Operating expenses: Variable operating expenses $130,000 Fixed operating expenses 50,000 180,000 If 1,600 units remain unsold at the end of the month, the amount of inventory that would be reported on the variable costing balance sheet is a. $78,400 b. $56,000 c. $66,400 d. $64,000
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