N1.Account credit $12,500Ⓒdebit $12,500credit $26,562.50credit $42,500debit $21,250 The Oklahoma State Company produces 9-volt batteries and AAA batteries. The company uses aplant-wide rate to apply overhead based on direct labor hours. The following data are given:Actual overheadEstimated OverheadEstimated activity:9-volt batteryAAA batteryActual activity:9-volt batteryAAA batteryUnits produced:9-volt batteryAAA batteryWork in process inventoryFinished goods inventoryCost of goods sold100,000 direct labor hours400,000 direct labor hours$325,000125,000 direct labor hours$350,000400,000 direct labor hours$200,000If Oklahoma State uses the pro-ration approach to dispose of over-/under-allocated overhead andthe accounts below had the following balances, how will cost of goods sold be adjusted?Raw materials inventory$100,000$200,000$500,000500,000250,000

The overhead is said to be over applied when actual overhead cost is more than the applied overhead…

The Oklahoma State Company produces 9-volt batteries and AAA batteries. The company uses a plant-wide rate to apply overhead based on direct labor hours. The following data are given: Actual overhead Estimated Overhead Estimated activity: 9-volt battery AAA battery Actual activity: 9-volt battery AAA battery Units produced: 9-volt battery AAA battery Raw materials inventory Work in process inventory Finished goods inventory Cost of goods sold 100,000 direct labor hours 400,000 direct labor hours $325,000 125,000 direct labor hours $350,000 400,000 direct labor hours $200,000 If Oklahoma State uses the pro-ration approach to dispose of over-/under-allocated overhead and the accounts below had the following balances, how will cost of goods sold be adjusted? $100,000 $200,000 $500,000 500,000 250,000

The Oklahoma State Company produces 9-volt batteries and AAA batteries. The company uses a plant-wide rate to apply overhead based on direct labor hours. The following data are given: Actual overhead Estimated Overhead Estimated activity: 9-volt battery AAA battery Actual activity: 9-volt battery AAA battery Units produced: 9-volt battery AAA battery Raw materials inventory Work in process inventory Finished goods inventory Cost of goods sold 100,000 direct labor hours 400,000 direct labor hours $325,000 125,000 direct labor hours $350,000 400,000 direct labor hours $200,000 If Oklahoma State uses the pro-ration approach to dispose of over-/under-allocated overhead and the accounts below had the following balances, how will cost of goods sold be adjusted? $100,000 $200,000 $500,000 500,000 250,000

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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