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What amount of prime costs were incurred during 20x10? b) What was the predetermined overhead rate for 20x10? c) Calculate the Cost of Goods Manufactured for 20x10.

What amount of prime costs were incurred during 20x10? b) What was the predetermined overhead rate for 20x10? c) Calculate the Cost of Goods Manufactured for 20x10.

FINANCIAL ACCOUNTING
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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a) What amount of prime costs were incurred during 20x10?

b) What was the predetermined overhead rate for 20x10?

c) Calculate the Cost of Goods Manufactured for 20x10.

d) Calculate the Cost of Goods Sold for 20x10.

e) What balance exists at the end of 20x10 in the manufacturing overhead account (before the over/underapplied overhead is reallocated).

The following information pertains to Brando Co. for the fiscal year 20x10. This is the businesses first year of operations Budgeted Costs Actual Costs Direct Materials Used 100,000 120,000 Durect Labour Used 200,000 225,000 Variable Overhead 80,000 70,000 Fixed Overhead 280,000 310,000 Actual Direct Labour Hours Expected 13,000 15,000 The ending balances at the end of the year were provided below: Work in Process Inventory 30,000 Finished Goods Inventory 70,000 Cost of Goods Sold ? Overhead is allocated on the basis of direct labour hours
Transcribed Image Text:The following information pertains to Brando Co. for the fiscal year 20x10. This is the businesses first year of operations Budgeted Costs Actual Costs Direct Materials Used 100,000 120,000 Durect Labour Used 200,000 225,000 Variable Overhead 80,000 70,000 Fixed Overhead 280,000 310,000 Actual Direct Labour Hours Expected 13,000 15,000 The ending balances at the end of the year were provided below: Work in Process Inventory 30,000 Finished Goods Inventory 70,000 Cost of Goods Sold ? Overhead is allocated on the basis of direct labour hours
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