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X Your answer is incorrect. What was the balance in Cost of Goods Sold if the entire amount of under-or overapplied overhead was closed to that account? Balance in Cost of goods sold 1931540

X Your answer is incorrect. What was the balance in Cost of Goods Sold if the entire amount of under-or overapplied overhead was closed to that account? Balance in Cost of goods sold 1931540

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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EC 4 Q 4

Please help with part d and provide a full explanation. 

At the end of the year, but before an adjustment had been made to close Manufacturing Overhead Control, A-1 Frames had the following account balances: Raw Materials Inventory $ 126,870 Work in Process Inventory $ 147,660 Finished Goods Inventory $ 343,200 Cost of Goods Sold $ 1,959,640 At the beginning of the year, management had estimated that total manufacturing overhead would be $590,520 and had planned to apply overhead to jobs based on an estimated use 42,180 of machine hours. The actual number of machine hours used during the year was 49,600, and actual manufacturing overhead cost for the year was $722,500. (a) Your answer is correct. What predetermined overhead rate did the company use throughout the year? (Round answer to 2 decimal places, e.g. 15.25.) Predetermined overhead rate 14 /machine hour eTextbook and Media Attempts: 1 of 3 used
Transcribed Image Text:At the end of the year, but before an adjustment had been made to close Manufacturing Overhead Control, A-1 Frames had the following account balances: Raw Materials Inventory $ 126,870 Work in Process Inventory $ 147,660 Finished Goods Inventory $ 343,200 Cost of Goods Sold $ 1,959,640 At the beginning of the year, management had estimated that total manufacturing overhead would be $590,520 and had planned to apply overhead to jobs based on an estimated use 42,180 of machine hours. The actual number of machine hours used during the year was 49,600, and actual manufacturing overhead cost for the year was $722,500. (a) Your answer is correct. What predetermined overhead rate did the company use throughout the year? (Round answer to 2 decimal places, e.g. 15.25.) Predetermined overhead rate 14 /machine hour eTextbook and Media Attempts: 1 of 3 used
Your answer is correct. By how much is overhead under- or overapplied? (Indicate whether under or over.) (Input the amount as a positive value.) Overhead is underapplied v by $ 28100 eTextbook and Media Attempts: 1 of 3 used (F X Your answer is incorrect. What was the balance in Cost of Goods Sold if the entire amount of under-or overapplied overhead was closed to that account? Balance in Cost of goods sold $ 1931540 eTextbook and Media Attomptc- 1 of 3uced Cubi A %24
Transcribed Image Text:Your answer is correct. By how much is overhead under- or overapplied? (Indicate whether under or over.) (Input the amount as a positive value.) Overhead is underapplied v by $ 28100 eTextbook and Media Attempts: 1 of 3 used (F X Your answer is incorrect. What was the balance in Cost of Goods Sold if the entire amount of under-or overapplied overhead was closed to that account? Balance in Cost of goods sold $ 1931540 eTextbook and Media Attomptc- 1 of 3uced Cubi A %24
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