Cobalt Corporation applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $98,200 and $112,000, respectively. During the year, actual overhead was $94,300, and actual direct labor cost was $108,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include: A. a debit to Cost of Goods Sold for $300.40 B. a credit to Cost of Goods Sold for $ $394.40 C. a credit to Finished Goods Inventory for 398.80 D. a debit to Work in Process Inventory for 410.00 E. a credit to Factory Overhead for $361.75

The firm's current liabilities total $200,000, and the long-term liabilities are$275,000.

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For the current year, Patterson Company incurred $218,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was overapplied in the amount of $16,500 for the year. If the predetermined overhead rate was $11.75 per direct labor hour, how many direct labor hours were worked during the year?

In Morgan Industries, each unit of finished goods requires 1.5 pounds of direct materials at $3 per pound. In producing 40,000 units, 62,000 pounds of materials are used at $3.20 per pound. What is the materials price variance?

The Aryan Corporation forecasts that total overhead for the current year will be $12,600,000 and total machine hours will be 210,000 hours. However, the actual overhead is $6,400,000 and the actual machine hours are 120,000 hours. If the company uses a predetermined overhead rate based on machine hours for applying overhead, what is predetermined overhead rate? Select one: a) $58 per machine hour b) $60 per machine hour c) $52 per machine hour d) $48 per machine hour

What is the net realizable value of Sean Inc.'s receivable at December 31, 2022?

Financial Accounting Question please answer

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