SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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What is the amount of fixed manufacturing overhead absorption costing?
At the beginning of the year, manufacturing overhead for the year was estimated to be $318,500. At the end of the year, the actual direct labor hours for the year were 32,700 hours, the actual manufacturing overhead for the year was $315,200, and the manufacturing overhead for the year was overapplied by $17,300. If the predetermined overhead rate is based on direct labor hours, then the estimated direct labor hours at the beginning of the year used in the predetermined overhead rate must have been___.
Kantor Co. had installment sales of $1,200,000 and cost of installment sales of $900,000 in 2005. A 2005 sale resulted in a default in 2007, at which time the balance of the installment receivable was $40,000. The repossessed merchandise had a fair value of $18,000. Calculate the rate of gross profit on 2005 installment sales. Right answer
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