GEN COMBO FINANCIAL & MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
GEN COMBO FINANCIAL & MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
18th Edition
ISBN: 9781260088830
Author: Jan Williams
Publisher: McGraw-Hill Education
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Chapter 26, Problem 6BE
To determine

Explain the manner in which the given two types of investment would differ, and explain the reason why the associated cash flows are easier or more difficult to estimate.

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Jigar Industries uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. Last year, the company's estimated manufacturing overhead was $900,000, and its estimated level of activity was 40,000 direct labor-hours. The company's direct labor wage rate is $15 per hour. Actual manufacturing overhead amounted to $940,000, with actual direct labor cost of $620,000. For the year, manufacturing overhead was__. (Over-applied or Under-applied)
Total fixed costs?
Maverick Manufacturing uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In October, the company completed job Y72K, which consisted of 30,000 units of one of the company's standard products. No other jobs were in process during the month. The total manufacturing cost for job Y72K, according to its job cost sheet, was $1,500,000. During the month, the actual manufacturing overhead cost incurred was $345,000, while the manufacturing overhead applied was $335,500. Also, 20,000 completed units from job Y72K were sold. No other products were sold during the month. The cost of goods sold that would appear on the income statement for October, after adjustment for any underapplied or overapplied overhead, is closest to: a. $1,009,500 b. $1,500,000 c. $980,700 d. $992,700

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GEN COMBO FINANCIAL & MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD

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