Chapter 4, Problem 2P

Which of the following choices is the correct status of manufacturing overhead at year-end?

Morris Corporation applies manufacturing overhead at the rate of $40 per machine hour. Budgeted machine hours for the current period were anticipated to be 200,000; however, higher than expected production resulted in actual machine hours worked of 225,000. Budgeted and actual manufacturing overhead figures for the year were $8,000,000 and $8,750,000, respectively. On the basis of this information, the company's year-end overhead was: A. overapplied by $250,000 B. underapplied by $250,000 C. overapplied by $750,000 D. underapplied by $750,000

At the beginning of the year, manufacturing overhead for the year was estimated to be $560,000. At the end of the year, actual labor hours for the year were 35,000 hours, the actual manufacturing overhead for the year was $590,000, and the manufacturing overhead for the year was underapplied by $30,000. If the predetermined overhead rate is based on direct labor hours, then the estimated labor hours at the beginning of the year used in the predetermined overhead rate must have been ___ hours.

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Can you solve this general accounting problem using accurate calculation methods?

Determine the total manufacturing costs?

Prada manufacturing had a work in process balance of 72000

Lyndon Advisory Group, a consulting firm, had accounts receivable of $22,000 on May 31. During June, payments from customers on account totaled $13,500. At the end of June, Lyndon had accounts receivable amounting to $25,000. What was the amount of consulting services provided to customers on credit during the month of June?

Grant Corporation owns 20% of the common stock of Tanner Industries and uses the fair-value method to account for this investment. Tanner reported net income of $175,000 for 2023 and paid dividends of $95,000 on October 15, 2023. How much income should Grant recognize on this investment in 2023? a. $35,000 b. $19,000 c. $54,000 d. $11,500 e. $70,000