At the end of the year, overhead applied was $3,657,000. Actual overhead was $3,326,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $662,000 Ob. increase by $662,000 Oc. increase by $331,000 Od. decrease by $331,000
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At the end of the year,
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- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing over/under applied overhead into cost of goods sold would cause net income to: O Decrease by $300,000 O Remain constant O Increase by $700,000 O Decrease by $700,000The quarterly production and overhead costs for the year are shown below. Quarter Production (units) Overheads 14,900 $66000 2 5,200 $69,000 3 5,400 $70,000 4 4,400 $60,000 What is the variable overhead cost per unit according to the high-low method?
- A company had opening inventory of 48,500 units and closing inventory of 45,500 units. Profits based on marginal costing were $315,250 and on absorption costing were $288,250. What is the fixed overhead absorption rate per unit? A $5.94 B $6.34 C $6.50 D $9.00If fixed costs are $234,000, the unit selling price is $123, and the unit variable costs are $80, what is the break-even sales (units)? a.5,442 units b.1,902 units c.1,153 units d.2,925 units At the end of the year, overhead applied was $3,728,000. Actual overhead was $3,377,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $702,000 b.increase by $351,000 c.decrease by $351,000 d.increase by $702,000 Bryce Co. sales are $881,000, variable costs are $460,800, and operating income is $288,000. What is the contribution margin ratio? a.47.7% b.52.3% c.57.5% d.43.4%Whipple Company has sales revenue of $585,000. Cost of goods sold before adjustment is $335,000. The company uses machine hours to allocate manufacturing overhead and estimated 10,450 machine hours would be used during the year. For the year, manufacturing overhead was under-allocated by $13,400. The company's actual manufacturing overhead is $91,000. What is the actual gross profit? Select one: a. $250,000 b. $159,000 c. $236,600 d. $104,400 e. $263,400
- 5. Calculate the direct material from the following information: Direct expenses RO 90,000, Direct labor RO 20,000, manufacturing overheads RO 30,000 and prime cost RO 170,000. a.RO 21,000 b.RO18,000 c.RO 60,000 d.RO 20,000 6. Which of the following are used for calculating economic order frequency? i. Total annual consumption ii. No of order per year iii. Buying cost per order iv. 365 days a.i and ii b.ii and iv c.iii and iv d.i and ivRecords at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies $ 40,000 Employee costs 2,900,000 Total overhead 1,300,000 Production was 25,000 billable hours. Fixed overhead was $700,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 5 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected to increase by 5 percent. b. Determine the total costs per billable hour for year 1 and year 2.The following data relate to the Lisle Company for May and August of the current year: May 25,000 $1,175,000 August 29,000 $1,247,000 Maintenance hours Maintenance cost May and August were the lowest and highest activity levels, and Lisle uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 26,000 hours in October, which of the following statements is true? Select one: O a. Total maintenance costs will be $1,175,000. O b. Total maintenance costs will be $1,182,000. Oc. Total maintenance costs will be $1,193,000. O d. Total maintenance costs will be $1,221,000. e. Total maintenance costs will be $1,247,000. Clear my choice tion 23 Maintenance costs at a Tierce Corporation factory are listed below: yet vered Machine-Hours 3,658 Maintenance Cost $52,986 nts out of January February 3,613 $52,580 3,607 3,614 March $52,504 Flag April S52,585 w MacBook Air 20 >> F4 F5 F6 F7 F8 F9 F10 % & 4. 7 8 9. Y U R.
- Records at Hal's Accounting Services show the following costs for year 1. Direct materials and supplies Employee costs Total overhead $ 40,000 2,900,000 1,300,000 Production was 25,000 billable hours. Fixed overhead was $700,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 5 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected to increase by 5 percent. Required: a. Year 2 production is expected to be 20,000 billable hours. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? b. Determine the total costs per billable hour for year 1 and year 2.The following information is available for a company's maintenance cost over the last seven months. Month Units Produced Maintenance Cost June 180 $ 10,900 July 360 13,800 August 240 10,200 September 300 12,000 October 420 13,800 November 480 16, 200 December 120 7,200 Using the high-low method, the variable component of its maintenance cost is:The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inventory of 150,000; Purchases of raw materials of 1,290,000; Direct labor payroll of 600,000; Factory overhead of 900,000 (excludes indirect labor and indirect material of 10,000 and 20,000, respectively); Freight out of 135,000; Transportation in of 60,000 and decrease in WIP of 80,000. The cost of direct materials used for the period is?
