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CORPORATE FINANCE MANAGERIAL ACCOUNTING
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Dagger Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $423,870. At the end of the year, actual direct labor-hours for the year were 19,400 hours, manufacturing overhead for the year was underapplied by $5,650, and the actual manufacturing overhead was $418,870. The predetermined overhead rate for the year must have been closest to:
A) $21.59
B) $20.76
C) $21.30
D) $21.85
Dagger Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of t...
C) $21.30
Underapplied (overapplied) manufacturing overhead = Actual manufacturing overhead - Manufacturing overhead appliedManufacturing overhead applied = Actual manufacturing overhead - Underapplied manufacturing overhead= $418,870 - $5,650= $413,220Predetermined overhead rate = Estimated total manufacturing overhead ÷ Estimated total amount of the allocation base = $413,220 ÷ 19,400 direct labor-hours = $21.30 per direct labor-hour
Galbraith Corporation applies overhead cost to jobs on the basis of 70% of direct labor cost. If Job 201 shows $28,000 of manufacturing overhead applied, the direct labor cost on the job was:
A) $40,000
B) $19,600
C) $28,000
D) $36,400
Galbraith Corporation applies overhead cost to jobs on the basis of 70% of direct labor cost. If Job...
A) $40,000
Manufacturing overhead applied = Predetermined overhead rate × Amount of the allocation base incurred$28,000 = 0.70 × Direct labor costDirect labor cost = $28,000 ÷ 0.70 = $40,000
Arvay Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $62,000 and the total of the credits to the account was $52,000. Which of the following statements is true?
A) Actual manufacturing overhead incurred during the month was $52,000.
B) Manufacturing overhead applied to Work in Process for the month was $62,000.
C) Manufacturing overhead for the month was underapplied by $10,000.
D) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $62,000.
Arvay Corporation has provided data concerning the Corporation's Manufacturing Overhead account for...
C) Manufacturing overhead for the month was underapplied by $10,000.
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