Homework Answers
answer is,
option 2 : Deduct From cost of goods manufactured
(hint: cost of goods sold and cost of goods manufactured are not same, cost of goods manufactured will remain in stock for many months)
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Knowledge Check 01 Which of the following is the correct way to adjust overapplied manufacturing overhead?...
Estimated total manufacturing overhead co Actual total manufacturing overhead cost Estimated sachine hours Actual machine hours...
Estimated total manufacturing overhead co Actual total manufacturing overhead cost Estimated sachine hours Actual machine hours 000 hours Knowledge Check 03 Using the information provided by Amilmar Inc., calculate the predetermined overhead rate. Amilmar has determined machine hours to be the appropriate cost driver to allocate overhead costs. $3.79 $1.02 • $3.75 $3.86 Knowledge Check 04 Ammar Inc. has provided this information regarding its overhead costs. It has determined machine hours to be the appropriate cost diver to allocate overhead...
Knowledge Check 02 Stoneside Inc. has provided you with the following information for its Manufacturing Overhead...
Knowledge Check 02 Stoneside Inc. has provided you with the following information for its Manufacturing Overhead account at the end of the period. Actual manufacturing overhead costs incurred total $31,910. The company applied manufacturing overhead cost in the amount of $28,900. What is the overapplied or underapplied manufacturing overhead? Multiple Choice $3,010 Underapplied o $3,010 Overapplied o $5,990 Underapplied o o $5,990 Overapplied
Knowledge Check Question 01: Conversion cost is composed of _______. direct labor and manufacturing overhead (Ans)...
Knowledge Check Question 01: Conversion cost is composed of _______. direct labor and manufacturing overhead (Ans) direct material and manufacturing overhead equivalent units in ending inventory manufacturing overhead Knowledge Check Question 02: Equivalent units is computed using which of the following formulas? Equivalent units = Number of completed units x Percentage completion Equivalent units = Number of partially completed units x Percentage completion (Ans) Equivalent units = Number of completed units x (100% - Percentage completion) Equivalent units = Number...
Knowledge Check Question 01: Conversion cost is composed of direct labor and manufacturing overhead direct material...
Knowledge Check Question 01: Conversion cost is composed of direct labor and manufacturing overhead direct material and manufacturing overhead equivalent units in ending inventory manufacturing overhead Knowledge Check Question 02: Equivalent units is computed using which of the following formulas? Equivalent units = Number of completed units x Percentage completion Equivalent units = Number of partially completed units x Percentage completion Equivalent units = Number of completed units X (100% Percentage completion) Equivalent units = Number of partially completed units...
When closing overapplied manufacturing overhead to Cost of goods Sold, which of the following would be...
When closing overapplied manufacturing overhead to Cost of goods Sold, which of the following would be true?
Knowledge Check 01 Print Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of...
Knowledge Check 01 Print Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of goods manufactured of $320,000; and ending finished goods inventory of $32,000. What is the cost of goods available for sale? Hences
The actual manufacturing overhead incurred at Liberty Industries during May was $59.000, while the manufacturing overhead...
The actual manufacturing overhead incurred at Liberty Industries during May was $59.000, while the manufacturing overhead applied to Work-in-Process was $74,000. The company's Cost of Goods Sold was $289,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to cost of Goods Sold. Which of the following statements is true? Multiple Choice Manufacturing overhead was underapplied by $15.000: Cost of Goods Sold after closing out the Manufacturing Overhead account is $274,000. Manufacturing overhead...
Manufacturing overhead is overapplied for the year by $3,000. The unadjusted cost of goods sold is...
Manufacturing overhead is overapplied for the year by $3,000. The unadjusted cost of goods sold is $360,000. Closing manufacturing overhead into cost of goods sold will result in which of the following? A) A credit balance in manufacturing overhead of $6,000. B) Adjusted cost of goods sold of $360,000. C) Adjusted cost of goods sold of $357,000. D) Adjusted cost of goods sold of $363,000.
Dreckman Inc, uses a job order costing system in which any underappiled or overapplied overhead is...
Dreckman Inc, uses a job order costing system in which any underappiled or overapplied overhead is closed to cost of goods sold at the end of the month. In August the company completed job M27K that consisted of 17000 units of one of the company's standard products. No other jobs were in process during the month The total manufacturing cost for job M27K according to its job cost sheet was 51118.600,hence the per unit product cost is $65.80. During the...
Check my work mode: This shows what is correct or incorrect for the work you have...
Check my work mode: This shows what is correct or incorrect for the work you have complete Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 32,000 $ 4,740 $ 60,000 $ 88, 900 $ 4,160 Inventories Raw materials Work in...
Estimated total manufacturing overhead co Actual total manufacturing overhead cost Estimated sachine hours Actual machine hours 000 hours Knowledge Check 03 Using the information provided by Amilmar Inc., calculate the predetermined overhead rate. Amilmar has determined machine hours to be the appropriate cost driver to allocate overhead costs. $3.79 $1.02 • $3.75 $3.86 Knowledge Check 04 Ammar Inc. has provided this information regarding its overhead costs. It has determined machine hours to be the appropriate cost diver to allocate overhead...
Knowledge Check 02 Stoneside Inc. has provided you with the following information for its Manufacturing Overhead account at the end of the period. Actual manufacturing overhead costs incurred total $31,910. The company applied manufacturing overhead cost in the amount of $28,900. What is the overapplied or underapplied manufacturing overhead? Multiple Choice $3,010 Underapplied o $3,010 Overapplied o $5,990 Underapplied o o $5,990 Overapplied
Knowledge Check Question 01: Conversion cost is composed of direct labor and manufacturing overhead direct material and manufacturing overhead equivalent units in ending inventory manufacturing overhead Knowledge Check Question 02: Equivalent units is computed using which of the following formulas? Equivalent units = Number of completed units x Percentage completion Equivalent units = Number of partially completed units x Percentage completion Equivalent units = Number of completed units X (100% Percentage completion) Equivalent units = Number of partially completed units...
Knowledge Check 01 Print Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of goods manufactured of $320,000; and ending finished goods inventory of $32,000. What is the cost of goods available for sale? Hences
The actual manufacturing overhead incurred at Liberty Industries during May was $59.000, while the manufacturing overhead applied to Work-in-Process was $74,000. The company's Cost of Goods Sold was $289,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to cost of Goods Sold. Which of the following statements is true? Multiple Choice Manufacturing overhead was underapplied by $15.000: Cost of Goods Sold after closing out the Manufacturing Overhead account is $274,000. Manufacturing overhead...
Dreckman Inc, uses a job order costing system in which any underappiled or overapplied overhead is closed to cost of goods sold at the end of the month. In August the company completed job M27K that consisted of 17000 units of one of the company's standard products. No other jobs were in process during the month The total manufacturing cost for job M27K according to its job cost sheet was 51118.600,hence the per unit product cost is $65.80. During the...
Check my work mode: This shows what is correct or incorrect for the work you have complete Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $ 32,000 $ 4,740 $ 60,000 $ 88, 900 $ 4,160 Inventories Raw materials Work in...
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