Correct answer-------------(c) Increase by $1,700,000
Working
Overhead applied | $ 42,000,000.00 |
Actual overhead | $ 40,300,000.00 |
Overhead overapplied | $ 1,700,000.00 |
Credit to cost of goods sold | $ 1,700,000.00 |
Increase in net income | $ 1,700,000.00 |
Overhead Overapplied means cost of goods sold is recorded higher than the actual overhead so cost of goods sold is decreased by Overapplied cost.
At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underscored...
At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underscored overhead into Coto Goods income to a. Increase by $3,400,000 b. decrease by $1,700,000 C. Increase by $1,700,000 d. decrease by $3,400,000
At the end of the year, overhead applied was $3,729,000. Actual overhead was $3,454,000. Closing over/underapplied overhead into cost of goods sold would cause net income to A. increase $275,000 B. Decrease $275,000 C. increase $550,000 D. decrease $550,000
At the end of the year, overhead applied was $3,682,000. Actual overhead was $3,485,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $197,000 b. increase by $394,000 c. decrease by $394,000 d. increase by $197,000 Only have 30 more minutes to answer. please help
Calculator At the end of the year, overhead applied was $3,708,000. Actual overhead was $3,466,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $242,000 b. increase by $242,000 c. decrease by $484,000 d. increase by $484,000
At the end of the year, overhead applied was $3,733,000. Actual overhead was $3,242,000. Closing over/underapplied overhead into Cost of Goods sold would cause net income to Oa, increase by $491,000 Ob. decrease by $491,000 Oc, increase by $982,000 Od decrease by $982,000
At the end of the year, overhead applied was $3,669,000. Actual overhead was $3,202,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.increase by $467,000 b.decrease by $467,000 c.increase by $934,000 d.decrease by $934,000
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $576,000 b.decrease by $288,000 c.increase by $288,000 d.increase by $576,000 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and...
At the end of the year, overhead applied was $3,717,000. Actual overhead was $3,145,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income toa.increase by $572,000b.decrease by $572,000c.increase by $1,144,000d.decrease by $1,144,000
No need to show work, I will upvote correct answer At the end of the year, overhead applied was $3,789,000. Actual overhead was $3,419,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. increase by $370,000 b. decrease by $370,000 O c. decrease by $740,000 d. increase by $740,000
Overhead Variance (Over-or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $896,000. Required: 1. Calculate the overhead variance for the year. $ 2,000 ✓ overapplied 2. Dispose of the...