1. Question: Selling and administrative costs are often called __________ costs and are __________ as incurred.
Fill in the blank choices for question
Administrative
Beginning
Contribution
Cost driver
Direct labor
Direct labor-hours
Direct materials
Dollars of direct labor cost
Ending
Expensed
Fixed
Fixed manufacturing overhead
For the period ended
Income statement
Indirect labor
Indirect materials
Job cost
Level of activity
Machine-hours
Manufacturing
Manufacturing overhead
Margin
Name of company
Overapplied
Period
Predetermined overhead rate
Process cost
Selling
Statement of cost of goods manufactured
Total budgeted overhead
Underapplied
Variable costing
Work inprocess inventory
2. Question: If Cost of Goods Manufactured is $306,790, beginning Work in Process Inventory, $25,000, and Cost to Manufacture, $300,000, the ending Work in Process Inventory balance is $__________.
Fill in the blank answer choices:
$7500
$14000
$18210
$70000
$120000
$180000
$225000
$232500
$420000
3. Question: Using the same data as in the preceding question, with Direct Labor costing $140,000 and Direct Materials costing $90,000, Manufacturing Overhead is $__________.
Fill in the blank answer choices:
$7500
$14000
$18210
$70000
$120000
$180000
$225000
$232500
$420000
1. Selling and administrative costs are often called period costs and are manufacturing overhead as incurred.
2. 18210
25000-(306790-300000)
3. 70000
MO = Cost to manufacture - prime cost
= $300,000 - ($140,000 + $90,000)
= $70,000
Thus, manufacturing overhead is $70,000.
ANSWER :
1. period ; manufacturing overhead .
2.
Toal input to the production = Total output from the production
=> Work-in-process inventory + cost-to-manufacture = Cost of goods sold + ending work-in-process
=> 25000 + 300000 = 306790 + ending work-in-process
=> Ending work-in-process = 25000 + 300000 - 306790 = 18210 ($) (ANSWER).
3.
Cost-to-manufacture = Labor cost + Material cost + Overhead cost
=> 300000 = 140000 + 90000 + Overhead cost
=> Overhead cost = 300000 - 140000 - 90000 = 70000 ($) (ANSWER).
1. Question: Selling and administrative costs are often called __________ costs and are __________ as incurred....
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