Homework Answers
11. Answer- (C). $ 83,000.
Explanation-
Calculation of ending Inventory of raw material
Beginning inventory + purchase inventory - Ending inventory = Inventory Consumed.
($37,000+$ 480,000) - Ending Inventory = $ 434,000.
$ 517,000 - Ending Inventory = $ 434,00)
$ 517,000 - $ 434,000 = Ending Inventory.
$ 83,000 = Ending Inventory
Hence, Ending Inventory of Raw Material = $ 83,000.
12. Answer- (C). Predetermined overhead rate = Estimated manufacturing overhead ÷ Estimated machine-hours.
Explanation-
Predetermined overhead rate is an estimated ratio of overhead cost to the activity-base assigned to it.
Base can be estimated machine hours or estimated direct labour hours.
This predetermined rate will be used to allocate the overhead cost to the production process.
The formula for pre-determined overhead rate is-
Estimated manufacturing cost ÷ Estimated machine-hours.
13. Answer-(C). Credit to manufacturing overhead of $ 92,000.
Explanation-
The journal entry to record the application of manufacturing overhead to work in process would be-
Work in process. Debit. $92,000.
Manufacturing overhead. Credit. $92,000.
( Being overhead applied to work in process inventory).
Thus, the journal entry to record the application of manufacturing overhead to work in process would include a credit to manufacturing overhead of $ 92,000.
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overhead for an estimated activity level of 90,000
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