Question

)Ruel Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $77,250 and 2,500 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $79,000 and actual direct labor-hours were 2,400.

The predetermined overhead rate for the year was closest to:
A. $29.66
B. $32.92
C. $31.60
D. $30.90

Morin Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 5,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 67,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. During the month 63,000 units were completed in the Assembly Department and transferred to the next processing department. There were 9,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversion costs.

What were the equivalent units for conversion costs in the Assembly Department for the month?
A. 71,000
B. 64,000
C. 63,000
D. 67,500

The Paul Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit are $4.50 for the materials and $2.00 for labor and overhead, the balance of the ending work in process inventory account would be:
A. $44,500
B. $50,500
C. $59,000
D. $65,000

Pratt Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 500 units. The costs and percentage completion of these units in beginning inventory were:

Material cost: 7,100 and 75% completed

Conversion Cost: 5,700 and 25% completed

A total of 8,100 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

Material Cost: 136,800

Conversion Cost: 322,400

The ending inventory was 80% complete with respect to materials and 75% complete with respect to conversion costs.
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places

How many units are in ending work in process inventory in the first processing department at the end of the month?
A. 1,100
B. 900
C. 600
D. 7,600

The information below was obtained from the records of the first processing department of Tegtmeier Company for the month of May. The company uses the weighted-average method in its process costing system.
Units Labor and Overhead Percentage Complere
WIP May 1st: 10,000 40%

Units Started 64,000

Transferred Out 60,000

WIP May 31st 14,000 70%

All materials are added at the beginning of the process. Material is 100% complete.

The equivalent units for materials for the month of May were:
A. 60,000 units
B. 74,000 units
C. 64,000 units
D. 69,800 units

The equivalent units for labor and overhead for the month of May were:
A. 60,000 units
B. 69,800 units
C. 65,800 units
D. 73,800 units

In August, one of the processing departments at Tierney Corporation had beginning work in process inventory of $17,000 and ending work in process inventory of $13,000. During the month, $178,000 of costs was added to production.

In the department's cost reconciliation report for August, the total cost to be accounted for would be:
A. $30,000
B. $390,000
C. $195,000
D. $373,000

O’Hare Corporation has provided its contribution format income statement for January. The company produces and sells a single product.
Sales (2,900 units) 269,700

Variable Expenses 107,300

CM 162,400

Fixed Expenses 137,100

Net Operating Income 25,300
  
If the company sells 3,100 units, its total contribution margin should be closest to:
A. $27,045
B. $181,000
C. $162,400
D. $173,600

McKillop Inc. produces and sells a single product. The company has provided its contribution format income statement for May.

Sales (4,500 units) 427,500

Variable Expenses 265,000

CM 162,000

Fixed Expenses 135,300

Net Operating Income 26,700

  

If the company sells 4,300 units, its net operating income should be closest to:
A. $7,700
B. $25,513
C. $26,700
D. $19,500

Answer 1

As per the Chegg policy only one question can be answered at a time. Please ask further questions separately. I'm giving the answer of first question. Thanks.

Predetermined overhead rate = Estimated overhead / Estimated direct labor hours

= $77,250 / 2,500

= $30.90

Option D is correct answer.