Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold...
Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $58,700 and $32,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $86,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $90,700 at the end of 2016. If the under- or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration?
Multiple Choice
-
$57,042.
-
$59,617.
-
$60,358.
-
$55,658.
Homework Answers
| Overhead applied | Proration of overhead applied | Over applied overhead to be deducted | Overhead after proration | |
| Cost of goods old | 58,700 | 58,700/90,700 = 64.71885336% | 4,700 x 64.71885336% = $3,042 | 58,700 - 3,042 = $55,658 |
| Finished goods | 32,000 | 32,000/90,700 = 35.28114664% | 4,700 x 35.28114664% = $1,658 | 32,000 - 1,658 = $30,342 |
| Total | 90,700 | 100% | $86,000 |
Actual overhead = $86,000
Applied overhead = $90,700
Over applied overhead = Applied overhead - Actual overhead
= 90,700 - 86,000
= $4,700
Cost of goods sold after proration = 55,658
Fourth option is the correct option
kindly give a positive rating if you are satisfied with the solution. do comment if you have any query, Thanks.
Add Answer to:
Before prorating the manufacturing overhead costs at the end of
2016, the Cost of Goods Sold...
Help Save & EX efore prorating the manufacturing overhead costs at the end of 2020, the...
Help Save & EX efore prorating the manufacturing overhead costs at the end of 2020, the cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59.000 nd $5.000 in them, respectively. There was no Work-In-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $89.000 were actualy ncurred. The balance in the Applied Manufacturing Overhead was $94.000 at the end of 2020. If the under-or overappiled overhead is prorated between...
Chapter 3 Homework Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold...
Chapter 3 Homework 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. points eBook Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $32,000 $ 4,600 $58,700 $98,500 $ 4,100 Hint Reference Inventories beginning Ending Raw materials $10,300 $18,500 Work in $55,100 $65,400 process Finished $34,700 $43,000 goods Required: 1. Prepare...
Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An...
Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $420,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $60,000, $40,000, and $300,000, respectively, of direct labor incurred during the current year. a) Determine the over-applied manufacturing overhead at year-end (assume it is significant). b)...
Problem 3 At the end of 2019, ABC Company’s manufacturing inventory and expense accounts held the...
Problem 3 At the end of 2019, ABC Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process...
Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
Stangl Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In ProcessFinished GoodsCost of Goods SoldTotalDirect materials$ 1,480$ 7,410$14,430$ 23,320Direct labor5,28017,67034,41057,360Manufacturing overhead applied3,7708,70016,53029,000Total$10,530$33,780$65,370$109,680 Manufacturing overhead for the month was underapplied by $3,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $115,500 and $124,600, respectively. During the year, actual overhead was $107.000 and actual direct labor cost was $116,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice 0 A credit to Factory Overhead for $880. A credit to Cost of Goods Sold for...
Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120%...
Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $525,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $75,000, $50,000, and $375,000, respectively, of direct labor incurred during the current year a. Determine the over-applied manufacturing overhead at year-end...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Manufacturing Overhead Control Cost of Goods Sold 9/24 TAKE HOME PRACTICE 4-1 Prepare the cost of...
Manufacturing Overhead Control Cost of Goods Sold 9/24 TAKE HOME PRACTICE 4-1 Prepare the cost of Goods Manufacturing Statement using the following information. Enter the information into the T-accounts and determine the ending balances. Beg. dir. materials inventory $ 8,000 Dir. Materials purchases 30,000 End. Dir. materials inventory ? Dir. Materials used 28,000 Work in process 1/1 9,740 Direct labor 32,000 Work in process 12/31 31,200 Manufacturing overhead ? Finished goods 1/1 60,000 Total manufacturing costs 100,800 Finished goods 12/31...
a journal entry that includes manufacturing overhead and cost of goods sold is recorded to Mc...
a journal entry that includes manufacturing overhead and cost
of goods sold is recorded to
Mc Graw Hill 5 of 10 Concepts completed i Multiple Choice Question A journal entry that includes Manufacturing overhead and Cost of goods sold is recorded to O dispose of underapplied or overapplied overhead O recognize the completion of goods O recognize the sale of goods O apply manufacturing overhead to jobs
Help Save & EX efore prorating the manufacturing overhead costs at the end of 2020, the cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59.000 nd $5.000 in them, respectively. There was no Work-In-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $89.000 were actualy ncurred. The balance in the Applied Manufacturing Overhead was $94.000 at the end of 2020. If the under-or overappiled overhead is prorated between...
Chapter 3 Homework 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. points eBook Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $32,000 $ 4,600 $58,700 $98,500 $ 4,100 Hint Reference Inventories beginning Ending Raw materials $10,300 $18,500 Work in $55,100 $65,400 process Finished $34,700 $43,000 goods Required: 1. Prepare...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $115,500 and $124,600, respectively. During the year, actual overhead was $107.000 and actual direct labor cost was $116,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice 0 A credit to Factory Overhead for $880. A credit to Cost of Goods Sold for...
Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $525,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $75,000, $50,000, and $375,000, respectively, of direct labor incurred during the current year a. Determine the over-applied manufacturing overhead at year-end...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Manufacturing Overhead Control Cost of Goods Sold 9/24 TAKE HOME PRACTICE 4-1 Prepare the cost of Goods Manufacturing Statement using the following information. Enter the information into the T-accounts and determine the ending balances. Beg. dir. materials inventory $ 8,000 Dir. Materials purchases 30,000 End. Dir. materials inventory ? Dir. Materials used 28,000 Work in process 1/1 9,740 Direct labor 32,000 Work in process 12/31 31,200 Manufacturing overhead ? Finished goods 1/1 60,000 Total manufacturing costs 100,800 Finished goods 12/31...
a journal entry that includes manufacturing overhead and cost
of goods sold is recorded to
Mc Graw Hill 5 of 10 Concepts completed i Multiple Choice Question A journal entry that includes Manufacturing overhead and Cost of goods sold is recorded to O dispose of underapplied or overapplied overhead O recognize the completion of goods O recognize the sale of goods O apply manufacturing overhead to jobs
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago