X Midterm Exam Chttps://elearn.squ.edu.om/mod/quiz/attempt.php?attempt=D17EM (ACADEMIC)E-LEARNING SERVICES SQULIBRARIES -SQU PORTAL ATTENDTime lert 2:02:12quesuoTO e. Jet building factoryQuestion12Which of the following is correct with respect to closing out overappliedmanufacturing overhead to Cost of Goods Sold versus closing it out toWork-in-Process Inventory, Finished Goods Inventory, and Cost of GoodsNot yetSold?answeredMarked out ofO a. The balance in the Work-in-Process account after allocation will behigher if the overapplied overhead is closed out by allocating it toall appropriate accounts.0.50P FlagquestionO b. The balance in the Work-in-Process account after allocation will bethe same under either method.O. Cost of Goods Sold will be lower if the overapplied overhead isclosed out by allocating it to the inventory accounts as well as toCost of Goods Sold.O d. None of given answer is correct.O e. Operating income will be higher if all of the overapplied overheadis closed out to Cost of Goods Sold.PREVIOUS PAGENEXT PAGE144&678A

Overapplied manufacturing overhead is closed out by crediting Cost of Goods Sold or allocating among…

Answered: closing out overapplied

Business

Accounting

closing out overapplied

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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p?attempt=D1347310&cmid%3D701917&page%=D3 arning services - SQU Libraries - SQU Portal Attendance English (en) ACCTZTZT_yassciy_ializU / IVIIULCITII LAGITI VIIC_I ALLEUZU / LAGIII I Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? on Select one: O a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. O b. The balance in the Work-in-Process account after allocation will be the same under either method. 10 O c. None of given ANSWER is correct. Fini Od. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. Oe. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods…
(ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES SQU PORTALATTENDANCE urses / ACCT2121_yasserg_Spring21 / Midterm Exam One / Midterm Exam One Time left 1:49:27 Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? None of given answer is correct. O a. O b. The balance in the Work-in-Process account after allocation will be the same under either method. O C. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O d. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. e. Operating income will be higher if all the overapplied overhead is closed out to Cost of Goods Sold. The total conversion cost for company XYZ was five…
AI - E H E If Border Corporation uses direct labor hours in a traditional costing system to assign overhead - Saved - AutoSave Off Normal badiya aldujaili BA EN File Home Insert Draw Design Layout References Mailings Review View Help A Share O Comments X Cut Calibri (Body) v 11 - A^ A° Aav A E - E - E E E O Find - AaBbCcDc AaBbCcDc AaBbC AABBCCC AaB A BBCCC AaBbCcDa A Copy Paste S Replace В IUvab х, х* А I Normal 1 No Spac.. Heading 1 Heading 2 Title Subtitle Subtle Em.. A Select v Dictate Editor Format Painter Clipboard Font Paragraph Styles Editing Voice Editor 1.. | 1''' I 2 4 7 Use the following information to answer questions the next two questions: Border Corporation identified the following activities related to annual expected overhead costs at the beginning of 2018. Expected Overhead Activity Moving Materials Inspections Ordering Maintenance Expected Quantity 500 Expected Cost $ 16,000 $ 22,400 $ 13,900 $ 161,200 Expected Activity Driver Number of moves Number of inspection…
CengageNOWv2 | Online teachin X + ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 20,700 Oct. 31 Goods finished X 31 Direct materials 90,100 31 Direct labor 151,500 31 Factory overhead X Finished Goods Oct. 1 Balance 15,300 326,200 31 Goods finished If the balance of Work in Process on October 31 is $200,300, what was the amount of factory overhead applied in October? Oa. $90.100 Ob. $264,200 Oc. $372,500 Od. $151,500 L C H Q % 5 JUL & 7 U 8 9 O
CengageNOWv2 | Online teachin x + genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A A ★ F Selected accounts with some amounts omitted are as follows: Work in Process Aug. 1 Balance 253,960 Aug. 31 Goods finished 194,700 31 Direct materials X 31 Direct labor 35,500 X 31 Factory overhead Factory Overhead Aug. 1-31 Costs incurred 100,050 Aug. 1 Balance 13,280 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $212,000, what was the amount debited to Work in Process for direct materials in August? Oa. $306,760 Ob. $106,590 Oc. $501.460 Od. $77,460 8:16 A 5/2/202 LOM OL ▬▬ JUB M & 7 U 8 CF10 P
A https://elearn.squ.edu.om/mod/quiz/attempt.php?attempt=1348133&cmid=D7019198&page%=D4#c QU E-learning System (Academic) E-learning services SQU Portal Attendance English (en) SQU Libraries - 5 XYZ Company uses normal costing. Following are various cost and inventory data for the just completed year. Sales revenue OMR410,000; Adjusted gross profit OMR175,000; Selling and admin expenses OMR145,000 ; Overapplied overhead OMR15,000 ; Prime costs OMR155,000; Work in process inventory has increased by OMR10,000 ; Finished goods inventory has decreased manufacturing overhead costs applied to work in process during the year? ut of OMR20,000. How much is the uestion Select one: O a. OMR75,000 O b. OMR85,000 O c. OMR95,000 O d. None of the answers given O e. OMR70,000
* CengageNOwv2 | Online teach x b Kingsford Furnishings Compan x eAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator-&inprogress-false еВook Show Me How Print Item Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $898,700 Shop direct labor 656,000 Shop and repair equipment depreciation 57,900 Shop supervisor salaries 161,000 Shop property taxes 29,200 Shop supplies 22,500 Advertising expense 18,000 Administrative office salaries 77,300 Administrative office depreciation expense 9,900 Total costs and expenses $1,930,500 The average shop direct labor rate is $16.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. 国日 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE DATA VIEW Sign In НОМЕ INSERT PAGE LAYOUT FORMULAS REVIEW HA A Calibri 11 Conditional Format as Cell Table - Styles - Paste I U Alignment Number Cells Formatting Clipboard Font Styles A1 fe A C E F G H 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 8 9 Actual costs for the year: $375,000 $536,300 $302,750 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 Beginning $ 14 Inventories: Ending 15,000 $ Raw materials (all direct) Work in process 15 11,375 16 $ 27,875 $ 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use…
mod/ pt.phprattenmpt%3D17649528cmid%3D8751838page%3D18 SYSTEM (ACADEMIC) E-LEARNING SERVICES- SQU LIBRARIES - SQU PORTALATTENDANC Managerial Accounting - Spring21 Home / My courses/ ACCT2121_yasserg Spring21 / Midterm Exam One / Midterm Exam One Time left 1:50:50 Question 37 In a job-order costing system, manufacturing overhead applied is recorded as a credit to: Not yet answered O a. Finished Goods inventory. Marked out of O b. Work in Process inventory. 0.50 O c. None of the given answer is correct Flag question O d. Manufacturing Overhead. O e. Cost of Goods Sold.
AI - E H E If Border Corporation uses direct labor hours in a traditional costing system to assig... AutoSave ff Normal badiya aldujaili BA EN File Home Insert Draw Design Layout References Mailings Review View Help A Share O Comments X Cut Calibri (Body) 11 - A^ A Aav A E E AaBbCcDc AaBbCcDc AaBbC AABBCCC AaB AAB6CCC AaBbCcDa O Find - 自Copy Paste S Replace В IUvab х, х* А 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Subtle Em.. A Select v Dictate Editor Format Painter Clipboard Font Paragraph Styles Editing Voice Editor 2 3 4 . 7 , . . Fort, Inc incurred $128,730 of actual manufacturing overhead cost last year. The company used a predetermined overhead rate of $3 per direct labor hour. At the end of the reporting period, the company's manufacturing overhead account has a debit balance of $4,500. How many direct labor hours were worked last year? a. 42,410 hours b. 38,410 hours c. 40,190 hours d. 13,500 hours e. 42,910 hours f. 44,410 hours g. 41,410 hours h. None of the…
Sage Hill Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $16,900 13,870 4,540 54,120 88,640 152,080 9,400 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $76,280 50,620 2,750 1,490 2,200 16,500 2,860
O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%25 E pter 1 Assignment i Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Variable cost per unit sold W 90% Save & E= Che