A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 52,000 140,000 142,000 62,000 Finished Goods Inventory Beginning FG 42,000 272,000 Ending FG 37,000 Multiple Choice $133,000. $64,000. $272.000. $267000. $282,000. Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $560,000, and direct labor costs to be $280,000. Actual overhead costs for the year totaled $577000, and actual direct labor costs totaled $313,000. At year-end, the balance in the Factory Overhead account is a: Multiple Choice $577000 Debit balance. $313,000 Debit balance. $49,000 Credit balance $626,000 Credit balance. $49,000 Debit balance The B&T Company's production costs for May are: direct labor, $22,000; indirect labor, $7,400, direct materials, $15,900: property taxes on production facility, $890; factory heat, lights and power, $1,090; and insurance on plant and equipment, $290. B&T Company's factory overhead incurred for May is: Multiple Choice $7400. $2,270. $9,670. $47,570. $23.300. Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $223,200 of raw materials on credit: issued materials to production of $216,000 of which $36,300 were indirect. Minstrel incurred a factory payroll of $162,600 of which $46,300 was indirect labor. Minstrel uses a predeter ned over ead app ication ate of 15 0% of direct abor cost. Mi tre S beginning and ending ork n Process Inventory are $17,600 and $31,200 respectively. Compute the cost of product transferred to Finished Goods Inventory: Multiple Choice $619,400 $488,300 $457100. $456,850 $459,100 Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $860,000 of overhead during the next period, and expects to use 56,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's overhead application rate? Multiple Choice 6.51% 651%. 0154%. 1536%. 70%. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $375,700; materials of $411,000 and direct labor of $221,000. During the year Adams incurred $397,500 in materials costs, $392,600 in overhead costs and $225,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year. Multiple Choice 10,100 overapplied. $16,900 overapplied. $10,100 underapplied. $16,900 underapplied. $4,900 underapplied. Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $440,000, and direct labor costs to be $2,200,000. Actual overhead costs for the year totaled $410,000, and actual direct labor costs totaled $1,900,000. At year-end, Factory Overhead is: Multiple Choice Overapplied by $30,000. Overapplied by $205.000. Underapplied by $30,000. Overapplied by $60,000 Neither overapplied nor underapplied
