Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead Estimated machine-hours Actual manufacturing overhead Actual machine-hours $157,600 4,610 $ 157,100 4,800 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: o $3419 $34.19 o $40.62 $3223 $32.73 o $34.08 Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $77,000 and the total of the credits to the account was $57,000. Which of the following statements is true? Multiple Choice Manufacturing overhead applied to Work in Process for the month was $77,000. o ) Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $77,000. o o Manufacturing overhead for the month was underapplied by $20,000. Actual manufacturing overhead incurred during the month was $57,000. Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead Estimated machine-hours Actual manufacturing overhead Actual machine-hours $157,850 4,660 $157,600 4,900 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $157,584 $213,248 $165,963 $165,718 Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $ 26,000 $75,500 $14,000 May 30 $31,000 $67,000 $16,567 During May, $59,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 310 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,100 of direct materials cost. The Corporation incurred $42,150 of actual manufacturing overhead cost during the month and applied $39,900 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled: Multiple Choice 2,810 hours 3,325 hours 3,513 hours 3,720 hours Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,650 $22,650 $ 27,650 $ 9,650 $ 62,650 $77,650 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,650 machine-hours and incur $279,295 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $315,650. Raw materials were requisitioned for use in production, $307,650 ($280,350 direct and $27,300 indirect). The following employee costs were incurred: direct labor, $377,650; indirect labor, $96,650; and administrative salaries, $172,650. Selling costs, $147,650. Factory utility costs, $10,650. Depreciation for the year was $166,000 of which $151,000 is related to factory operations and $15,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 34,130 machine-hours. Sales for the year totaled $1,295,000. Required A Required B Required C Prepare a schedule of cost of goods manufactured. (Round your intermediate calculations to 2 decimal places.) Baab Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured Required A Required B > Required: a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied? By how much? c. Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the table below. Required A Required B Required c Was the overhead underapplied or overapplied? By how much? CT Required A Required B Required C Prepare an income statement for the year. The company closes any underapplied or overapplied overhead to Cost of Goods Sold. Baab Corporation Income Statement Selling and administrative expenses: Polises