Assume the transactions and be Raw Material Purchased $ 160,000 90.000 Direct Labor Manufacturing Overhead - Actual Manufacturing Overhead - Applied 137.500 135,000 Raw Materials Work in Process Inventories: Jan. 1. 2020 $ 16,000 $ 24,500 Dec. 31, 2020 $ 14,400 $ 24,500 Materials are added at the beginning of the manufacturing process. What is the amount of Direct Materials to in Goods Manufactured? $158,400 $160,000 O $161,600 $145,600 Chapter 1 GMall is a merchandising company it does not manufacture the products its specializing in the sale of sports spare During January GMail showed the following items Cost of goods sold $ 180,000 Sales revenues $ 500.000 Fixed selling expenses $ 80,000 Variable selling expenses $ 40,000 What is the contribution margin and the gross margin for January? Contribution margin $ 460,000 and Gross margin $ 380,000 Contribution margin $ 280,000 and Gross margin $ 200,000 Contribution margin $ 320,000 and Gross margin $ 200,000 O Contribution margin $ 280,000 and Gross margin $ 320,000 Previous Ano concurred De Cocin what the Advertising $7.000 Administrative wapes and salaries. $ 17200 Direct materials... $ 31,200 Sales staff salaries $ 12.800 Factory depreciation $ 20,800 Indirect labor.. $ 9,200 Glue, paint and sandpaper. $6,400 Direct labor $ 32,800 $ 15,600 O $ 66,800 O $36,400 O $30,000 Chapter 3: USPO Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. estimated and actual overhead costs and direct labor hours appear below Overhead costs $ Direct labor hours Estimated amounts $637.500 37,500 hours Actual amounts $ 653,000 40,500 hours What is the amount of over- or under-applied overhead for the year? $15,500 underapplied $35,500 overapplied $35,500 underapplied O $15,500 overapplied Previous No Chapter 3: Assume fuel oil is a significant part of manufacturing overhead. A company estimated it pre determined overhead rate using an estimated cost of $ 2.50 per gallon of fuel oil. During the year the actual cost of fuel oil jumped to over $ 4.00 per gallon. Which of the following most accurately reflects the outcome of these events? Manufacturing overhead would be over-applied and Cost of Goods Sold would need to be adjusted upward. Manufacturing overhead would be over-applied and Cost of Goods Sold would need to be adjusted downward. Manufacturing overhead would be under-applied and cost of Goods Sold would need to be adjusted downward. Manufacturing overhead would be under-applied and Cost of Goods Sold would need to be adjusted upward. revious