At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to

a.decrease by $576,000

b.decrease by $288,000

c.increase by $288,000

d.increase by $576,000

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and actual direct labor hours were 55,000. What is the predetermined overhead rate per direct labor hour?

a.$12.18

b.$6.49

c.$9.74

d.$8.12

In a process cost system, the cost of completed production in Department A is transferred to Department B by which of the following entries?

a.debit Finished GoodsDept. A; credit Work in ProcessDept. B

b.debit Work in ProcessDept. B; credit Cost of Goods SoldDept. A

c.debit Work in ProcessDept. B; credit Work in ProcessDept. A

d.debit Work in ProcessDept. B; credit Finished GoodsDept. A

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $327,544 and direct labor hours would be 40,943. Actual factory overhead costs incurred were $395,151, and actual direct labor hours were 51,452. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?

a.$411,616 overapplied

b.$16,465 underapplied

c.$16,465 overapplied

d.$84,072 underapplied