Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
help with questions 24-25-26 and 27 please... 24. The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total
help with questions 24-25-26 and 27 please...
24. The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300.000 hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? a. $48 per machine hour b. $53 per machine hour c. $45 per machine hour d. $50 per machine hour 25. At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing over/under applied overhead into cost of goods sold would cause net income to: a. Increase by $700,000 b. Decrease by $700,000 c. Remain constant d. Decrease by $300,000 26. In a job order cost accounting system, the entry to record the flow of direct materials into production is: a. debit Work in Process, credit Materials b. debit Materials, credit Work in Process c. debit Factory Overhead, credit Materials Viooni d. debit Work in Process, credit Supplies 27. Selected accounts with some debits and credits omitted are presented as follows: Work in Process 275,000 Aug. 31 Goods finished 1,030,000 Aug. 1 31 31 31 Balance Direct materials Direct labor Factory overhead 450,000 F OB Aug. 1-31 Costs incurred actory Overhead 145,000 Aug. 1 31 15,000 Balance Applied (30% of direct labor cost) If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a. $390,000 b. $170,000 c. $525,000 d. $580,000
help with questions 24-25-26 and 27 please...
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/08/66b48506eb811_56666b485065e124.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started