Question
IKS uses a pre-determined charging rate of $15 per hour of machine operation. This rate is established assuming $300,000 of FIF and 20,000 machine hours.
IKS uses a pre-determined charging rate of $15 per hour of machine operation. This rate is established assuming $300,000 of FIF and 20,000 machine hours. The actual FIFs are $310,000 and the actual machine hours are 15,000. The FIFs are:
A) Overcharged by $10,000 B) No answer fits C) Undercharged by $85,000 D) Overcharged by $85,000 E) Undercharged by $10,000
Which of the following is not part of the manufacturing cost report: A) The primary cost B) The cost of transformation C) The final balance of raw materials D) The initial balance of products in progress
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