Nautical Footware Inc. manufactures women's boating shoes. Manufacturing overhead is assigned to production on a machine hour basis. For 2019, it was estimated that manufacturing overhead would total $369,850 and that 29,250 machine hours would be used Required: a. Calculate the predetermined overhead application rate that will be used for absorption costing purposes during 2019 (Round your answer to 2 decimal places.) Answer is complete and correct. Predetermined overhead application rate $12.64 b. During May, 3.100 pairs of shoes were made. Raw materials costing $6,210 were used, and direct labor costs totaled $9,970. A total of 720 machine hours were worked during the month of May. Calculate the cost per pair of shoes made during May. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete and correct. Cost per pair of shoes produced 5 8 .16 Return toqu Answer is complete and correct. Cost per pair of shoes produced S 8.16 points c. At the end of May. 1,060 pairs of shoes were in ending inventory. Calculate the cost of the ending inventory and the cost of the shoes sold during May (Do not round intermediate calculations. Round your answers to 2 decimal places.) Answer is not complete. Cost of shoes in ending inventory Cost of shoes sold Checker Inc. produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $9.50 per machine hour was established for 2019. Required: a. If 9,300 machine hours were expected to be used during 2019, how much overhead was expected to be incurred? b. Actual overhead incurred during 2019 totaled $120,900, and 10,100 machine hours were used during 2019. Calculate the amount of over- or underapplied overhead for 2019. (Input the amount os positive value.) c. Whether the overapplied or underapplied overhead for the year is normally transferred to cost of goods sold in the income statement? a. Budgeted overhead C. Cost of goods sold in the income statement is normal Wool Creations Inc. manufactures wool sweaters. Costs incurred in making 9,900 sweaters in October included $38,115 of fored manufacturing overhead. The total absorption cost per sweater was $11.55. Required: a. Calculate the variable cost per sweater (Round intermediate calculations and final answer to 2 decimal places.) Variable cost per sweater b. The ending inventory of sweaters was 1,600 units lower at the end of the month than at the beginning of the month. By how mue and in what direction (higher or lower) would cost of goods sold for the month of October be different under variable costing than under absorption costing? (Round intermediate calculations to 2 decimal places.) Cost of goods sold under variable costing will be
