Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oaklis Company has provided the following data for maintenance costi Machine hours Maintenance cost Prior Year 20.700 $33,200 Current Year 22,200 $85.150 Maintenance cost is

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Oaklis Company has provided the following data for maintenance costi Machine hours Maintenance cost Prior Year 20.700 $33,200 Current Year 22,200 $85.150 Maintenance cost is a mixed cost with variable and fixed components. The fixed and variable components of maintenance cost are closest to $33.200 per year plus $1.30 per machine hour $6,290 per year plus $1.30 per machine hour $6,290 per year plus $.769 per machine hour $28.860 per year plus $.769 per machine hour Baker Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $95.790 and 3.100 estimated direct labor-hours Actual manufacturing overhead for the year amounted to $97.590 and actual direct labor-hours were 3.000. The predetermined overhead rate for the year was closest to: Round your answer to 2 decimal places.) $29.66 $32.92 $30.90 $31.60 The following data have been recorded for recently completed Job 323 on its job cost sheet Direct materials cost was $2,070 A total of 35 direct labor-hours and 243 machine-hours were worked on the job. The direct labor wage rate is $18 per abor-hour The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $22 per machine-hour. The total cost for the job on its job cost sheet would be: $8,046 $5.002 $10.191 $5.421 Dapper Corporation had only one job in process on May 1. The job had been charged with $1010 of direct materials. $3.830 of direct labor, and $5.810 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $24.50 per direct labor hour During May, the following activity was recorded $ 10.100 $26,200 $31.900 Raw materials (all direct materials) Beginning balance Purchased during the month Used in production Labor Direct labor hours worked during the month Direct labor bost incurred Actual manufacturing overhead costs incurred Inventories Raw materials, May Work in process May 30 1660 $21248 $38.100 $15.700 Work in process inventory on May 30 contains $2.944 of direct labor cost Raw materials consist solely of items that are classified as direct materials. The balance in the raw materials inventory account on May Be was. $4.280 $4.400 $4.520 O $4,920 Arvay Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold the total of the debits to the Manufacturing Overhead account was $68.800 and the total of the credits to the account was $60,800. Which of the following statements is true? Actual manufacturing overhead incurred during the month was $60,800, Manufacturing overhead for the month was underapplied by $8.000 Manufacturing overhead applied to Work in Process for the month was $68.800 Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $69.800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions