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Quiz navigation 14AJ What is the difference between Financial Accounting and Managerial Accounting? What are Managerial Accountant responsibilities? 15p) Finish attempt Time left 1:29.52 148) The Ride-On-Wave Company CROW produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2019: Budgeted manufacturing overhead cost $125,000 Budgeted direct manufacturing labor cost $250,000, IC allocation rate 125,000/250,000 -0.5 Actual manufacturing overhead cost $117.000 Actual direct manufacturing labor cost $228,000 Actual Crate=117,000/228,000=0.5132 Difference nventory balances on December 31, 2019, were as follows Account Inventory EB in balances at the percentage end of the year Work in Process$ 38,000 Finished Goods 68.000 COGSS 120,500 2. Compute the amount allocated to WIP. Determine the amount of under-or overallocated manufacturing overhead. 12.pl 3. The discrepancy caused by the over or under-estimation of allocated FOH amount must be corrected. Show how you would cope with the error in order to show correct values in the accounting. Why does this error occur? Bpl Quiz navigation 14AJ What is the difference between Financial Accounting and Managerial Accounting? What are Managerial Accountant responsibilities? 15p) Finish attempt Time left 1:29.52 148) The Ride-On-Wave Company CROW produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2019: Budgeted manufacturing overhead cost $125,000 Budgeted direct manufacturing labor cost $250,000, IC allocation rate 125,000/250,000 -0.5 Actual manufacturing overhead cost $117.000 Actual direct manufacturing labor cost $228,000 Actual Crate=117,000/228,000=0.5132 Difference nventory balances on December 31, 2019, were as follows Account Inventory EB in balances at the percentage end of the year Work in Process$ 38,000 Finished Goods 68.000 COGSS 120,500 2. Compute the amount allocated to WIP. Determine the amount of under-or overallocated manufacturing overhead. 12.pl 3. The discrepancy caused by the over or under-estimation of allocated FOH amount must be corrected. Show how you would cope with the error in order to show correct values in the accounting. Why does this error occur? Bpl