Q4, 6, 7, 8

4 12.5 points Tiny's Toys has the following financial information for the month of July available: Revenues $300,000 Beginning Materials Inventory 20,000 Ending Materials Inventory 30.000 Beginning Work-in-Process Inventory 15,000 Ending Work-in-Process Inventory 17,000 Beginning Finished Goods Inventory 14,000 Ending Finished Goods Inventory 13,000 Purchase of Materials 115,000 Direct Labor 27.000 Manufacturing Overhead 33.000 Selling and Administrative Expenses 50,000 Based on the above, what is the gross profit for July? O $164,000 O $135,000 $136,000 OO $86.000 6 12.5 points Reese, Inc. allocates overhead costs based on direct labor hours. Reese estimates manufacturing overhead costs and direct labor hours for the coming year to be $750,000 and 50,000, respectively. Actual labor hours for the year are 55.000. Job #16 uses 900 in labor hours, although the anticipated labor hours for Job #16 were 1,000. The overhead costs allocated to Job #16 will be O $15,000. O $6,666.67. $13.500. O $6,000. 12.5 points Woodstock Corporation applies overhead based upon labor-hours. Budgeted factory overhead was $266,400 and budgeted labor-hours were 18,500. Actual factory overhead was $287,920 and actual labor-hours were 19.050. Before disposition of under/overapplied overhead, account balances were as follows: Labor Hours Account Total Account Balance Reflected in Each Account WIP $190,000 1,905 hours Finished Goods 250,000 6.667.50 hours Cost of Goods Sold 560.000 10.477.50 hours Total $1,000,000 19,050 hours Using the proration approach based on the amount of overhead in each account balance, the ending balance in Cost of Goods Sold after adjustment would be O $552,384 $567.480 $567.616 O $552,520 8 12.5 points Which of the following has not accelerated need for refined cost systems? Increase in indirect costs with different cost drivers Increase in product diversity O A shift toward increased direct costs O Competition in product markets