Question 15 1 pts If one unit of Product X used $2.50 of direct materials and $3.00 of direct labor, sold for $8.00, and was assigned overhead at the rate of 30% of direct labor costs, how much gross profit was realized from this sale? $8.00 $5.50 $2.50 $1.60 $0.90 D Question 16 1 pts The ending inventory of finished goods has a total cost of $9,000 and consists of 600 units, If the overhead applied to these goods is $3,000, and the overhead rate is 75% of direct labor, how much direct materials cost was incurred in producing these units? $3,750 $2,000 $4,000 $6,000 $9,000 Question 17 1pts At the current year-end, Hardly Company found that its overhead was underapplied by $2.500, and this amount was not deemed to be a material amount. Based on this information, Hardly should o close the $2,500 to Cost of Goods Sold. Close the $2,500 to Finished Goods Inventory Do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year Carry the $2.500 to the income statement as NOther Epnse Carry the $2,500 to the next period Question 18 1 pts Bard Manufacturing uses a job order cost accounting system. During one month Bard purchased $198,000 of raw materials on credit: issued materials to production of $195,000 of which $30,000 were indirect. Bard incurred a factory payroll of $150,000. paid in cash, of which $40,000 is classified as indirect labor. Bard uses a predetermined overhead application rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: Debit Raw Materials Inventory $198,000, credit Accounts Payable $198,000 Debit Goods in Process Inventory $198,000, credit Accounts Payable $198.000. Debit Raw Materials Inventory $198,000, credit Goods in Process Inventory $1.98,000 Debit Goods in Process Inventory $195,000; credit Raw Materials Inventory $195,000. Debit Raw Materials Inventory $198,000: credit Finished Goods Inventory $198,000