Question
Question 281 pts Answer questions 28-29 using the information below: The following is a summary of the May 2016 operations of Reagan Company that makes
Question 281 pts
Answer questions 28-29 using the information below:
The following is a summary of the May 2016 operations of Reagan Company that makes and sells airplane models. Suppose that the company uses the FIFO method.
| Physical Units | Direct Materials | Conversion Costs |
WIP, beginning inventory | 28,000 | $39,200 | $30,800 |
Degree of completion for BI |
| 100% | 25% |
Started in May | 60,000 |
|
|
Completed and transferred out in May | 66,000 |
|
|
WIP, ending inventory | 22,000 |
|
|
Degree of completion for EI |
| 100% | 50% |
Costs added in May |
| $90,000 | $280,000 |
What is the amount of direct materials cost assigned to ending WIP at the end of May?
Group of answer choices
$39,200
$22,000
$44,000
$33,000
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Question 291 pts
What is the cost of goods transferred out during May?
Group of answer choices
$517,000
$293,000
$447,000
$363,000
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Question 301 pts
Norland Company's total overhead budget for 2018 shows variable overhead costs of $36,000 and fixed overhead costs of $32,000. The budgeted output was 25,000 units. Actual total overhead costs incurred in 2018 were $61,400 for an output of 20,000 units. The total overhead variance for Norland Co. for 2018 was:
Group of answer choices
$6,400 unfavorable
$7,000 unfavorable
$5,800 unfavorable
$6,000 unfavorable
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