Ringgold Company had beginning finished goods of $$18,700.$ During the period, the company produced goods that cost $$78,500.$ If the ending balance in the Finished Goods Inventory account was $$12,700,$ the amount of cost of goods sold was:

Multiple Choice

$$84,500.$

$$78,500.$

$$72,500.$

None of these answers are correct.

Incorrect

The Winchester Company estimates that its overhead costs will amount to $$466,400$ and the company$$s manufacturing employees will work $88,000$ direct labor hours during the current year. If actual overhead costs for the year amounted to $$509,000$ and actual labor hours amounted to $93,000,$ then overhead would be:

Multiple Choice

underapplied by $$16,100.$

overapplied by $$42,600.$

overapplied by $$16,100.$Incorrect

underapplied by $$42,600.$

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Question $17$ of $25$ Total$17$ of

The Winchester Company estimates that its overhead costs will amount to $$466,400$ and the company$$s manufacturing employees will work $88,000$ direct labor hours during the current year. If actual overhead costs for the year amounted to $$509,000$ and actual labor hours amounted to $93,000,$ then overhead would be:

Multiple Choice

underapplied by $$16,100.$

overapplied by $$42,600.$

overapplied by $$16,100.$Incorrect

underapplied by $$42,600.$

Prev

Question $17$ of $25$ Total$17$ of