The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Work in Process 22,500 5,300 9,600 4,400 Beg Bal Beg Bal 6,500 8,800 5,500 8,600 Manufacturing Overhead Finished Goods 2,500 20,700 3,100 8,600 eg Bal 22,500 3,800 3,500 Wages & Salaries Payable Cost of Goods Sold 20,700 2,800 20,700 Beg Bal Beg Bal 12,600 The manufacturing overhead was: Multiple Choice $1,800 underapplied $3,500 underapplied $1,800 overapplied $3,500 overapplied Tyare Corporation had the following inventory balances at the beginning and end of May: ay 30 $37,000 ay 1 $29,000 Raw materials $78,500 $17,000 Finished Goods $73,000 Work in Process $17,039 During May, $62,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 370 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,400 of direct materials cost.. The Corporation incurred $43,050 of actual manufacturing overhead cost during the month and applied $41,700 in manufacturing overhead cost The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice $11,450 $5,550 $7,010 $12,560 Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 22,020 hours and the total estimated manufacturing overhead was $550,500. At the end of the year, actual direct labor-hours for the year were 21,800 hours and the actual manufacturing overhead for the year was $550,500. Overhead at the end of the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $5,550 underapplied $5,500 overapplied $5,500 underapplied $5,550 overapplied During March, Pendergraph Corporation incurred $75,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $77,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a: Multiple Choice credit to Manufacturing Overhead of $77,000 debit to Manufacturing Overhead of $77,000 debit to Work in Process of $75,000 credit to Work in Process of $75,000 During June, Buttrey Corporation incurred $83,000 of direct labor costs and $23,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a Multiple Choice credit to Work in Process of $83,000. credit to Work in Process of $106,000. debit to Work in Process of $106,000. debit to Work in Process of $83,000
