What account is decreased when goods are sold? a. Finished Goods b. Cost of Goods Sold c. Accounts Payable d. None of these e. Cash o. Compute Pre-Determined Overhead Rate- Apply to Production-Reconsile to Actual Figure 5-1. Hipster Company applies overhead based on direct labor hours. At the beginning of the year January 1, Hipster estimates Overhead cost to be $450,000 and Direct Labor hours to be 90,000. During January, Jones has 6,700 actual direct labor hours Refer to Figure 5-1 What is the predetermined overhead rate? a. $6 per direct labor hour b. $5 per direct labor hour C. $4 per machine hour d. $44,000 e. none of these 31. 32. Refer to Figure 5-1. What is the amount of overhead applied for January? a. $40,200 b. $66,000 c. $44,000 d. $33,500 e. $480,000 33. Refer to Figure 5-1. If the actual overhead for January is $41,000, what is the overhead variance and is it overapplied a. b. c. d. e. $800 underapplied $800 overapplied $7,500 underapplied $3,000 overapplied none of these How many children does your professor David Barlar have a. 34. b. c. d. e. You mean how many will admit to having him as a dad? 4 (pick me if you want credit for this question) Who is David Barlar Some one married him? Not such an easy question for Armold Schwarzenegger 35. Annual estimates include fixed overhead $100,000, direct labor hours 5,000, variable overhead rate S5.75, direct labor cost $50,000. If overhead is allocated based on direct labor hours, compute the annual Estimate for total overhead a. $128,750 b. $133,750 c. $178,750 d S150,000 e $200,000