At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much?

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Variable costs: These costs are incurred in conjunction to the volume of goods produced or sold. It…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A:

Q: ufacturing overhead was incurred during the​ year? Is manufacturing overhead underallocated or…

A: Manufacturing overheads are the common costs incurred by the entity which has to be allocated to…

Q: Lecheflan Company is expected to operate at normal capacity and plans to manufacture 275,000 units…

A: Solution: Fixed overhead per unit = P300,000 / 25000 = P12 per unit

Q: At the begging of the year, Crane Company estimates annual overhead costs to be 2400000 and that…

A: Calculate overhead cost per machine hour:

Q: f 1,900 units remain unsold at the end of the month, the amount of inventory that would be reported…

A: Solution : Amount of inventory shown in balance sheet =(Computation  of variable cost per unit *…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: PARTICULARS  AMOUNT ($) DIRECT MATERIAL $175,500 DIRECT LABOR $232,800 VARIABLE FACTORY…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: As per the absorption costing system, product cost includes both fixed and variable expenses.

Q: During 2020, Hallmark applied $500,000 in overhead. The cost of goods completed during the period…

A: Cost of products sold-out (COGS) refers to the direct prices of manufacturing the products sold-out…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Introduction: Total cost is an accounting measure. It includes not only the actual monetary spend…

Q: During its first year of operations, Silverman Company paid $16,360 for direct materials and $10,300…

A: The cost of goods sold is the total of all the costs incurred to produce a product or service. It…

Q: The cost data relating to units of production for the year ending 31st December 2020 are as follows:…

A: Material cost per unit = £60,00020,000 units  = £ 3 per unit  Subcontracted labour cost per unit =…

Q: A company estimates the following manufacturing costs for the next period: direct labor, $468,000;…

A:

Q: Assume that actual overhead is $613,000 in a given year, the overhead rate is $10 per unit,…

A: Overhead cost: The costs other than the direct costs such as insurance, interest, repairs, taxes…

Q: ake’s Roof Repair has provided the following data concerning its costs

A: Activity Variance Statement

Q: At the end of the year, overhead applied was $3,675,000. Actual overhead was $3,498,000. Closing…

A: Overhead applied =$3,675,000 Actual Overhead =$3,498,000

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…

Q: WYENNE Corporation uses a predetermined overhead application rate of P.30 per direct labor hour.…

A: Overheads are the indirect costs and expenses related to production and manufacturing of goods.…

Q: Winston Company estimates that the factory overhead for the following year will be $609,500. The…

A: Determination of the factory overhead cost applied:: Factory overhead rate=$609,500/26500 Machine…

Q: Under variable costing, the value of the inventory is:

A: Option D is correct.

Q: The following data relate to the Lisle Company for May and August of the current year: May 25,000…

A: Variable cost per unit = ($1,247,000 - $1,175,000) / (29,000 - 25,000) = $18   Fixed cost  =…

Q: At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing…

A: Applied Overhead is the overhead initially applied to goods produced. The cost allocation base…

Q: If the end-of-period balance for Cost of Goods Sold is $90,000 and underapplied overhead is $10,000,…

A: Cost of goods sold: Cost of goods sold is the total of all expenditures incurred by a corporation to…

Q: XYZ Inc. Presented the following data for the first quarter of 2021: Prime Costs P560,000 Factory…

A: Period Cost are costs charged as an expense in the profit and loss account  of the period in which…

Q: The Riego company had a net operating income of P85,500 using variable costing and a net operating…

A: Total fixed manufacturing overhead P1,50,000 Production in units 100000 Fixed manufacturing…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Introduction: A variable costing income statements report that subtracts variable expenses from…

Q: The following information is available for a company's maintenance cost over the last seven months.…

A: Lets understand the basics. In high low method, fixed cost and variable cost gets separated from…

Q: Last year, Regio Company incurred the following costs: Direct materials  50,000 Direct Labor…

A: As posted multiple sub parts as per our guidelines we are answering only first three sub parts…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Variable costing is the method of costing, where only the variable costs are assigned to the cost of…

Q: XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During…

A: Actual hours = applied overhead / predetermined overhead application rate  = P363,000 /0.30 =…

Q: Saved Manufacturing overhead was estimated to be $213,150 for the year along with 20,300 direct…

A: Predetermined manufacturing overhead rate = estimated manufacturing overhead / estimated direct…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Ending Inventory = Number of Units in Ending Inventory x Cost per Unit Cost per Unit under Variable…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Formula: Total Product costs = Direct Materials + Direct Labor + Variable factory overhead.

Q: Records at Hal's Accounting Services show the following costs for year 1. Direct materials and…

A: Total Cost: The meaning of this term varies slightly depending on the content. For example, when…

Q: Records at Hal's Accounting Services show the following costs for year 1. Direct materials and…

A: Calculation of Direct Materials Cost for Year 2 Direct Materials cost for Year 2 = Number of…

Q: The financial analysis of a manufacturing company for the previous year yielded the following…

A: The weeks of supply is the time in weeks a company keeps inventory. It is calculated in a similar…

Q: XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During…

A: Solution: Actual direct labor hours = Overhead applied /  predetermined overhead application rate

Q: 1. For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods…

A: Direct labour refers to workers in manufacturing or services who are accountable for a specific…

Q: At the beginning of the year, a company predicts total direct materials costs of $900,000 and total…

A: Predetermined overhead rate: It can be defined as an allocation rate that is used by the business in…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Under variable costing system, the inventory would consist of only variable expenses.

Q: Winston Company estimates that the factory overhead for the following year will be $1,168,000. The…

A: Predetermined Overhead rate per machine hour = Estimated Overhead / estimated Machine hours =…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Particulars Amount    Direct materials $184,100    Direct labor 222,200    Variable factory…

Q: A company estimates the following manufacturing costs for the next period: direct labor, $540,000;…

A: Predetermined overhead rate: Predetermined overhead rate is calculated befor the period begins. This…

Q: At the end of the year, overhead applied was $3,691,000. Actual overhead was $3,451,000. Closing…

A: Under applied overhead decreases the net profit and over applied increases the net profit. Over…

Q: A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of…

A: Factory overhead means the cost which is incurred in factory but not directly linked with…

Q: Whipple Company has sales revenue of $585,000. Cost of goods sold before adjustment is $335,000. The…

A: Manufacturing overhead will be included on predetermined basis and then compare with the actual…