What's the answer to the overhead costs allocated to production incurred?
Actual direct materials cost: $100,000
Actual direct labor cost: $56,000
Actual machine hours: 32,000 hours
Felton Quality. (Round your answer to the nearest cent.)
A) $1.25 per machine hour
B) $6.88 per machine hour
C) $1.75 per machine hour
D) $3.13 per machine hour
In the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,300.
Jobs costing Inventory:
A) $154,900
B) $11,500
C) $31,900
D) $232,300
Inventory account:
A) Total equity and total assets increase by the same amount
B) Total assets of the company remain constant
C) Total assets and total liabilities increase by the same amount
D) Total liabilities increase and total equity decreases by the same amount
On June 30, Caroline, Inc. finished Job 750 with total job costs of $4,400 and transferred the costs to Finished Goods Inventory. On July 6, Caroline sold goods from Job 750 to a customer for $6,000 cash. Which of the following is the correct entry needed to record the revenue earned? Assume the perpetual inventory system is used.
A) Debit Cash $6,000 and credit Sales Revenue $6,000
B) Debit Cost of Goods Sold $4,400 and credit Sales Revenue $4,400
C) Debit Sales Revenue $6,000 and credit Cash $6,000
D) Debit Finished Goods Inventory $4,400 and credit Sales Revenue $4,400
At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead account of $820. Which of the following is the year-end adjusting entry needed to adjust the account?
A) A debit to Cost of Goods Sold of $820 and a credit to Finished Goods Inventory of $820
B) A debit to Cost of Goods Sold of $820 and a credit to Manufacturing Overhead of $820
C) A debit to Manufacturing Overhead of $820 and a credit to Finished Goods Inventory of $820
D) A debit to Manufacturing Overhead of $820 and a credit to Cost of Goods Sold of $820
