QUIZ 5 ANSWERS - Universidad Iberoamericana UNIBE 1....

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Universidad Iberoamericana UNIBE 1. Consider the following: The income tax rate is 25% of income before taxes. What is the amount of net income reported in the income statement? a. $102,500 b. $60,000 c. $172,500 d. $67,500 e. $112,500 2. Consider the following:
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What is the adjusted cost of goods sold shown on the schedule of cost of goods sold , assuming no proration of underapplied or overapplied overhead? a. $400,000 b. $386,000 c. $396,000 d. $412,000 e. $232,000 The unadjusted cost of goods sold is $388,000 (= $12,000 + $400,000 - $24,000). Overapplied manufacturing overhead of $2,000 (= $232,000 - $230,000) is subtracted from the cost of goods sold to arrive at the cost of goods sold of $386,000 adjusted for underapplied or overapplied manufacturing overhead. 3. Consider the following: What is the amount of the applied manufacturing overhead cost ? a. $400,000 b. $398,000 c. $402,000
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d. $404,000 e. $396,000 Raw materials used was $124,000 (= $14,000 + $120,000 - $10,000). Raw materials used, plus direct labor, plus actual manufacturing overhead was
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QUIZ 5 ANSWERS - Universidad Iberoamericana UNIBE 1....

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