Question 4 question tco 1 on gle inc has a balance in

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Question 4. Question : (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of $62,000. At January 1, 2015, the balance was $47,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? Student Answer: $292,000 $299,000 $277,000 $285,000 This study resource was shared via CourseHero.com
Instructor Explanation: Chapter 2 - The formula shows us that $47,000 + $292,000 - $62,000 = $277,000. Points Received: 7 of 7 Comments: Question 5. Question : (TCO 2) Paul Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows. Estimated Actual Overhead cost $174,000 $171,000 Direct labor hours 5,800 5,900 Direct labor cost $87,000 $89,975 How much is the predetermined overhead rate? Student Answer: $1.90 30.00 $2.00 $1.93 Instructor Explanation: We divide the estimated overhead, $174,000, by estimated labor hours of 5,800 = $30 per labor hour. Points Received: 7 of 7 Comments: Question 6. Question : (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate of $15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $2,250,000. Actual direct labor hours for 20x1 were 140,000, and actual overhead was $2,400,000. What is the amount of under- or over-applied overhead for the year? Student Answer: $300,000 under-applied $20,000 under-applied This study resource was shared via CourseHero.com
Points Received: 7 of 7 Comments: Question 7. Question : (TCO 2) Manufacturing overhead is allocated on the basis of Student Answer: machine hours. direct labor hours. direct labor costs. any of the listed choices. Instructor Explanation: Machine hours, direct labor hours, and direct labor costs can all be used to allocate manufacturing overhead. Points Received: 7 of 7 Comments: Grade Details - All Questions

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