Tco 1 on gle inc has a balance in the work in process

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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
Instructor Explanation:Chapter 2 - The formula shows us that $47,000 + $292,000 - $62,000 = $277,000.
Points Received:7 of 7Comments:Question 5.Question :(TCO 2) Paul Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows.EstimatedActualOverhead cost $174,000 $171,000Direct labor hours 5,800 5,900Direct labor cost $87,000 $89,975How much is the predetermined overhead rate?
Points Received:7 of 7Comments: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?
Points Received:7 of 7Comments:Question 7.Question :(TCO 2) Manufacturing overhead is allocated on the basis of
Points Received:7 of 7Comments:Grade Details - All Questions
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