13. Harwichport Company has a current ratio of 3.0 and an acid-test ratio of 2.8

Question

13. Harwichport Company has a current ratio of 3.0 and an acid-test ratio of 2.8. Current assets equal $210,000, of which $5,000 consists of prepaid expenses. The remainder of current assets consists of cash, accounts receivable, marketable securities, and inventory. What is the amount of Harwichport Company

Explanation / Answer

==>Applied manufacturing overhead - Actual manufacturing overhead = Over applied manufacturing overhead Applied manufacturing overhead-$175,000+$9,000 Applied manufacturing overhead = $184,000 Applied manufacturing overhead = Predetermined overhead rate × Actual direct labor-hours $184,000 = $8× Actual direct labor-hours Actual direct labor-hours ===> $184,000 ÷ $8 ===> 23000 hours many hours were worked during the year is 23000 hours

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