At production levels beyond the breakeven point? Answer profit is positive. vari
ID: 2375555 • Letter: A
Question
At production levels beyond the breakeven point?
Answer
profit is positive.
variable costs are zero.
profit is negative.
fixed costs are not recovered.
Overhead applied to jobs during the period was $270,000. Actual overhead costs incurred were $268,000. Budgeted overhead used to calculate the predetermined overhead rate was $275,000. Which of the following is a correct entry to close the Manufacturing Overhead account?
Answer
Debit - Cost of Goods Sold 2,000 Credit - Manufacturing Overhead 2,000
Debit - Manufacturing Overhead 2,000 Credit - Cost of Goods Sold 2,000
Debit - Manufacturing Overhead 5,000 Credit - Cost of Goods Sold 5,000
Debit - Cost of Goods Sold 7,000 Credit - Manufacturing Overhead 7,000
Excerpts from a cost-volume-profit analysis indicate fixed costs of $51,000, a contribution
margin per unit of $35, a selling price of $90, and a sales level of 4,000 units. What must
be the targeted level of profit?
Answer
$140,000
$89,000
$79,000
$104,000
Laker Company bought $100,000 of direct material during June, incurred $90,000 in direct labor cost, and had $130,000 in manufacturing overhead. Inventories for June were as follows:
Beginning Ending
Raw material $14,000 $18,000
Work in Process $19,000 $17,000
Finished Goods $18,000 $15,000
What is the cost of goods sold for June?
Depreciation expense could be?
Answer
a fixed cost.
a period cost.
a product cost.
all of these.
Lopar Company uses a predetermined overhead rate based on direct labor dollars. Lopar Company estimated that its 20x9 overhead would total $938,000 and that 20x9 direct labor costs would be $670,000. During 20x9, actual overhead costs were $960,000, and actual direct labor costs were $700,000. By how much was Lopar's overhead over- or underapplied?
Answer
$20,000 underapplied
$10,000 underapplied
$20,000 overapplied
$18,000 overapplied
WiseBooks, a manufacturing company, utilizes job-order costing and the company allocates overhead at a rate of 120% of direct labor costs.
The following is data for three jobs regarding the WIP balance at 2/1, Direct Labor Costs added in February and Direct Materials Costs added in February, respectively:
Job #1 $400 $500 $200
Job #2 $500 $300 $300
Job #3 $300 $100 $250
Jobs #1 and #2 were completed and sold in February. The balance in the WIP account at the end of February is?
WiseBooks, a manufacturing company, utilizes job-order costing and the company allocates overhead at a rate of 120% of direct labor costs.
The following is data for three jobs regarding the WIP balance at 2/1, Direct Labor Costs added in February and Direct Materials Costs added in February, respectively:
Job #1 $400 $500 $200
Job #2 $500 $300 $300
Job #3 $300 $100 $250
Total manufacturing overhead costs for February are?
Dilly LLC, wants to make a profit of $30,000. It has variable costs of $67 per unit and fixed
costs of $20,000. How much must it charge per unit if 5,000 units are sold?
Answer
$37
$67
$52
$77
profit is positive.
variable costs are zero.
profit is negative.
fixed costs are not recovered.
Explanation / Answer
profit is positive.
Debit - Manufacturing Overhead 2,000 Credit - Cost of Goods Sold 2,000
$140,000
$321,000
all of these.
$10,000 underapplied
$77
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