Reference no: EM132500860
In the past year, Uli Company had total revenue of $3,020,000, cost of goods sold of $1,208,000 (before adjustment for over- or underapplied overhead), administrative expenses of $620,000, and selling expenses of $310,000. During the year, overhead was applied using a predetermined rate of 67 percent of direct labor cost. Actual direct labor was $700,000. Actual overhead was $396,000. The ending balances in the inventory accounts (prior to adjustment for overapplied overhead) are:
Raw Materials Inventory: $35,000
Work in Process Inventory: 61,000
Finished Goods Inventory: 50,000
Question A) Calculate net income treating the amount of overrapplied overhead as immaterial and assigning it to Cost of Goods Sold.
Question B) Calculate net income treating the amount of overapplied overhead as material and apportioning it to the appropriate inventory accounts and Cost of Goods Sold. (Round proportions to 3 decimal places, e.g. 15.253 and final answer to the nearest whole dollar, e.g. 5,275.)
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