Reference no: EM13750339
Arnold Corporation uses a job order costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. The following data are available for August :
Inventory :
Raw Material : Beginning ; $42,000 Ending : $38,000
Work In Process : Beginning : $11,000 Ending : $17,000
Finished Goods : Beginning : $43,000 Ending : $47,000
Actual Costs For the Year :
Raw Material Purchased : $65,000
Direct Labor Salaries Paid : $80,000
Direct Labor Pay Rate Per Hour : $10
Manufacturing Overhead Incurred : $65,000
Information From Annual Budget :
Manufacturing Overhead Budgeted : $60,000
Direct Labor Hours Budgeted : 7,500
Question 1A) Compute the manufacturing cost for August :
A) $210,000 B) $205,000 C) $209,000 D) $213,000
Question 1B) For the same company above , assume (contrary to the fact) that the cost of goods manufactured for August is $200,000. The adjusted cost of goods sold (adjusting for the over or under applied amount all closed to cost of goods sold) that appears on income statement for August is?
A) 197,000 B) $191,000 C) $196,000 D) 195,000
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