Reference no: EM131268075
Kelsh Company had the following budgeted and actual costs for 2015:
Budgeted Costs Actual Costs
Direct material costs $10,000 $12,000
Direct manufacturing labor costs 40,000 37,000
Manufacturing overhead costs 34,000 35,000
Assume Kelsh Company uses a normal cost system. The company allocates manufacturing overhead costs using direct manufacturing labor costs.
Manufacturing overhead for 2015 is:
a. $1,000 under-allocated
b. $1,000 over-allocated
c. $2,550 under-allocated
d. $3,550 over-allocated
e. $3,550 under-allocated
Kelsh Company had the following budgeted and actual costs for 2015:
Budgeted Costs Actual Costs
Direct material costs $10,000 $12,000
Direct manufacturing labor costs 40,000 37,000
Manufacturing overhead costs 34,000 35,000
Assume Kelsh Company uses a normal cost system. The company allocates manufacturing overhead costs using direct manufacturing labor costs.
Manufacturing overhead for 2015 is:
a. $1,000 under-allocated
b. $1,000 over-allocated
c. $2,550 under-allocated
d. $3,550 over-allocated
e. $3,550 under-allocated
Debit to equity ratio is for two companys in same industry
: The following debit to equity ratio is for two companys in the same industry. Company A and Company Q. Debit to equity ratio 4.5 to 1, and 13.6 to 1. Which of the following statements is always true?
|
Which uses weighted-average process-costing system
: Majestic, which uses a weighted-average process-costing system, adds materials at the beginning of production and incurs conversion cost evenly throughout manufacturing. determine the ending work-in-process inventory’s stage of completion (with regar..
|
Uses weighted-average process-costing system
: Willingham uses a weighted-average process-costing system for its single product, which consists of Material X and Material Y. X and Y are introduced to the product as follows: The company completed 40,000 units during the period, and had an ending w..
|
What was the amount of pension plan assets at year-end
: Pension plan assets were $320 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $14 million and cash invested in the pension fund was $18 million. What was the am..
|
Uses normal cost system-direct manufacturing labor costs
: Kelsh Company had the following budgeted and actual costs for 2015: Assume Kelsh Company uses a normal cost system. The company allocates manufacturing overhead costs using direct manufacturing labor costs. Assume Kelsh Company uses a normal cost sys..
|
Recognized gain and basis in his new investment real estate
: Baxley owned a parcel of investment real estate that had an adjusted basis of $35,000 and a fair market value of $50,000. During 2015, Baxley exchanged his investment real estate for the items of property listed below. Land to be held for investment ..
|
Recognize as long-term capital gain income
: Lucy owns 150 shares of Apex Corp., a publicly traded company, which Lucy purchased on January 1, Year 1, for $15,000. On January 1, Year 3, Apex declared a 2- for-1 stock split when the fair market value (FMV) of the stock was $140 per share. What a..
|
What is the proper treatment for transactions
: On March 1 of the previous year, a parent sold stock with a cost of $9,000 to her child, for $6,000, its fair market value. On September 30 of the current year, the child sold the same stock for $7,500 to Jones, who is unrelated to the parent and chi..
|
Deduct on current year taxes with respect to each activity
: In the current tax year, Boris earned $120,000 from his job as a master plumber. In addition, he received $40,000 of income from Activity A, and lost $30,000, and 25,000 from Activities B and C respectively. Activities A, B, and C are passive activit..
|