Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MachiningFinishingMachine-hours 19,000 12,000Direct labor-hours 2,000 8,000Total fixed manufacturing overhead cost$136,800$69,600Variable manufacturing overhead per machine-hour$1.80 Variable manufacturing overhead per direct labor-hour $3.20 During the current month the company started and finished Job K928. The following data were
recorded for this job: Job K928:MachiningFinishingMachine-hours 90 10Direct labor-hours 30 50Direct materials$775$415Direct labor cost$630$1,050The total amount of overhead applied in both departments to Job K928 is closest to:
A. $2,000
B. $1,405
C. $810
D. $595
Answer: B
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Cilca Corporation is a supplier to the pulp and paper industry. Selected financial information about Cilca is listed below: • Purchased real estate for $440,000 in cash. The cash was borrowed from a bank. • Sold investments for $400,000. • Paid dividends of $480,000. • Issued shares of common stock for $200,000. • Purchased machinery and equipment for $100,000 cash. • Paid $360,000 on
a bank loan. • Reduced accounts receivable by $80,000. • Increased accounts payable $160,000. Sales for the period were $450,000 Use the above information to calculate Cilca's: a. cash used or provided by operating activities b. cash used or provided by financing activities
Describe the complexities of permanent and temporary differences on the financial reporting requirements for income taxes
Social security number would be stored in Char data type
Indicate whether the statement is true or false
Riley Company borrowed $36,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a 7% annual interest rate. Riley earned cash revenue of $1,700 in Year 1 and $1,400 in Year 2. Assume no other transactions.The amount of net income on the Year 2 income statement would be:
A. $1,890. B. $(190). C. $770. D. $630.