Using the following accounts and a predetermined overhead rate of 130% of direct labor cost, compute the amount of applied overhead. Work in Process InventoryBeginning WIP35,200 Direct materials55,300 Direct labor? Factory overhead? To finished goods 203,300Ending WIP25,200 Finished Goods InventoryBeginning FG5,200 Cost of Goods Mfg'd203,300
A. $60,000.
B. $138,000.
C. $71,890.
D. $78,000.
E. $90,500.
Answer: D
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Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000 . They agree to salaries of $12,000 and $18,000 for Singer and McMann, respectively, and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann's share of the income be if the income for the year is $15,000?
a. $6,000 b. $9,400 c. $12,600 d. $14,000
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