Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $300,000, and direct labor costs to be $150,000. Actual overhead costs for the year totaled $330,000, and actual direct labor costs totaled $170,000. At year-end, Factory Overhead account is:
A. Overapplied by $20,000.
B. Neither overapplied nor underapplied.
C. Underapplied by $10,000.
D. Overapplied by $10,000.
E. Overapplied by $170,000.
Answer: D
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a. True b. False Indicate whether the statement is true or false
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A company had a tractor destroyed by fire. The tractor originally cost $85,000 with accumulated depreciation of $60,000. The proceeds from the insurance company were $20,000. The company should recognize:
A. A loss of $20,000. B. A gain of $65,000. C. A gain of $5,000. D. A gain of $20,000. E. A loss of $5,000.