Superior Products Manufacturing identified the following data in its two production departments. ?AssemblyFinishingManufacturing overhead costs$225,000$420,000Direct labor hours worked6,600 DLH9,000 DLHMachine hours used2,400 MH5,200 MHMake the following independent calculations (Round to two decimals).a. Compute a plantwide overhead rate using machine hours as the allocation base.b. Compute a plantwide overhead rate using direct labor hours as the allocation base.
What will be an ideal response?
a. ($225,000 +$420,000)/(2,400 + 5,200) MH = $84.87 per MH
b. ($225,000 + $420,000)/(6,600 + 9,000) DLH = $41.35 per DLH
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The Retained earnings account has a credit balance of $37,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000, what is the ending balance in the Retained earnings account after all closing entries are made?
A. $52,400. B. $37,000. C. $43,400. D. $28,000. E. $35,400.
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