Reference no: EM13750350
Antique Inc. employs a normal job order costing system, using direct labor cost to apply manufacturing overhead. The following information is available for 2012 :
There were no beginning inventories at the beginning of the year.
On January 1, 2012 , the company estimated that 2012 manufacturing overhead cost at $1,500,000 and 2012 direct labor cost at $500,000.
Actual 2012 Manufacturing Overhead Cost totaled $1,780,952.
At December 31, 2012 , prior to any adjusting entries , the following information was reported :
Direct Materials In : Work In Process : $70,000 Finished Goods Inventory : $56,000 Cost Of Goods Sold : $294,000 Period Total : $420,000
Direct Labor Cost In : Work In Process : $50,000 Finished Goods Inventory : $80,000 Cost Of Goods Sold : $420,000
Period Total : $550,000
Manufacturing Overhead Cost In : Work In Process ? Finished Goods ? Cost of Goods Sold ?
Antique Inc prorates any over or under applied overhead to work in process, finished goods, and cost of goods sold based on manufacturing overhead posted to each of these accounts.
Question: What will be the amount of cost of goods sold on the final income statement (after pro-ration)?
A) 1,874,000 B) 1,924,000 C) 2,024,000 D) 2,074,000 E) None
Bonds pay interest annually
: On December 31, IOU Corporation issued $100,000 of 10-year bonds at 98. The bonds pay interest annually on December 31. These bonds sold at 98 because____?
|
What is the amount for the first year interest payment
: On January 1, Bank, Rupp, & Baroque, Inc issued $50,000 worth of 10-year, 9% bonds for $49890. What is the amount for the first year interest payment?
|
Each act in hamlet representing the theme of each
: Create a cover page with five illustrations resembling theme of hamlet, each with an accompanying quotation from hamlet. Then choose five songs or poems, one for each act in Hamlet representing the theme of each. Be sure to make a detailed connection..
|
An element of just-in-time processing
: An element of just-in-time processing is
|
Employs a normal job order costing system
: Antique Inc. employs a normal job order costing system, using direct labor cost to apply manufacturing overhead. The following information is available for 2012 :
|
The essential questions in relation to the film
: Option B: Critical Response Essay where you address one of the Essential Questions in relation to the film. Your response should refer to specific film techniques used within the film and their effectiveness in developing your chosen Essential Questi..
|
Manufactures a single product
: Frank Corporation manufactures a single product that has a selling price of $30.00 per unit. Fixed expenses total $51,000 per year, and the company must sell 8,500 units to break even. If the company has a target profit of $16,500, sales in units mus..
|
An example of an activity cost pool
: An example of an activity cost pool is
|
Margin of safety percentage and variable expenses
: Arthur Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $330,000 and the variable expenses are 45% of sales. Given this information, the actual profit is: (Do not round your intermediate calculat..
|