Reference no: EM132933492
Problem 1: Based on the data below, what is the amount of the overhead under-/over-absorbed?
Budgeted overheads Khs.493,200
Budgeted machine hours 10,960
Actual machine hours 10,493
Actual overheads Khs.514,157
Option 1: Khs.20,957 under-absorbed
Option 2: Khs.21,015 over-absorbed
Option 3: Khs.21,015 under-absorbed
Option 4: Khs.41,972 under-absorbed
The following details have been extracted from the receivables records of X:
Invoices paid in the month after sale 60%
Invoices paid in the second month after sale 20%
Invoices paid in the third month after sale 15%
Bad debts 5%
Credit sales for June to August 2011 are budgeted as follows:
June Khs.100,000
July Khs.150,000
August Khs.130,000
Customers paying in the month after sale are entitled to deduct a 2% settlement discount.
Invoices are issued on the last day of the month.
Problem 2: The amount budgeted to be received in September 2011 from credit sales is:
Option 1: Khs.115,190
Option 2: Khs.116,750
Option 3: Khs.121,440
Option 4: Khs.123,000
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