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Wyse Corp uses a normal job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Wyse Corp estimated total manufacturing overhead cost at $851,700 and total direct labor hours of 50,100. Wyse Corp started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $836,600 and 47,800 direct labor hours were used.
Calculate how much manufacturing overhead will be applied to production. (Omit the "$" sign in your response.)
What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased?
Starr Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the..
The Omega Corporation sells property during the year that results in the following gains and losses: Compute the resulting increase or decrease in Omega's taxable income. Explain each step.
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