1. Harris Company produces a single product. Last year Harris manufactured 17,50
ID: 2628111 • Letter: 1
Question
1. Harris Company produces a single product. Last year Harris manufactured 17,500 units and sold 12,700 units. Production costs for the year were as follows:
Sales were $774,700 for the year, variable selling and administrative expenses were $78,740, and fixed selling and administrative expenses were $161,000. There was no beginning inventory. Assume that direct labor is a variable cost.
Under absorption costing, the carrying value on the balance sheet of the ending inventory for the year would be:
2. The costing method that can be used most easily with break-even analysis and other cost-volume-profit techniques is:
4. Which of the following statements is true?
5. Which of the following is the correct formula to compute the predetermined overhead Rate?
Direct materials $147,000 Direct labor $101,500 Variable manufacturing overhead $196,000 Fixed manufacturing overhead $274,750Explanation / Answer
1) $148,347
2) process costing.
3) $15,800
4) When production exceeds sales, a manufacturing company's variable costing net operating income will usually be greater than its absorption costing net operating income.
5) Actual total manufacturing overhead costs divided by estimated total units in the allocation base.
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