Question

Plasencia Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or...

Plasencia Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year:

Beginning inventories:
Finished goods $ 33,000
Estimated total manufacturing overhead at the beginning of the year $ 635,500
Estimated direct labor-hours at the beginning of the year 41,000 direct labor-hours

Results of operations:

Actual direct labor-hours 42,000 direct labor-hours
Manufacturing overhead:
Indirect labor cost $ 177,000
Other manufacturing overhead costs incurred $ 444,000
Selling and administrative:
Selling and administrative salaries $ 280,000
Other selling and administrative expenses $ 310,000
Cost of goods manufactured $ 1,501,000
Sales revenue $ 2,704,000
Cost of goods sold (unadjusted) $ 1,416,000

The net operating income is:

Garrison 16e Rechecks 2017-08-28

Multiple Choice

$1,318,000

$1,008,000

$728,000

$1,038,000

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ali Corporation is a manufacturer that uses job-order costing. The company closes out any over-applied or...
Ali Corporation is a manufacturer that uses job-order costing. The company closes out any over-applied or under-applied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods $ 33,000 Estimated total manufacturing overhead at the beginning of the year $ 635,500 Estimated direct labor-hours at the beginning of the year 41,000 direct labor-hours Results of operations: Actual direct labor-hours 42,000 direct labor-hours...
Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or...
Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods $ 30,000 Estimated total manufacturing overhead at the beginning of the year $ 568,000 Estimated direct labor-hours at the beginning of the year 32,000 direct labor-hours Results of operations: Raw materials (all direct) requisitioned for...
5. Lister Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied...
5. Lister Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just-completed year: Estimated total manufacturing overhead at the beginning of the year $624,000 Estimated direct labor-hours at the beginning of the year 39,000direct labor-hours Results of operations: Actual direct labor-hours 36,000direct labor-hours Manufacturing Overhead: Indirect labor cost $131,000 Other manufacturing overhead...
Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system...
Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department’s predetermined overhead rate is based on machine-hours and the Customizing Department’s predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Milling Customizing Machine-hours 16,000 23,000 Direct labor-hours 6,000 9,000 Total fixed manufacturing overhead cost $ 92,800 $ 36,000...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244,200 and 9,200 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $245,000 and actual direct labor-hours were 6,100. The applied manufacturing overhead for the year was closest to: (Round your intermediate calculations to 2 decimal places.) Garrison 16e Rechecks 2017-08-28 Multiple Choice $162,443 $161,894 $305,366 $244,976
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,600 $ 22,600 Work in process $ 27,600 $ 9,600 Finished Goods $ 62,600 $ 77,600 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,600 machine-hours and incur $275,520...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 50,000 Work in process $ 30,800 Finished goods $ 43,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,450​ $ 22,450​ Work in process $ 27,450​ $ 9450​ Finished Goods $ 62,450​ $ 77,450​ The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,450 machine-hours and incur $264,255...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,950​ $ 22,950​ Work in process $ 27,950​ $ 9950​ Finished Goods $ 62,950​ $ 77,950​ The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,950 machine-hours and incur $302,155...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT