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Question
At the current year-end, Simply Company found that its overhead was underapplied by $2,500, and this amount was not considered material. Based on this information, Simply shouldA.Close the $2,500 to Cost of Goods Sold.
B.Close the $2,500 to Finished Goods Inventory.
C.Do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year.
D.Carry the $2,500 to the income statement as "Other Expense"
E.Carry the $2,500 to the next period.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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Given the following data, calculate product cost per unit under variable costing.
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Total fixed overhead $85,000
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Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Direct labor $2.50 per unit
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Given the Cool Pools Company data, what is net income using absorption costing?
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E. $16,220,000