90.2K

Verified Solution

Link Copied!

Need answer!

Sheffield Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31. 2021 Raw materials inventory Work in process inventory Finished goods inventory $100300 130600 125200 Dec. 31. 2022 $79600 145200 115600 During 2022, Sheffield purchased $950200 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $160300. How much is total manufacturing costs incurred during 2022 for Sheffield? $1238200 $1234700 $1255400 $1249300 Marigold's Manufacturing calculated its predetermined overhead rate to be 220% of direct materials costs. For the month of July, the company incurred $119000 of raw material costs, of which $89400 were direct materials, and $29600 were indirect materials. Actual overhead incurred was $174900. What would be the debit entry to the Work in Process Inventory account for July with respect to manufacturing overhead? $261800 $174900 $0, the account should be credited $196680 Marigold provided the following information from its accounting records for 2022: 33200 labour hours Expected production Actual production 31200 labour hours Budgeted overhead $1660000 Actual overhead $1610000 How much is the overhead application rate if Marigold bases the rate on direct labour hours? $48.49 per direct labour hour $50.00 per direct labour hour $53.21 per direct labour hour $51.60 per direct labour hour

Answer & Explanation Solved by verified expert

See Answer