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248) The following information was gathered for the Falsetto Corporation

Question : 248) The following information was gathered for the Falsetto Corporation : 1876929

248) The following information was gathered for the Falsetto Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours.

Estimated direct labor hours 75,000

Actual direct labor hours 82,000

Estimated manufacturing overhead costs $1,275,000

Actual manufacturing overhead costs $1,335,000

Compute:

a) Predetermined manufacturing overhead rate

b) Manufacturing overhead allocated for the year

c) Amount of over/underallocated overhead at the end of the year

249) In job costing, the purchase of raw materials is recorded as a debit to the Raw Materials Inventory account and a credit to accounts payable.

250) When an item is sold, Finished Goods Inventory account is credited and Cost of Goods Sold is debited.

251) In job costing, when indirect materials are requisitioned for a job, the Raw Materials Inventory account is credited.

252) In job costing, when raw materials are requisitioned for a job, the Raw Materials Inventory account is credited.

253) The Work-in-Process account is debited for the cost of direct labor in a job cost system.

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