Business, 17.06.2020 05:57, 1060975

Horton Company uses a normal costing system. Factory overhead is allocated on the basis of labor hours. At the beginning of the year, management estimated that the company would incur $1,050,000 of manufacturing overhead costs and use 70,000 labor hours. The company recorded the following events during the month of March. (a) Purchased $800,000 of materials on account.
(b) Used $600,000 of materials in production, of which $80,000 were used as indirect materials.
(c) Incurred $250,000 of direct labor costs and $50,000 of indirect labor costs.
(d) Recorded depreciation on equipment for the month, $22,000.
(e) Paid $8,000 cash for utilities and other miscellaneous items for the manufacturing plant.
(f) Used 10,000 labor hours during March.
The debit to Work-in-Process Inventory account for materials is:.
a. $80,000
b. $520,000
c. $600,000
d. $800,000
The credit to Manufacturing Overhead Allocated account is:.
a. $150,000
b. $140,000
c. $180,000
d. $160,000

Answers: 3

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Horton Company uses a normal costing system. Factory overhead is allocated on the basis of labor hou...