Maple Mount Fishery Is a Canning Company in Astoria $\text { The January } 1 \text { balances of inventory accounts are shown below. }$

question 50

Multiple Choice

Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor costs. During the year, the company incurred the following actual costs. $\begin{array}{lr}\text { Direct materials used } & \$ 384,000 \\\text { Direct labor } & 306,000 \\\text { Factory overhead } & 658,000\end{array}$
$\text { The January } 1 \text { balances of inventory accounts are shown below. }$
$\begin{array}{lr}\text { Materials-all direct } & \$ 70,000 \\\text { Work-in-process } & 41,000 \\\text { Finished goods } & 26,000\end{array}$ The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year.
The predetermined factory overhead rate is:

• A)212% of direct labor costs.
• B)215% of direct labor costs.
• C)222% of direct labor costs.
• D)203% of direct labor costs.
• E)210% of direct labor costs.

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