The Following Cost Data Relate to the Manufacturing Activities of the Kamas

question 101

Essay

The following cost data relate to the manufacturing activities of the Kamas Company during the most recent year:
Manufacturing overhead costs incurred during the year:
$\begin{array}{|l|r|}\hline \text { Property taxes } & \$ 1,600 \\\hline \text { Utilities, factory } & 2,600 \\\hline \text { Indirect labour } & 5,100 \\\hline \text { Depreciation, factory } & 13,000 \\\hline \text { Insurance, factory } & 2,500 \\\hline \text { Total actual costs } & \$ 24,800 \\\hline\end{array}$
Other costs incurred during the year:
$\begin{array}{|l|r|}\hline \text { Purchases of raw materials } & \$ 15,000 \\\hline \text { Direct labour cost } & 22,000 \\\hline\end{array}$
Inventories:
$\begin{array}{|l|l|}\hline \text { Raw materials, beginning } & \$ 5,000 \\\hline \text { Raw materials, ending } & 4,400 \\\hline \text { Work in process, beginning } & 3,500 \\\hline \text { Work in process, ending } & 4,500 \\\hline\end{array}$
The company uses a predetermined overhead rate to charge overhead cost to production.The rate for the year just completed was $4.00 per machine hour; a total of 6,000 machine hours were recorded for the year.
Required:
a.Compute the amount of under- or overapplied overhead cost for the year just ended.
b.Prepare a schedule of cost of goods manufactured for the year.

Understand the principles of medication safety and the importance of proper medication administration.

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Recognize when healthcare provider orders are necessary for patient hygiene practices.

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Definitions:

Fisher's Exact Test

A statistical significance test used to examine the association between two categorical variables in a contingency table, especially useful for small sample sizes.

Yates' Correction

A statistical adjustment made to the chi-squared test for small sample sizes, to better approximate the chi-squared distribution.

Expected Frequencies

The predicted counts of occurrences across different categories or intervals that one would expect by chance.

Fisher's Exact Test

A statistical significance test used to determine if there are nonrandom associations between two categorical variables, often employed when sample sizes are small.