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1. A manufacturing company prepays its insurance coverage for a three-year period. The premium for...

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Accounting

1. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage?

Option A

Option B

Option C

Option D

2. Hayne Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: The predetermined overhead rate for the recently completed year was closest to:

$7.89

$30.95

$24.52

$32.41

Answer & Explanation Solved by verified expert
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