* Question Completion Status: QUESTION 5 Loma Inc. has an overhead application rate of 155% and allocates overhead based on direct material cost. During the current period, direct labor cost is $60,000 and direct materials used cost $72,000. Determine the amount of overhead Loma Inc should record in the current period. $111,600 $128,000. $72,000. $31,250 $112,000 Question Completion Status: QUESTION 6 Ashely Ventures uses a job order costing syster. For one month Ashely purchased $192,000 of raw materials on credit: issued materials to production of $191,000 of which $41,500 were indirect. Ashely incurred a factory payroll of $165,000, paid in cash, of which $53,000 was indirect labor. Ashely uses a predetermined overhead rate of 145% of direct labor cost. The total manufacturing costs added during the period are: $520,000 $423,900. $499,035 $410,500 $440,000 QUESTION 7 Evaluation of company performance does not include analysis of (1) past and current performance, (2) current financial position, and (3) future performance and risk. True False