12. A company had the following total usage of direct labor and direct materials Pounds Hours 400 Direct labor (P8 per hour) Direct materials (P10 per pound) Incomplete Job 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead is applied at the rate of 200% per direct labor peso. What is the balance of work-in-process relating to Job 101? a. P560 debit 300 b. P560 credit C. P12,600 debit d. P12,600 credit

12. A company had the following total usage of direct labor and direct materials Pounds Hours 400 Direct labor (P8 per hour) Direct materials (P10 per pound) Incomplete Job 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead is applied at the rate of 200% per direct labor peso. What is the balance of work-in-process relating to Job 101? a. P560 debit 300 b. P560 credit C. P12,600 debit d. P12,600 credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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9
The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
O e. $2,636 Company XYZ uses machine hours to allocate its manufacturing overhead. The company estimates that total machine hours to be operated next year are 190,000 hours. The estimated variable overhead is $9 per hour and the estimated fixed overhead costs are $152,000. Calculate the predetermined overhead rate. Select one: O a. $10.80 O b. $9.80 O c. $0.10 O d. $0.80 O e. None of the answers given Finish attempt . ge OADUa Prisc F9 F6 F7 F3 F4 F2 23 24 8 6 3
Job 210 was unfinished at the end of the accounting period. The total cost assigned to the job was Rs. 12,000 of which Rs. 3,000 was direct material cost. Factory overheads were allocated to goods in process at 150% of direct labor cost. What was the amount of Factory overhead cost charged to Job210? A. Rs. 3,600 B. Rs. 3,000 C. Rs. 5,400 D. Rs. 9,000
24. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: Production Machine-hours Fixed overhead costs Actual 41,000 units 6,020 hours $125,500 What is the amount of fixed overhead allocated to production? A) $117,000.00 B) $123,000.00 C) $125,500.00 D) $128,210.13 Production Machine-hours Fixed overhead costs 25. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: B) $400 unfavorable C) $1,056 favorable D) $1,056 unfavorable Static Budget 39,000 units 5,850 hours $117,000 Actual 53,400 units 1,960 hours $86,520 What is the fixed overhead spending variance? A) $400 favorable Static Budget 53,000 units 2,120 hours $86,920
A company uses direct labor costs to apply overhead. Its production costs for the period are: direct materials, $45,000; direct labor, $35,000; and overhead applied, $38,500. What is its predetermined overhead rate?
6. Darrow Company uses a predetemined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 10,000 direct labor-hours and incurred S80,000 of actual manufacturing overhead cost. If overhead was underapplied by $2.000, the predetermined overhead rate for the company for the year must have been: $7.80 $8.00 $8.20 $8.40
aj.3
A company estimated $420,000 of factory overhead cost and 28,000 direct labor hours for the period. During the period, a job was completed with $9,000 of direct materials and 700 hours of direct labor. The direct labor rate was $15 per hour. What is the factory overhead applied to the job? Group of answer choices $4,200 $78,750 $10,500 $420,000
10 EB10. 4.5 Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?