40 000146 Heathcote Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured: Cost of goods sold (unadjusted) Manufacturing overhead is overapplied or underapplied by Multiple Choice $186,000 Underapplied $5,000 Underapplied $186,000 Overapplied $5,000 Overapplied $ 152,000 $ 454,000 $546,000 47,000 direct labor-hours $ 1,569,000 $1,458,000 42,000 direct labor-hours. ↓

40 000146 Heathcote Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured: Cost of goods sold (unadjusted) Manufacturing overhead is overapplied or underapplied by Multiple Choice $186,000 Underapplied $5,000 Underapplied $186,000 Overapplied $5,000 Overapplied $ 152,000 $ 454,000 $546,000 47,000 direct labor-hours $ 1,569,000 $1,458,000 42,000 direct labor-hours. ↓

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Description: 4000:01:46Heathcote Corporation is a manufacturer that uses Job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the Just com

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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O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
The following accounts are from last year's books at Sharp Manufacturing: Balance Balance (g) Debit Debit Debit Raw Materials 0 (b) 170,500 13,900 Finished Goods 0 (g) 520,400 47,400 Cost of Goods Sold 473,000 Credit Credit Credit 156,600 Balance (b) (c) (c) 473,000 (b) (c) (d) Debit Debit Work In Process 0 (1) 133,300 170,600 216,500 0 Manufacturing Overhead 23,300 (e) 27,300 158,600 Credit Credit 520,400 216,500 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?
Mcle Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials Work in process Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Required: $ 42,000 $ 21,800 $ 38,600 $ 576,000 37,800 direct labor-hours $ 506,000 $ 453,800 $ 592,800 45,900 direct labor-hours $ 133,000 $ 616,000 $ 1,566,000 a. Complete the T-account to determine the ending balance in Raw Materials. b. Complete the T-account to determine the ending balance in Work in Process.
i need a and b and c answer.
9. The BAM Manufacturing Co. uses a job-order costing system, and it applies factory overhead to production at a pre-determined rate based on direct labor cost. The following account appears in the general ledger: WORK IN PROCESS P 50,000 100,000 80,000 60,000 Finished goods P250,900 Beg. Bal Direct Materials Direct Labor Applied overhead The ending work in process represents the cost of Job# 26 which has been charged with P6,000 of direct labor and the cost of Job # 27 which has been charged with applied factory overhead of P4,800. Total cost of direct materials in the ending work in process was А. Р8,400 В. Р9,000 C. P15,200 D. P17,400 10. A company had the following total usage of direct labor and direct materials Hours Pounds Direct Labor (P8 per hour) 400 Direct Materials (PIO per pound) 300 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 in work in…
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Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
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