A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? Pick one a. $54,800 underapplied b. $6,000 overapplied c. $54,800 overapplied d. $6,000 underapplied A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a a. credit to Factory Overhead for $432,000 b. debit to Factory Overhead for $360,000 c. credit to Factory Overhead for $360,000 d. debit to Factory Overhead for $377,200
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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A manufacturing company applies factory
overhead based on direct labor hours. At the beginning of the year, it estimated thatfactory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?Pick onea. $54,800 underappliedb. $6,000 overappliedc. $54,800 overappliedd. $6,000 underapplied -
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The entry to apply the factory overhead costs for the year would include a
a. credit to Factory Overhead for $432,000b. debit to Factory Overhead for $360,000c. credit to Factory Overhead for $360,000d. debit to Factory Overhead for $377,200
3
Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:
|
Balance |
|
| Job No. 356 |
$ 450 |
| Job No. 357 |
1,235 |
| Job No. 358 |
378 |
| Job No. 359 |
689 |
| Job No. 360 |
456 |
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
| a. |
$2,752
|
|
| b. |
$3,208
|
|
| c. |
$456
|
|
| d. |
$0
|
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Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the quarter:
Balance
Job No. 356 $ 450
Job No. 357 1,235
Job No. 358 378
Job No. 359 689
Job No. 360 456
Jobs 356, 357, 358, and 359 were completed. Jobs 356 and 357 were sold at a profit of $500 on each job.
What is the ending balance of Finished Goods for Adams Company at the end of the first quarter?a. $2,752b. $1,685c. $456d. $1,0675-
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Department S had no work in process at the beginning of the period. It added 12,000 units of direct materials during the period at a cost of $84,000; 9,000 units were completed during the period; and 3,000 units were 30% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. Direct labor was $49,500 and factory overhead was $9,900.
The total cost of units completed during the period werea. $127,450b. $143,400c. $117,000d. $121,0006-
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