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 journal entry to apply the factory overhead costs for the year would include a

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 journal entry to apply the factory overhead costs for the year would include a

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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The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $765,700, and total direct labor costs would be $589,000. During May, the actual direct labor cost totaled $51,000, and factory overhead cost incurred totaled $68,950. A)What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. b) Journalize the entry to apply factory overhead to production for May. Work in Process-Blending Department Factory Overhead-Blending Department C) What is the May 31 balance of the account Factory Overhead—Blending Department? Amount:
Salinger Company estimates that total factory overhead costs will be $78,000 for the year. Direct labor hours are estimated to be 13,000. a. For Salinger Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places b. During August, Salinger Company accumulated 850 hours of direct labor costs on Job 40 and 530 hours on Job 42. Determine the amount of factory overhead applied to Jobs 40 and 42 in August. c. Prepare the journal entry to apply factory overhead to both jobs in August according to the predetermined overhead rate.
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $329,900 and direct labor hours would be 43,500. Actual manufacturing overhead costs incurred were $308,200, and actual direct labor hours were 51,900. What is the predetermined factory overhead rate per direct labor hour? a. $6.07 b. $11.38 c. $7.58 d. $9.10
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Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $696,000 of overhead costs and $ 580,000 of direct labor cost for the year. During MarchShire began and completed Job 13-56 . 1. What is the predetermined overhead rate for the year? 2. Use the information on the following cost sheet to determine the total cost of the job.
a
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 $349,700 and direct labor hours would be 40,000. Actual manufacturing overhead costs incurred were $300,400, and actual direct labor hours were 52,900. What is the predetermined overhead rate per direct labor hour?
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 $233,125 and direct labor hours would be 46,625. Actual factory overhead costs incurred were $247,123, and actual direct labor hours were 51,484. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$24,295 underapplied b.$257,420 overapplied c.$10,297 underapplied d.$10,297 overapplied
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $466,920 and direct labor hours would be 46,692. Actual factory overhead costs incurred were $496,253, and actual direct labor hours were 51,693. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? O $516,930 overapplied Ob. $50,010 underapplied Oc. $20,677 overapplied Od. $20,677 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 $353,700 and direct labor hours would be 47,300. Actual manufacturing overhead costs incurred were $319,500, and actual direct labor hours were 52,400. The journal entry to apply the factory overhead costs for the year would include a Oa. debit to Factory Overhead for $391,952 Ob. credit to Factory Overhead for $391,952 Oc. debit to Factory Overhead for $319,500 Od. credit to Factory Overhead for $353,700
Henke corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor hours for the upcoming year at 69,000 labor hours. The estimated variable manufacturing overhead was $7.30 per labor hour and the estimated total fix manufacturing overhead was $1,380,000. The actual labor hours for the year turned out to be 73,000 labor hours. Compute the company's predetermined overhead rate for the recently completed year
Winston Company estimates that total factory overhead for the following year will be $1,050,300. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 38,900 hours. The total machine hours for the year were 54,200. The actual factory overhead for the year was $1,455,000. a. Determine the total factory overhead applied. Round to the nearest dollar. b. Compute the over- or underapplied factory overhead for the year. c. Journalize the entry to transfer the over- or underapplied factory overhead to Cost of Goods Sold. If an amount box does not require an entry, leave it blank.