At the end of the year, the company had actually incurred the following:full question attached in ss belowthanks fwgrw Smith Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the companyexpected to incur the following:(Click the icon to view the beginning of year estimated costs.)At the end of the year, the company had actually incurred the following:(Click the icon to view the actual end of year costs.)Read the requirements.Requirement 1. Compute Alton's predetermined manufacturing overhead rate.Determine the formula calculate the predetermined overhead rate, then calculate the rate.(= Predetermined overhead rate Actual end of year costsDirect labor cost..Depreciation on manufacturing plant and equipmentProperty taxes on plant.Sales salaries..Delivery drivers' wages.Plant janitors' wages.Machine hours.PrintDone$ 1.230.000$$$$$480,00019,50026,50017,0008,50056,500 hoursX heaManufacturing overhead costsDirect labor costMachine hours.VerhBeginning of year estimated costs$ 630,000$1,650,00090,000Requirements1. Compute Alton's predetermined manufacturing overhead rate.2. How much manufacturing overhead was allocated to jobs during the year?3. How much manufacturing overhead was incurred during the year? Ismanufacturing overhead underallocated or overallocated at the end ofthe year? By how much?4. Were the jobs overcosted or undercosted? ByXPrint✓ much?DoneX

OVERAPPLIED OVERHEADOverapplied Overhead occurs when Company's Budgeted Overhead is more than…

Actual end of year costs Direct labor cost.. Depreciation on manufacturing plant and equipment Property taxes on plant. Sales salaries.. Delivery drivers' wages. Plant janitors' wages. Machine hours. Print Done $ 1.230.000 $ $ $ $ $ 480,000 19,500 26,500 17,000 8,500 56,500 hours X hea Manufacturing overhead costs Direct labor cost Machine hours. Verh Beginning of year estimated costs $ 630,000 $1,650,000 90,000 Requirements 1. Compute Alton's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By X Print ✓ much? Done

Actual end of year costs Direct labor cost.. Depreciation on manufacturing plant and equipment Property taxes on plant. Sales salaries.. Delivery drivers' wages. Plant janitors' wages. Machine hours. Print Done $ 1.230.000 $ $ $ $ $ 480,000 19,500 26,500 17,000 8,500 56,500 hours X hea Manufacturing overhead costs Direct labor cost Machine hours. Verh Beginning of year estimated costs $ 630,000 $1,650,000 90,000 Requirements 1. Compute Alton's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By X Print ✓ much? Done

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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While examining the books and records in the general and administrative expense account of X Ltd., you came across the following contribution to the registered pension plan made by the Company on behalf of two key employees for the year ended December 31st.2021:- Registered Pension…………………..Employment Plan compensation,2021 President……………………………………..$15,000……………………………………….$180,000 Vice President……………………………….$14,000………………………………………..$ 95,000 The pension plan is a defined contribution(money purchase)plan. The contribution shown were matched by equal contribution made by the employees. Reconciling accounting income to to Division B income, you discover that the following portion of RPP contribution should be disallowed from being expensed by the X Ltd for tax purposes for the year ended December 31st.2021:- a. $NIL b. $13070 c. $10,000…
I need help with that Accounting Question given.
4 In accounting for construction contracts using the percentage of completion method, the gross profit recognized during the year would be the estimated gross profit multiplied by the percentage of the costs incurred to date to the : Group of answer choices Total estimated cost Total contract price Total cost incurred to date Unbilled portion of the contract price
Modern Construction Ltd. obtained a contract No. B-37 for the $ 40 lakhs. The following information relate to the contract for the year ended 31st March, 2019: 01/04/2018 31/03/2019 •Work-in-progress: •Work certified •Work uncertified • Materials at site •Accrued wages 9,40,000 30,00,000 11,200 32,000 8,000 20,000 3,000 5,000 Additional informations relating to the year 2018-2019 are : •Materials issued from store • Materials directly purchased • Wages paid •Architect's Fees •Plant Hire Charges • Indirect Expenses 4,00,000 •Share of General Overheads 1,50,000 for B-37 6,00,000 •Materials Returned to Store 51,000 •Materials Returned to Supplier 50,000 •Fines and Penalties paid 10,000 18,000 25,000 15,000 12,000 The contractee pays 80% pf the worke certified in Cash. You are required to prepare: (i) Contact Account showing clearly the Amount of profits transferred to Profit and loss Account (ii) Contractee's Account. (iii) Balance Sheet.
TV 10, a service business had the following information for the year 2018: Service Revenue – accruing for current year P 1,000,000 Collections during the year: For service income – last year 300,000 For service income – current year 800,000 For service income – next year 100,000 Expenses actually incurred during the year 500,000 Expenses paid during the year 600,000 How much is the taxable income?
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Please answer Number 14
am.104.
6
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