Actual manufacturing overhead: Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: beginning inventory, January 1 Purchases during the year Ending Inventory, December 31 $231,000 200,000 59,00 79,000 48,000 94,000 63,000 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours (Round your answer to 2 decimal places) 2) calculate the overapplied or underapplied overheadfor the year. 3) Prepare a journal entry to close out the Manufacturing overhead account into cost of Goods sold.
Actual manufacturing overhead: Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: beginning inventory, January 1 Purchases during the year Ending Inventory, December 31 $231,000 200,000 59,00 79,000 48,000 94,000 63,000 Required: 1. Compute the firm's predetermined overhead rate, which is based on direct-labor hours (Round your answer to 2 decimal places) 2) calculate the overapplied or underapplied overheadfor the year. 3) Prepare a journal entry to close out the Manufacturing overhead account into cost of Goods sold.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Please help me with required 1 and required 2 and required 3 I will give upvote thanku
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