Adams Company and Baird Company both apply overhead to the Work in Process Inventory account using direct labor hours. Thefollowing information is available for both companies for the year.AdamsCompany$ 208,60029,000$ 20,500BairdCompany$ 298,50030,00012,000Actual manufacturing overheadActual direct labor hoursUnderapplied overheadOverapplied overheadRequireda. Compute the predetermined overhead rate for each company.b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for eaccompany, assuming the amounts are immaterial.Complete this question by entering your answers in the tabs below.Predetermined overhead rateRequired A Required BCompute the predetermined overhead rate for each company.Note: Round your answers to 2 decimal places.Per Direct Labor HourAdams Company Baird CompanyRequired B > a. Compute the predetermined overhead rate for each company.b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for eachcompany, assuming the amounts are immaterial.Complete this question by entering your answers in the tabs below.Required A RequiredUsing T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming theamounts are immaterial.Adjusting Entry for Adams CompanyDebitManufacturing OverheadAdjusting Entry for Baird CompanyDebitManufacturing OverheadCreditCredit< Required ADebitDebitCost of Goods SoldCost of Goods SoldRequired>CreditCredit

The pre-determined overhead rate is calculated as estimated overhead cost divided by estimated base…

Adams Company and Baird Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Adams Company $ 208,608 29,000 $ 20,500 Baird Company $ 298,500 30,000 12,000 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for e- company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below.

Adams Company and Baird Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Adams Company $ 208,608 29,000 $ 20,500 Baird Company $ 298,500 30,000 12,000 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for e- company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below.

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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Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
Applied vs. Actual Manufacturing Overhead direct labor incurred during the current year. a. Determine the under applied manufacturing overhead at year - end (assume it is significant). Under - applied manufacturing overhead $ b. Prepare a journal entry to record the disposition of the underapplied manufacturing overhead. Please use picture provided % is 150 Manufactuing overhead was 945,000$ and finished goods and cost of goods sold was 120, 000, 60, 000, and 420,000
Please avoid answering in image format..Thank you..
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
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?