Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs to be $450,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $15,000 for Job AM002, $55,000 for Job AM005, and $70,000 for Job AM008. For Year 1, actual manufacturing overhead was $313,000 and total direct materials cost was $540,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: a. How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? b. What was the over- or underapplied manufacturing overhead for Year 1? Complete this question by entering your answers in the tabs below. Required A Required B How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? Job AM002

Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs to be $450,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $15,000 for Job AM002, $55,000 for Job AM005, and $70,000 for Job AM008. For Year 1, actual manufacturing overhead was $313,000 and total direct materials cost was $540,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: a. How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? b. What was the over- or underapplied manufacturing overhead for Year 1? Complete this question by entering your answers in the tabs below. Required A Required B How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? Job AM002

Name: Antoine Machining estimated its manufacturing overhead to be $279,000
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Description: Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs to be $450,000 in Year 1. Threeof the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $15,000 for Job AM002, $5

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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At the beginning of the year, a company estimates total overhead costs of $750,000. The company applies overhead using machine hours and estimates it will use 1,500 machine hours during the year. What amount of overhead should be applied to Job 65A if that job uses 23 machine hours that year?
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Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs to be $450,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $15,000 for Job AM002, $55,000 for Job AM005, and $70,000 for Job AM008. For Year 1, actual manufacturing overhead was $313,000 and total direct materials cost was $540,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory $ 20,088 Finished goods inventory 63,612 Cost of goods sold 251,100 Required: Prepare an entry to allocate the under- or overapplied overhead.
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Antoine Machining estimated its manufacturing overhead to be $299,650 and its direct materials costs to be $461,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $26,000 for Job AM002, $66,000 for Job AM005, and $81,000 for Job AM008. For Year 1, actual manufacturing overhead was $318,500 and total direct materials cost was $551,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? What was the over- or underapplied manufacturing overhead for Year1?