Applying Factory OverheadCarrothers Company estimates that total factory overhead costs will be $270,000 for the year. Direct labor hours are estimated to be 27,000.a. For Carrothers Company, determine the predetermined factory overhead rate using direct labor hours as the activity base.per direct labor hourb. During August, Carrothers Company accumulated 510 hours of direct labor costs on Job 50 and 650 hours on Job 56. Determine the amount of factory overhead applied to Jobs 50 and 56 in AugusFeedback►Check My Workc. Journalize the entry to apply factory overhead to both jobs in August according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank.Work in ProcessFactory Overhead

To compute: a.Predetermined factory overhead rate = Total factory overhead cost / Direct labor hours…

Answered: Applying Factory Overhead Carrothers…

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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Yarra Fabrication estimates that its manufacturing overhead will be $2,297,600 in year 1. It further estimates that direct material costs will amount to $1,436,000. Actual manufacturing overhead costs for the year were $2,445,000. Actual direct materials costs were $1,595,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,552,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory $ 475,750 Finished goods inventory $ 1,124,500 Cost of goods sold $ 7,049,750 Required: Prepare an entry to allocate the over- or underapplied overhead.
Company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that it would have 84,000 machine-hours and incur $350,000 in manufacturing overhead cost. For March: Raw materials purchased: $5000. Raw materials used in production: $2300 direct. Direct labor: $4000.Marketing expenses: $5600. Depreciation on the manufacturing facilities: $800. Actual machine-hours used during the month: 1,700 hr. The company made 8000 units and sold 2700 for price of $2 per unit. 1. What is the applied overhead company has for March 2. If Work in process have beginning balance of 0 and ending balance of 0, what is the gross profit for march
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 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?
Harris Fabrics computes Its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 36,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $501,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $677,683 and its actual total direct labor was 36,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
k A ances Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 28,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $525,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $668,325 and its actual total direct labor was 28,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
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At the beginning of the year, a company estimated a predetermined plantwide overhead rate of 140% of direct labor cost. Job X was charged $200 and $250 for direct materials and direct labor, respectively. What is the total job cost for Job X? Multiple Cholce $850 $800 $600 $550
Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. It further estimates that direct labor costs will amount to $750,000. During March, Linzee worked on four jobs with actual direct labor costs of $35,000 for Job 0301, $22,500 for Job 0302, $32,000 for Job 0303, and $16,000 for Job 0304. Actual manufacturing overhead costs for the year were $1, 710,000. Actual direct labor costs for the year were $735,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows: Work-in-process inventory $ 33,810 Finished goods inventory $ 270,480 Cost of goods sold $ 1,386, 210 Required: Prepare an entry to allocate the over- or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Itranscript Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 27,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $548,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $714,898 and its actual total direct labor was 27,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
Washburn Company produces earbuds. During the year, manufacturing overhead costs are estimated to be $ 200,000. Estimated machine usage is 2,500 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours. Compute the predetermined overhead rate. Predetermined overhead rate $?
Martin Manufacturing assigns overhead to jobs based on machine hours. At the beginning of the current year, estimated overhead costs were $200,000 and estimated machine hours were 40,000. During the year, 140 machine hours were used on Job 88. By the end of the year, actual overhead costs were calculated to be $202,500 and actual machine hours were 45,000.How much overhead was applied to Job 88 during the year?

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