Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $333,500 and total machine hours of 46,000. During the year actual manufacturing overhead incurred was $323,680 and 47,600 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.)

Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $333,500 and total machine hours of 46,000. During the year actual manufacturing overhead incurred was $323,680 and 47,600 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.)

Name: (d) What account should be adjusted for over- or underapplied overhea
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: (d) What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased? Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. Fort

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $182,400. Estimated direct labor cost was $446,500 for 19,000 hours. Actual costs for the most recent month are summarized here: Total Item Description Direct labor (1,900 hours) Cost $44,651 Indirect costs Indirect labor 2,460 3,440 3,370 4,750 Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial work Factory insurance General and administrative salaries 5,730 1,150 1,890 4,200 5,370 Selling expenses
Shahid Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead Rs. 182,000 Estimated machine-hours 5,600 Actual manufacturing overhead Rs. 187,000 Actual machine-hours 5,100 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. Calculate 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?
Saved Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $333,500 and total machine hours of 46,000. During the year actual manufacturing overhead incurred was $323,680 and 47,600 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) Pdetemined Overhed Rate per hour
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $188,870. Estimated direct labor cost was $456,280 for 18,700 hours. Actual costs for the most recent month are summarized here: Item Description Direct labor (1,500 hours) Indirect costs Indirect labor Indirect materials. Factory rent Factory supervision Factory depreciation Factory janitorial work Factory insurance General and administrative salaries Selling expenses 3. Calculate actual manufacturing overhead costs. 4. Compute over- or underapplied overhead. Required: 1. Calculate the predetermined overhead rate. 2. Calculate the amount of applied manufacturing overhead. 89 Complete this question by entering your answers in the tabs below. SEP Total Cost $ 45,629 84 2,570 3,460 3,240 4,760 5,680 1,230 1,830 4,260 5,380 TAO O
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 $284,112 and direct labor hours would be 47,352. Actual factory overhead costs incurred were $309,825, and actual direct labor hours were 53,789. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$322,734 overapplied b.$38,622 underapplied c.$12,909 overapplied d.$12,909 underapplied
Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $157,350 4,560 $156,600 4,700 Estimated machine-hours Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to: (Round your intermediate calculations to 2 decimal places.)
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $181,390. Estimated direct labor cost was $460,020 for 18,700 hours. Actual costs for the most recent month are summarized here: Item Description Total Cost Direct labor (1,870 hours) $ 46,003 Indirect costs Indirect labor 2,450 Indirect materials 3,330 Factory rent 3,290 Factory supervision 4,720 Factory depreciation 5,680 Factory janitorial work 1,130 Factory insurance 1,880 General and administrative salaries 4,110 Selling expenses 5,440 Required:1. Calculate the predetermined overhead rate. 2. Calculate the amount of applied manufacturing overhead. 3. Calculate actual manufacturing overhead costs. 4. Compute over- or underapplied overhead.
) Jeremy Corporation estimated manufacturing overhead costs for the year to be $500,000. Jeremy also estimated 8,000 machine hours and 2,000 direct labor hours for the year. It bases the predetermined overhead allocation rate on machine hours. On January 31, Job 25 was completed. It required 6 machine hours and 1 direct labor hour. What is the amount of manufacturing overhead allocated to the completed job? (Round your intermediate calculations to one decimal place) A) $1,500.00 B) $437.50 C) $375.00 D) $350.00
Sandler Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Estimated machine hours 73,000 Estimated variable manufacturing overhead 3.49 per machine hour Estimated total fixed manufacturinf overhead 838,770 Required: Compute the company's predetermined overhead rate.
Winston Company estimates that total factory overhead for the following year will be $880,400. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 28,400 hours. The actual total machine hours for the year were 54,800 hours. The actual factory overhead for the year was $1,723,000. Enter the amount as a positive number. Question Content Area a. Determine the total factory overhead applied. Round to the nearest dollar.fill in the blank b. Compute the over- or underapplied factory overhead for the year.fill in the blank c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank. Debit Credit Cost of goods sold Factory Overhead
Your Company uses a predetermined overhead rate based on direct labor hours. The POR is $10 per direct labor hour. Use the following information to determine by how much the manufacturing overhead cost for the current year will be over or under applied. Direct labor-hours: Estimated for the year 25,000 Actual hours worked 25,600 Direct labor cost: Estimated for the year $300,000 Actual cost incurred $210,000 Manufacturing overhead: Estimated for the year $250,000 Actual cost incurred $252,000 The manufacturing overhead cost for the current year will be: O $6,000 under applied O $6,000 over applied O $4,000 over applied O $4,000 under applied