Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consult- ing, Inc., follow: Estimated consulting overhead cost for the year. Estimated direct labor cost for the year (@ $9/hr.). Actual manufacturing overhead cost for January. Actual direct labor cost for January (1,200 hours). Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Prepare a journal entry that applies consulting overhead for January. C. By what amount is consulting overhead over- or underapplied in January? $360,000 180,000 19,500 11,000

Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consult- ing, Inc., follow: Estimated consulting overhead cost for the year. Estimated direct labor cost for the year (@ $9/hr.). Actual manufacturing overhead cost for January. Actual direct labor cost for January (1,200 hours). Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. b. Prepare a journal entry that applies consulting overhead for January. C. By what amount is consulting overhead over- or underapplied in January? $360,000 180,000 19,500 11,000

Name: Vaibh E3-6A. Calculate and Use Overhead Rate Selected data for the con
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Description: Vaibh E3-6A. Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consult-ing, Inc., follow:Estimated consulting overhead cost for the year.Estimated direct labor cost for the year (@ $9/hr.).Actual manufacturing over

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Variance Analysis

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Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Vaibh

E3-6A. Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consult-
ing, Inc., follow:
Estimated consulting overhead cost for the year.
Estimated direct labor cost for the year (@ $9/hr.).
Actual manufacturing overhead cost for January.
Actual direct labor cost for January (1,200 hours).
Assuming that direct labor cost is the basis for applying consulting overhead,
Calculate the predetermined overhead rate.
Prepare a journal entry that applies consulting overhead for January.
By what amount is consulting overhead over- or underapplied in January?
a.
b.
C.
$360,000
180,000
19,500
11,000

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