Cavy Company estimates that total factory overhead costs will be $653,310 for the year. Direct labor hours are estimated to be 109,800. a. Determine the: 1. Predetermined factory overhead rate. Round your answer to the nearest cent. per labor hour 2. Amount of factory overhead applied to Job 456 if the amount of direct labor hours is 1,400 and Job 888 if the amount of direct labor hours is 2,900. Job 456 Job 888 b. Journalize the entry to apply factory overhead for April, assuming Jobs 456 and 888 are the only jobs in production during the month. If an amount box does not require an entry, leave it blank.

Cavy Company estimates that total factory overhead costs will be $653,310 for the year. Direct labor hours are estimated to be 109,800. a. Determine the: 1. Predetermined factory overhead rate. Round your answer to the nearest cent. per labor hour 2. Amount of factory overhead applied to Job 456 if the amount of direct labor hours is 1,400 and Job 888 if the amount of direct labor hours is 2,900. Job 456 Job 888 b. Journalize the entry to apply factory overhead for April, assuming Jobs 456 and 888 are the only jobs in production during the month. If an amount box does not require an entry, leave it blank.

Name: Cavy Company estimates that total factory overhead costs will be $653
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Description: Cavy Company estimates that total factory overhead costs will be $653,310 for the year. Direct labor hours are estimated to be 109,800.a. Determine the:1. Predetermined factory overhead rate. Round your answer to the nearest cent.per labor hour2. Am

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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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?
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.
Cavy Company estimates that the factory overhead for the following year will be $1,699,200. The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 28,800 hours. There are 1,660 machine hours for all of the jobs in the month of April. What amount will be applied to all of the jobs for the month of April?
Thomlin Company forecasts that total overhead for the current year will be $11,649,000 with 153,000 total machine hours. Year to date, the actual overhead is $7,535,000 and the actual machine hours are 82,000 hours. The predetermined overhead rate based on machine hours is Round the factory overhead rate to the nearest dollar before multiplying by the number of hours.
Coolidge Company estimates that the factory overhead for the following year will be $196726. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 16142 hours. The machine hours for the month of April for all of the jobs were 11319. If the actual factory overhead for April totaled 332923, determine the over- or underapplied amount for the month. Select one:a. $17700b. $16142c. $137947d. $196726
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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $326,100 and direct labor hours would be 48,500. Actual manufacturing overhead costs incurred were $314,800, and actual direct labor hours were 54,100. What is the predetermined factory overhead rate per direct labor hour? 55.36 b. 58.07 $10.09 4. $6.72
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The chief cost accountant for Voltaire Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $2,340,000 and total direct labor costs would be $1,800,000. During May, the actual direct labor cost totaled $145,000 and factory overhead cost incurred totaled $192,100. Question Content Area a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. fill in the blank 1772e2fb3039fb1_1 % Question Content Area b. Journalize the entry to apply factory overhead to production for May. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. What is the May 31 balance of the account Factory Overhead—Blending Department? Amount: $fill in the blank 1ea1070e903a021_1 Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory…