Using the most appropriate overhead application based, the appliead factory overhead for the year is _________________ Cille Yuan Manufacturing Company makes only one product. The company has a normal capacityof 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during theyear, it actually produced 31,000 units. The company accountant has budgeted the following factoryoverhead costs for the coming year:P2 per unit144,000 plus P2 per unit60,000 plus PO.04 per unit20,000 plus PO.34 per unit16,000 plus PO.12 per unit210,000 per year50,000 per year12,000 per yearIndirect materialsIndirect laborPlant utilitiesRepairs for the plantMaterial handling costsDepreciation plant assetsRent of plant buildingInsurance on plant buildingUsing the most appropriate overhead application based, the applied factory overhead for the year is

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Description: Using the most appropriate overhead application based, the appliead factory overhead for the year is _________________ Cille Yuan Manufacturing Company makes only one product. The company has a normal capacityof 32,000 units annually. Cille Yuan is e

Total indirect labor = 1440000 + No. of units produced x P2 per unit = 144000 + 31000 units x P2 per…

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Cille Yuan Manufacturing Company makes only one product. The company has a normal capacity of 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during the year, it actually produced 31,000 units. The company accountant has budgeted the following factory overhead costs for the coming year: Indirect materials Indirect labor Plant utilities Repairs for the plant Material handling costs Depreciation plant assets Rent of plant building Insurance on plant building P2 per unit 144,000 plus P2 per unit 60,000 plus PO.04 per unit 20,000 plus PO.34 per unit 16,000 plus PO.12 per unit 210,000 per year 50,000 per year 12,000 per year Using the most appropriate overhead application based, the applied factory overhead for the year is

Cille Yuan Manufacturing Company makes only one product. The company has a normal capacity of 32,000 units annually. Cille Yuan is expecting to produce 30,000 units next year but during the year, it actually produced 31,000 units. The company accountant has budgeted the following factory overhead costs for the coming year: Indirect materials Indirect labor Plant utilities Repairs for the plant Material handling costs Depreciation plant assets Rent of plant building Insurance on plant building P2 per unit 144,000 plus P2 per unit 60,000 plus PO.04 per unit 20,000 plus PO.34 per unit 16,000 plus PO.12 per unit 210,000 per year 50,000 per year 12,000 per year Using the most appropriate overhead application based, the applied factory overhead for the year is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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a) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal.(i) Total materials issued to production(ii) Manufacturing labour incurred(iii) Assign manufacturing labour to the appropriate accounts(iv) Other manufacturing overhead incurred(v) Manufacturing overhead applied to production(vi) Move completed jobs to finished goods(vii) Account for jobs completed and sold c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. What is the balance on the account before performing end of period closing entries? Is manufacturing overhead under- or over- absorbed? State the journal entries necessary to dispose of the variance.Assume that the manufacturing overhead variance is immaterial.
A company adopts activity-based costing system. Activity Material handling Quality inspection Machine checkups Required: Req 1 Complete this question by entering your answers in the tabs below. Cost Driver Number of moves Number of inspections machine hours Req 2 and 3 Material Handling Quality inspection Machine checkup Calculate the activity rates. Note: Round your answers to 2 decimal places. Activity Rate Estimated MOH for activity $ 2,400.00 $ 8,636.00 $ 16,629.00 per Material Move per Inspection per Machine Hour Product A 41 moves 570 inspections 3,020 machine hours. Product B 55 moves 700 inspections 4,210 machine hours.
Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appr Sentence comp a. An example of factory overhead is (electricity used to run assembly line, CEO salary). b. Direct materials costs combined with direct labor costs are called (prime, conversion) costs. c. Long-term plans are called (strategic, operational) plans. d. Materials for use in production are called (supplies, materials inventory). e. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). f. The plant manager's salary would be considered (direct, indirect) to the product. g. The salaries of salespeople are normally considered a (period, product) cost. Previous Next
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Single Plantwide Rate and Activity-Based Costing Whirlpool Corporation (WHR) conducted an activity-based costing study of its Evansville, Indiana, plant in order to identify its most profitable products. Assume that we select three representative refrigerators (out of 333): one low-, one medium-, and one high-volume refrigerator. Additionally, we assume the following activity-base information for each of the three refrigerators: Three Representative Number of Machine Number of Number of Sales Number of Refrigerators Hours Setups Orders Units Refrigerator-Low Volume 24 14 38 160 Refrigerator-Medium Volume 225 13 88 1,500 Refrigerator-High Volume 900 120 6,000 Prior to conducting the study, the factory overhead allocation was based on a single machine hour rate. The machine hour rate was $200 per hour. After conducting the activity-based costing study, assume that three activities were used to allocate the factory overhead. The new activity rate information is assumed to be as follows:…
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In a process cost system total costs are determined when the Job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the units produced during the periad.
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