Company XYZapplies overhead cost to jobs on the basis of direct labior cost. Job A, which was started and completed during thecurrent period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet.Job B, whichS still In process at year-end, shows charges of $12,400 for direct materlals and $24,000 for applied overhead. Direct laborcost of Job B at year-end IsSelect one:O a None of the answers gIven-O b. $11,000O C $36,400O d. $13,000O e. $12,000

Option d is correct. Question says that overhead cost is applied on the basis of labour cost. Job A…

Answered: Company XYZapplies overhead cost to…

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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The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. 1. Determine the predetermined overhead rate if the predetermined overhead rate is based on theestimated amount of the allocation base. _______________
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Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: manufacturing overhead cost : 200,000 direct material cost: 160,000 Raw materials purchased: $86,000.Raw materials requisitioned for use in production (all direct materials): $98,000.What is the journal entry for"Manufacturing overhead cost was applied to jobs as per company policy."
During March 2019, Annapolis Corporation recorded $42,400 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $42,700 would be incurred, and 4,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied.
York Corporation is using a predetermined overhead rate of $22.30 per machine-hour that was based on estimated total fixed manufacturing I overhead of $446,000 and 20,000 machine-hours for the period. The company incurred actual total fixed manufacturing overhead of $409,000 and 18,200 total machine-hours during the period. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to: $446,000 $37,000 $372,190 O $405,860
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $239,700 and 4,720 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $246,000 and actual direct labor-hours were 4,590. The predetermined overhead rate for the year was closest to:
XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR63,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR2,000 overapplied O b. OMR2,000 underapplied c. None of the answers given d. OMRZ500 overapplied e. OMR8,500 underapplied 1 OMR8,500 overapplied
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. 50 Purchased additional raw materials of $104,400 on account. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect…
XYZ Company had the following information available for the last year: manufacturing overhead for the year was estimated to be OMR265,000; actual manufacturing overhead for the year was OMR250,000; actual direct labor-hours for the year were 13,010 hours; manufacturing overhead for the year was overapplied by OMR10,200. Predetermined overhead rate is based on direct labor- hours. What was the estimated direct labor-hours for the year? Select one Oa None of the answers given Ob13.250 OC 13,750 O d. 14.250

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