Compute the actual manufacturing overhead and applied manufacturing overhead
Q: Explain in narrative form the flow of direct materials, direct labor, and factory overhead cost…
A: Direct material: Direct material cost indicates the purchase price of raw material that is used in…
Q: Conversion cost consist of A) direct materials and direct labour B) direct labour and manufacturing…
A: There are two types of costs - 1. Prime Cost 2. Conversion Cost This costs are required to prepare…
Q: Describe fixed manufacturing overhead under absorption costing.
A: Absorption costing: Under this method, manufacturing cost such as direct material and labor is…
Q: Explain fixed manufacturing overhead.
A: Manufacturing overhead costs: The costs, which do not relate openly with the manufacturing of…
Q: Why is industrial overhead calculated using direct labor
A: This question explains about industrial overhead that which is using direct labor:
Q: Which of these are factory overhead
A: Factory overhead includes: Rent cost on factory equipment Factory utilities…
Q: The basic similarities between job order cost and process cost systems indude all of the following…
A: Job order cost system is suitable for the business which produces the produced based on customer…
Q: In a process costing system, manufacturing overhead applied is usually recorded as a debit to: 7. A.…
A: Finished goods comprises of the units completed and sold and the opening and closing inventories.…
Q: Explain manufacturing overhead costs.
A: Manufacturing overheads costs refer to the amount of cost incurred as indirect expenses for…
Q: total manufacturing cost assigned to Job
A: Rate of fixed manufacturing overhead per machine-hour = Estimated total fixed manufacturing…
Q: Direct Material Used Factory Overhead Prime Cost
A: Prime cost means the addition of direct material and direct labor and other direct expenses.…
Q: amount of overheads allocated to product Apex
A: Estimated annual overhead cost for set up (A) RO 440,000 Number of set ups (B) 4,000 Overhead…
Q: to underapplied manufacturing overhead ds Soldu
A: Underapplied manufacturing overheads will be closed out by either debiting Cost of Goods Sold or by…
Q: Manufacturing overhead is
A: Predetermined overhead application rate is - (Estimated overhead costs)/(Total Direct labours) Note…
Q: Direct material Direct labor Overhead Total
A: The overheads are applied to production on the basis of predetermined overhead rate. As per…
Q: Using Traditional Method of costing using direct labor hours as basis of applying overhead, what is…
A: Using traditional method of costing, cost of product = Prime cost + overhead cost allocated on the…
Q: What is Journal entry actual manufacturing overhead costs and applied manufacturing overhead costs.…
A: Actual manufacturing overhead costs: Actual expense incurred includes salaries payable, supplies,…
Q: e activity-based factory overhead per unit f
A: Under activity-based costing technique costs are assigned to each product based on cost drivers…
Q: manufacturing overhead handled in a process cost system
A: Indirect cost is the cost that is not directly involved in the production process of the company.
Q: Calculate the total absorbtion rate used to apportion manufacturing overhead by?
A: The absorption rate is assigned according to the various allocation grounds. Hours of direct work…
Q: Explain cost accounting and its functions as well the distinguishing features of cost accounting…
A: Cost accounting is an important branch of accounting, which lays emphasis on accumulation and…
Q: Overheads applied are calculated by:
A: Applied overheads are an indirect cost that is directly related to the manufacturing of products but…
Q: Explain manufacturing activities and the flow of manufacturing costs
A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…
Q: Record the application of manufacturing overhead to production. 1
A: 1) Overhead rate = $182,400/19000 = 9.60 per labor hour Journal entry Transaction General Journal…
Q: Define the term manufacturing overheads.
A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…
Q: What is Job order cost accounting. Compare it to Process cost accounting.
A: Cost accounting is a sort of accounting, the main objective of which is to ascertain the costs of…
Q: how to allocate manufacturing overhead by department?
A: Manufacturing overhead costs: The costs, which do not relate openly with the manufacturing of…
Q: and factory overhead. Make the following calculations: a. Equivalent units for direct materials b.…
A:
Q: Explain how overhead is assigned to production when a predetermined overhead rate is used?
A: Overhead is kind of cost or expenditure which is not directly related to manufacturing but somehow…
Q: In a process cost system, machinery depreciation expense incurred is debited to a. manufacturing…
A: Process costing is a part of cost analysis which is used by organizations that have more than 1…
Q: Preparing a summary journal entry to record allocation of manufacturing overhead
A: Preparation of a summary journal entry to record allocation of manufacturing overhead. We have,The…
Q: Journal entry actual manufacturing overhead costs and applied manufacturing overhead costs
A: Manufacturing overheads are the indirect costs incurred in the manufacturing of products. It…
Q: Compute the Manufacturing Overhead Applied to Jobs;
A: Overhead cost allocation: It is the process of allocating the estimated overhead of a company to its…
Q: Describe the flow of costs through a process costing system.
A: Definition: Process costing: Process costing is a method of cost accounting in which all costs are…
Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge…
A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore…
Q: Describe the types of manufacturing overhead.
A: Manufacturing Expenses or Overhead are the indirect type of costs that a business incurs for a…
Q: Should design of cost be calculated in factory overhead costs incurred? Explain why
A: The answer for the question on cost design is discussed hereunder : Design of Cost aims at reducing…
Q: how to calculate unit manufacturing cost
A: How to calculate unit manufacturing cost.
Q: Job order costing and process costing both: O a. All the given answers are correct. O b. assign…
A: Job Order Costing:-It tracks prime cost to assign direct material and direct labor cost to the…
Q: Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the…
A: Solution:- Calculation of the actual manufacturing overheads.
Q: How to compute manufacturing overhead?
A: In order to manufacture the product, various indirect expenses are incurred such as indirect…
Q: During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to…
A: Cost accounting is one of the useful branch of accounting that is being used for the purpose of…
Q: Explain the similarities between a job order and a process cost system and features of process cost…
A: The concept of process cost accounting involves accounting of costs of an enterprise based on the…
Q: Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative…
A: Part 1:
Q: During production how are the costs in process costing accumlated.
A: Process costing system is a costing system in which product goes through various processes to…
Q: Explain an example of manufacturing overhead.
A: Manufacturing overhead costs: “The costs, which do not relate directly with the manufacturing of…
Compute the actual manufacturing
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Journalizing the distribution of service department costs to production departments Required: Using your solution to P4-7, prepare journal entries for the following: The distribution of the total factory overhead of $79,400 to the individual production and service departments where it originated. The distribution of the Building Maintenance overhead to the appropriate other departments. The distribution of the Factory Office overhead to the appropriate other departments.Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
- Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:The following manufacturing costs data are available for Division 911; Work in process, January 1, 2018: Job No. Factory Ouerhead Total P145,000 Materials Labor 156 P35,000 PG0,000 P44,000 Costa for 2018 Incurred by Jobe Total P16,000 158.000 42.000 10.000 Materials Labor Other 156 157 158 159 P- P2,000 52,000 24,000 8,000 P14,000 106,000 18,000 2.000 Not Incurred by Joba Indirect materials and sagddns Employee beneits Depreciation Supervision 30,000 30,000 106,000 46,000 24.000 40,000 Indirect labor 106,000 46,000 24,000 40,000 Factory overhead for 2018: Budgeted Manufacturing Overhead: Variable - Indirect materials and supplies Indirect labor Employee benefits Depreciation Supervision P 32,000 112,000 48,000 24,000 40,000 Fixed Total P256,000 Budgeted Direct Labor Costs P160,000 Manufacturing Overhead rate per direct labor cost (P256,000/P160,000) 160% Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate…Shubarquduq Coal Mine's (SCM) manufacturing costing system is comprised of a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The below information is extracted from the accounting system of the SCM. For Particular Date For Year of 2025 WIP inventory, 01.01.2025 $14 Plant utilities $ 30 DM inventory, 31.12.2025 23 Indirect manufacturing labor 61 FG inventory, 31.12.2025 63 Depreciation—plant and equipment 81 Accounts payable, 31.12.2025 40 Revenues 951 Accounts receivable, 01.01.2025 27 Miscellaneous manufacturing overhead 32 WIP inventory, 31.12.2025 7 Marketing, distribution, andcustomer-service costs 245 FG inventory, 01.01.2025 55 Direct materials purchased 336 Accounts receivable, 31.12.2025 40 Direct manufacturing labor 109 Accounts payable, 01.01.2025 36 Plant supplies…
- Shubarquduq Coal Mine's (SCM) manufacturing costing system is comprised of a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The below information is extracted from the accounting system of the SCM. For Particular Date For Year of 2025 WIP inventory, 01.01.2025 $14 Plant utilities $ 30 DM inventory, 31.12.2025 23 Indirect manufacturing labor 61 FG inventory, 31.12.2025 63 Depreciation—plant and equipment 81 Accounts payable, 31.12.2025 40 Revenues 951 Accounts receivable, 01.01.2025 27 Miscellaneous manufacturing overhead 32 WIP inventory, 31.12.2025 7 Marketing, distribution, andcustomer-service costs 245 FG inventory, 01.01.2025 55 Direct materials purchased 336 Accounts receivable, 31.12.2025 40 Direct manufacturing labor 109 Accounts payable, 01.01.2025 36 Plant supplies…Shubarquduq Coal Mine's (SCM) manufacturing costing system is comprised of a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The below information is extracted from the accounting system of the SCM. For Particular Date For Year of 2025 WIP inventory, 01.01.2025 $14 Plant utilities $ 30 DM inventory, 31.12.2025 23 Indirect manufacturing labor 61 FG inventory, 31.12.2025 63 Depreciation—plant and equipment 81 Accounts payable, 31.12.2025 40 Revenues 951 Accounts receivable, 01.01.2025 27 Miscellaneous manufacturing overhead 32 WIP inventory, 31.12.2025 7 Marketing, distribution, andcustomer-service costs 245 FG inventory, 01.01.2025 55 Direct materials purchased 336 Accounts receivable, 31.12.2025 40 Direct manufacturing labor 109 Accounts payable, 01.01.2025 36 Plant supplies…Shubarquduq Coal Mine's (SCM) manufacturing costing system is comprised of a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The below information is extracted from the accounting system of the SCM. For Particular Date For Year of 2025 WIP inventory, 01.01.2025 $14 Plant utilities $ 30 DM inventory, 31.12.2025 23 Indirect manufacturing labor 61 FG inventory, 31.12.2025 63 Depreciation—plant and equipment 81 Accounts payable, 31.12.2025 40 Revenues 951 Accounts receivable, 01.01.2025 27 Miscellaneous manufacturing overhead 32 WIP inventory, 31.12.2025 7 Marketing, distribution, andcustomer-service costs 245 FG inventory, 01.01.2025 55 Direct materials purchased 336 Accounts receivable, 31.12.2025 40 Direct manufacturing labor 109 Accounts payable, 01.01.2025 36 Plant supplies…
- FI Pittman Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Pittman for 2020 are as follows: (Click the icon to view the T-accounts.) i (Click the icon to view the additional information.) Read the requirements. Requirement 1. What was the amount of direct materials issued to production during 2020? Direct materials issued to production during 2020 was T-accounts Direct Materials Control 40,000 1-1-2020 139,000 Manufacturing Overhead Control 512,000 Work-in-Process Control 230,000 1-1-2020 Dir. Manuf. labor 40,000 Print 350,000 Manufacturing Overhead Allocated Done Finished Goods Control 8,000 1-1-2020 923,380 Cost of Goods Sold - 758,100 X More Info a. Direct manufacturing labor wage rate was $10 per hour. b. Manufacturing overhead was allocated at $13 per direct manufacturing labor-hour. 4. 5. C. Requirements 6. 7. During the year, sales revenues were $1,060,000, and marketing and distribution costs were $128,000. 1.…Vieute Company operates with two producing departments, P1 and P2, nd two service departments, S1 and S2. Actual manufacturing overhead bofore allocation of service department costs, together with the usage of service from the service departments, is as follows: Actual Manufacturing Overhead Before Allocation of Service Departmental Costs Services provided by S2 Department si P1 P 40,000 40% 20% 50 40 47,600 14,400 18,000 P2 si S2 40 10 P120,000 100% 100% What is the total manufacturing overhead for P1 (Producing Department 1), after allocating service costs to producing departments. Using data for Vicente, compute the total manufacturing overhead for P1, allocating service department costs stepwise, beginning with department 52. After a department expenses have been allocated, no expenses are assigned back to it. Based on Vicente data: Determine the total manufacturing overhead (including service department costs) for P2 using the reciprocal method.The T-account showing the manufacturing overhead activity for Kenneth Corp. for 2018 is as follows: Manufacturing Overhead 210,000 196,000 Read the requirements. Requirement 1. What is the actual manufacturing overhead? Actual manufacturing overhead: S Requirement 2. What is the allocated manufacturing overhead? Allocated manufacturing overhead: S Requirement 3. Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by $