Please Give Answer Of Accounting Question Coral Artworks Ltd has supplied the following information to its new management accountantfor the month of March:AccountBeginning Balances Ending BalancesRaw Materials $21,000$36,000WIP$25,000$53,600$64,000Finished Goods $30,0001. Overhead is applied on the basis of $6 per direct labor hour (16,000 DL hours incurred).2. Jobs sold during the period were sold for $500,000. The cost of goods sold during the monthwas $300,000.3. Indirect materials worth $6,500 were issued to production during the month. Directmaterials were purchased on credit.4. Regular hourly rate is $10. A total of 7,500 labor hours were worked during normal workinghours. Employees also worked an additional 500 hours of overtime during the month. Overtimeis paid at a rate of 150% of the normal hourly rate.5. Sundry manufacturing overhead costs incurred during the month were $75,000.Was overhead under/over applied during March and by how much?

Step 1: Definition of Applied Overhead Cost:Overhead cost is applied in the production by debiting…

Answered: Coral Artworks Ltd has supplied the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 12EB: A company has the following transactions during the week. Purchase of $3,000 raw materials inventory...

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Similar questions

A company has the following transactions during the week. Purchase of $1,000 raw materials inventory Assignment of $500 of raw materials inventory to Job 5 Payroll for 20 hours with $1,000 assigned to Job 5 Factory utility bills of $750 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Prepare the journal entry to record the factory wages of $28,000 incurred for a single production department assuming payment will be made in the next pay period.
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
3
Hughes Payroll and Clerical Services (HPCS) provides payroll, bookkeeping, and other services to small businesses. HPCS financial records show the following costs for last quarter (QTR 1): Supplies Employee costs Total administration $ 14,000 1,015,000 455,000 HPCS recorded 4,375 billable hours in QTR 1 and fixed administrative cost was $245,000. Assuming no change in billable hours in the next quarter (QTR 2), supplies costs are expected to increase by 5 percent. Direct labor costs are expected to increase by 12 percent. Variable administration per billable hour is expected to remain the same, but fixed administration cost is expected to decrease by 7 percent. Required: a. HPCS expects to bill 5,425 hours next quarter. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for next quarter (QTR 2)? b. Determine the total costs per billable hour for QTR 1 and QTR 2. Complete this question by entering your answers in the tabs below. Required A…
Brooks Company has the following balances for the current month: Direct materials used $24,000 Direct labor $40,000 Sales salaries $19,200 Indirect labor $4,800 Production manager's salary $9,600 Marketing costs $14,400 Factory lease $6,000 What is Brooks' total manufacturing overhead?
Hughes Payroll and Clerical Services (HPCS) provides payroll, bookkeeping, and other services to small businesses. HPCS financial records show the following costs for last quarter (QTR 1): Supplies $ 14,000 Employee costs 1,015,000 Total administration 455,000 HPCS recorded 4,375 billable hours in QTR 1 and fixed administrative cost was $245,000. Assuming no change in billable hours in the next quarter (QTR 2), supplies costs are expected to increase by 24 percent. Direct labor costs are expected to increase by 50 percent. Variable administration per billable hour is expected to remain the same, but fixed administration cost is expected to decrease by 21 percent. Required: HPCS expects to bill 5,425 hours next quarter. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for next quarter (QTR 2)? Determine the total costs per billable hour for QTR 1 and QTR 2.
Direct labor hours are estimated as 1,800 In Quarter 1; 1,900 In Quarter 2; 1,700 In Quarter 3; and 2,100 In Quarter 4. $18,000 5,000 6,000 3,500 Indirect material per hour $1.00 Supervisory salaries Indirect labor per hour 1.20 Maintenance Salarles Maintenance per hour 0.20 Property taxes and Insurance Utilities per hour 0.50 Depreciation Prepare a manufacturing overhead budget using the above overhead Information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Variable Costs Indirect Material Indirect Labor Maintenance Utilities Total Variable Manufacturing Costs Fixed Costs Supervisory Salaries Maintenance Salaries Property Taxes and Insurance Depreciation Total Fixed Manufacturing Costs Total Manufacturing Overhead 1,800 $ 1,900 $ 1,700 $ 2,100 $ 2,160 2,280 2,040 2,520 360 340 900 850 5,220 18,000 $ 5,000 6,000 3,500 32,500 37,720 $ +A 380 950 5,510 $ Quarter 4 4,930 18,000 $ 18,000 $ 5,000 5,000 6,000 6,000 3,500 3,500 32,500 $…
Answer this general accounting question
The accounting records of Roland Manufacturing Company include the following information: Dec. 31 Jan. 1 Work in process inventory RM 20,000 RM 50,000 Finished goods inventory 120,000 150,000 Direct materials used 350,000 Direct labor 160,000 Selling expenses 125,000 Manufacturing overhead is applied at a rate of 150% of direct labor cost. Required: a) What is the total of the debits to Work in Process Inventory during the year?
At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed $80,000 190,000 300,000 295,000 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-ProcessInventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).

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