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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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
The amount of over or underpplied fro the month was.
3
During the first quarter, Francum Company incurs the following direct labor costs: January $ 40,000, February $ 30,000, and March $ 50,000.For each month, prepare the entry to assign overhead to production using a predetermined rate of 70% of direct labor cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much? check_circleAnswer Step 1 Underapplied overhead: When there is a debit balance in the manufacturing overhead account during the month end, it indicates that overheads applied to jobs are less than the actual overhead cost incurred by the business. Therefore, the debit balance in the manufacturing overhead account is referred to as underapplied overhead. Overapplied overhead: When there is a credit balance in the manufacturing overhead account during the month end, indicates that overheads applied to jobs is more than the actual overhead cost incurred by the business. Therefore, the credit balance in the manufacturing overhead account is referred to as overapplied overhead. Step 2 Calculate the overapplied or underapplied overhead. help_outlinefullscreen Step 3…
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?
Gensource Company provided the following information from its accounting records for 2021: Estimated production 60,000 labor hours Actual production 56,000 labor hours Estimated overhead $1,800,000 Actual overhead $1,740,000 How much is the predetermined overhead rate if the Company bases it on direct labor hours? Select one: O a. $29.00 per hour b. $32.14 per hour c. $30.00 per hour d. $31.07 per hour
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
General accounting

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