Davie Company used estimated direct labor hours of 180,000 and estimated manufacturing overhead co predetermined manufacturing overhead rate. Actual results showed: Actual manufacturing overhead $950,000 Allocated manufacturing overhead $962,500 What was the number of direct labor hours worked during 2012? O a. $186,000 O b. $180,000

Davie Company used estimated direct labor hours of 180,000 and estimated manufacturing overhead co predetermined manufacturing overhead rate. Actual results showed: Actual manufacturing overhead $950,000 Allocated manufacturing overhead $962,500 What was the number of direct labor hours worked during 2012? O a. $186,000 O b. $180,000

Name: Davie Company used estimated direct labor hours of 180,000 and estima
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Description: Davie Company used estimated direct labor hours of 180,000 and estimated manufacturing overhead costs of $990,000 in establishing its 2012predetermined manufacturing overhead rate. Actual results showed:Actual manufacturing overheadAllocated manufac

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 following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,056,000 $1,138,000
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:. Estimated consulting overhead cost for the year $440,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ per direct labor hour b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or under applied in January?
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Subject : Accounting
Company XYZ uses labor hours to allocate its manufacturing overhead. The direct labor cost rate is $8 per direct labor hour. The company estimates that the number of labor hours to be used next month is 600,000 labor hours. The estimated variable overhead is estimated to be quarter of the direct labor cost rate. The estimated fixed overhead costs are $50,000. Calculate the predetermined overhead rate. а. 4.08 b. 8.08 С. 5.08 d. 2.08 е. None of the given answers
If estimated annual factory overhead is $980,500; overhead is applied using direct labor hours; estimated annual direct labor hours are 265,000; actual March factory overhead is $88,800; and actual March direct labor hours are 23,500; then overhead is: Multiple Choice $1,450 overapplied. $850 overapplied. $1,450 underapplied. $850 underapplied. $1,850 underapplied.
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The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in process inventory, beginning 109,000 Work in process inventory, ending 104,000 Direct materials used 73,000 Manufacturing overhead is allocated at 50% of direct labor cost. What was the approximate amount of manufacturing overhead costs? Select one: a. $161,333 b. $80,667 c. $242,000 d. $78,000 e. $151,250
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