direct professional labor hours were estimated to be 15.000 and dire Media incurred actual overhead costs of P146,000, actual direct professional labor hours of 14,500, and actual direct labor cost of P222.000. By year-end, the firm's overhead was: a. P1,000 underapplied. b. P1,000 overapplied. C. P4,000 underapplied. d. P4,000 overapplied.

direct professional labor hours were estimated to be 15.000 and dire Media incurred actual overhead costs of P146,000, actual direct professional labor hours of 14,500, and actual direct labor cost of P222.000. By year-end, the firm's overhead was: a. P1,000 underapplied. b. P1,000 overapplied. C. P4,000 underapplied. d. P4,000 overapplied.

Name: IccountsebitReceivable, Cost of Goods Sold.direct professional labor
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: IccountsebitReceivable, Cost of Goods Sold.direct professional labor hours were estimated to be 15,000, and direMedia incurred actual overhead costs of P146,000, actual directprofessional labor hours of 14,500, and actual direct labor cost of P222,0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual labor hours were 22,000. The amount of manufacturing overhead applied to production would be: O $210,000. $220,000. $215,000. $200,000.
Manufacturing overhead was estimated to be $451,000 for the year along with 20,500 direct labor hours. Actual manufacturing overhead was $421,900, and actual labor hours were 21,300. The amount debited to the Manufacturing Overhead account would be :- a.$421,900 b.$438,100 c.$451,000 d.$468,600
The following annual amounts pertain to the Wolf Company: Estimated Overhead Costs Estimated Direct Labor hours $ 191,079 73,492 If actual overhead costs for the year amounted to $198,400 and actual direct labor worked amounted to 75.500 hours, then overhead would be Multiple Choice overapplied by $2112 underapplied by $2,112 underapplied by $2,100.
Manufacturing overhead was estimated to be OMR 200,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was OMR 215,000, and actual labor hours were 21,000. Which of the following would be correct? Overhead is underapplied by OMR 15,000. a. O b. None of the given answer is correct Overhead is underapplied by OMR 5,000. O c. O d. Overhead is overapplied by OMR 5.00O. De. Overhead is overapplied by OMR 15.000. NEXT DAGE
XYZ Company has the following balances for the current month: Direct materials used OMR 24,000 Direct labor OMR 36,800 Sales salaries OMR 19,200 Indirect labor OMR 4,800 Production manager's salary OMR 9,600 Marketing costs OMR 14,400 Factory lease OMR 6,400 What is total manufacturing cost? a. OMR 81,600 b. OMR 86,400 C. OMR 89,600 d. OMR 96,000 e. None of the given answer.
Assume (1) estimated fixed manufacturing overhead for the coming perlod of $217,000, (2) estimated varlable manufacturing overhead of $2.00 per direct labor hour, (3) actual manufacturing overhead for the perlod of $320,000, (4) actual direct labor-hours worked of 54,000 hours, and (5) estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Multiple Cholce $333,204. $325.926. $321,300. $327,000.
Manufacturing overhead was estimated to be OMR 415,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 400,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: O a. OMR 420,000. O b. OMR 435,750. O c. OMR 400,000. O d. None of the given answer is correct O e. OMR 415,000. PAGE NEXT PAGE W
Manufacturing overhead was estimated to be OMR 415,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 400,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: O a. OMR 420,000. O b. OMR 400,000. O c. OMR415,000. O d. OMR 435,750. e. None of the given answer is correct
Manufacturing overhead was estimated to be OMR 415,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 400,000, and actual labor hours were 21,000. The amount debited to the Manufacturing Overhead account would be: O a. OMR 435,750. O b. OMR 415,000. O c. None of the given answer is correct O d. OMR420,000. O e. OMR 400,000. A Company uses job order costing and has chosen direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is $15 per hour and the estimated fixed overhead costs are $750,000. The predetermined overhead rate is:
The following is the total overhead cost at various levels of activity for McRoy Company: Total Overhead Cost $222,000 $246,000 $198,000 $174,000 February March April May Direct Labour Hours 80,000 90,000 70,000 60,000 The total overhead cost above consists of utilities, rent and maintenance. The breakdown of these costs at the 60,000 direct labour hour level of activity is: Utilities (variable) Rent (fixed) Maintenance (Mixed) Total overhead cost $48,000 $21,000 $105,000 $174,000 McRoy Company wants to separate the maintenance cost into its variable and fixed components. Required: (a) Estimate how much of the $246,000 of overhead cost in March was maintenance cost. (b) Using the high low method, construct a cost formula for the maintenance cost. (c) Assume that 209,000 direct labour hours are budgeted for the third quarter of the year, what would be the total overhead cost for the quarter?
A review of the company's accounting records for the year just ended discovered the following: Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. Underapplied manufacturing overhead: $7.200 Actual manufacturing overhead: $392.000 Budgeted labor hours: 50.000 Simone's actual labor hours worked totaled: O 49,100. 0 49,900. 48.100. 50.900. O cannot be determined based on the information presented.
Lonestar Corporation has the following information for the year: Materials placed into production Indirect labor Direct labor (10,000 hours) Depreciation of factory building Other factory overhead Increase in work-in-process inventory $140,000 40,000 160,000 60,000 100,000 30,000 Factory overhead is applied at a predetermined overhead rate of $18 per direct labor hour. What is the amount of under- or overapplied overhead for Lonestar Corporation for the year? Oa. $20,000 underapplied Ob. $40,000 underapplied Oc. $40,000 overapplied Od. $20,000 overapplied