dring June, XYZ Company incurred OMR 95,000 of actual Manufacturing Overhead and actual labor hours were 15,000. During the same period, the Manufacturing Overhead was estimated to be OMR 90,000 for the period along with 20,000 direct labor hours. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a: a. debit to Work in Process of OMR 67,500 Ob. credit to Work in Process of OMR 71,250 O c. debit to Manufacturing Overhead of OMR 95,000 O d. None of the given answer is correct O e. credit to Manufacturing Overhead of OMR

dring June, XYZ Company incurred OMR 95,000 of actual Manufacturing Overhead and actual labor hours were 15,000. During the same period, the Manufacturing Overhead was estimated to be OMR 90,000 for the period along with 20,000 direct labor hours. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a: a. debit to Work in Process of OMR 67,500 Ob. credit to Work in Process of OMR 71,250 O c. debit to Manufacturing Overhead of OMR 95,000 O d. None of the given answer is correct O e. credit to Manufacturing Overhead of OMR

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Description: During June, XYZ Company incurred OMR 95,000 ofactual Manufacturing Overhead and actual labor hourswere 15,000. During the same period, theManufacturing Overhead was estimated to be OMR90,000 for the period along with 20,000 direct laborhours. The j

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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A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $50,000; direct materials, $75,000; and factory overhead applied $5,000. The predetermined overhead rate was: O a. 1000.%. O b. 6.67%. O. 67%. O d. 1%. O e. 10%.
The cost of employee training program Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: OMR 420,000. O b. None of the given answer is correct O c. OMR435,750. O d. OMR 400,000. O e OMR415,000. ows bu lac Jail ENG G 4) 021 hp
During the April, Almerinda Company incurred factory overhead costs as follows: indirect materials, $42000; indirect labour $90000: utilities costs, $16000 and factory depreciation, $54000. Journalize the entry to record the factory overhead incurred during April.
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: a. OMR 420,00O. O b. OMR 435,750. C. OMR 400,000. O d. None of the given answer is correct O e. OMR 415,000.
Crane's Manufacturing calculated its predetermined overhead rate to be 180% of direct materials costs. For the month of July, the company incurred $118000 of raw material costs, of which $89000 were direct materials, and $29000 were indirect materials. Actual overhead incurred was $174000. What would be the debit entry to the Work in Process Inventory account for July with respect to manufacturing overhead? $174000 $160200 $212400 $zero, the account should be credited
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
Jeniffer Fly Shop applies overhead at a rate of $5.50 per direct labor hour. At the end of the month, the company had accumulated 7,000 direct labor hours and 7,800 machine hours. The company incurred $37,500 in actual manufacturing overhead. Manufacturing overhead was: a. $3,000 overapplied. Ob. $1,000 overapplied. Oc. $3,000 underapplied. Od. $1,000 underapplied.
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: A. debit to Work in Process of $89,000. B. credit to Manufacturing Overhead of $87,000. C. debit to Manufacturing Overhead of $87,000. D. credit to Work in Process of $89,000.
Sohar Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year as follows: Actual manufacturing overhead OMR 360,000 costs Estimated manufacturing overhead 1,500,000 Actual machine hours used 10,000 Estimated machine hours 300,000 Estimated labor hours 6,000 Actual labor hours 7,500 The amount of manufacturing overhead to be applied is:
Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: A. debit to Work in Process of $89,000. B. credit to Manufacturing Overhead of $87,000. C. debit to Manufacturing Overhead of $87,000. D. credit to Work in Process of $89,000.