Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total$235,750 for the year, and machine usage is estimated at 102,500 hours.For the year, $264,040 of overhead costs are incurred, and 106,600 hours are used. What is the amount of under- or overapplied overhead at December 31?Manufacturing Overhead$

Name: Crane Company applies manufacturing overhead to jobs on the basis of
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Description: Crane Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total$235,750 for the year, and machine usage is estimated at 102,500 hours.For the year, $264,040 of overhead costs are incurre

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Business

Accounting

erhead to jobs on the is estimated at 102, are incurred, and 10

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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2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
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