es Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 16,200 106,600 25, 200 60,200 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.

es Built-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year. Factory Overhead Debit Credit 16,200 106,600 25, 200 60,200 1. Compute total applied overhead cost. 2. Compute total actual overhead cost. 3. Compute the underapplied or overapplied overhead. 1. Total applied overhead cost 2. Total actual overhead cost 3.

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Description: mazon.com - Onli...Homework iesBooking.com McAfee SecurityDebitCreditBuilt-Tite uses job order costing. The T-account below summarizes Factory overhead activity for the current year.Factory Overhead16,200 106,60025,20060,200Amazon.com - Onli...1. Co

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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QUESTION: 1. IN THE COST RECONCILIATION REPORT UNDER THE FIFO METHOD, THE COSTS TO BE ACCOUNTED FOR EQUALS THE COST OF BEGINNING WORK IN PROCESS INVENTORY PLUS THE COST OF UNITS TRANSFERRED OUT. TRUE OR FALSE. PLEASE EXPLAIN. 2. WHEN THE PREDETERMINED OVERHEAD RATE IS BASED ON DIRECT LABOR-HOURS, THE AMOUNT OF OVERHEAD APPLIED TO A JOB IS PROPORTIONAL TO THE ESTIMATED AMOUNT OF DIRECT LABOR-HOURS FOR THE JOB. TRUE OF FALSE.
Manufacturing cost data for Cullumber Company, which uses a job - order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labour cost and the rate is the same.
Question: In a job order cost accounting system, which journal entry would be made when raw materials are transferred into production during the month? a. Debit Goods in Process Inventory and Credit Materials Expense. b. Debit Factory Overhead and Credit Raw Materials Inventory. c. Debit Goods in Process Inventory and Credit Raw Materials Inventory. d. Debit Raw Materials Inventory and Credit Goods in Process Inventory. e. Debit Finished Goods Inventory and Credit Goods in Process Inventory.
Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
Care Company uses job costing and has assembled the following cost data for the production and assembly of item X: (Click the icon to view the cost data.) Based on the above cost data, the manufacturing overhead for item X is A. $1,590 underallocated. B. $350 overallocated. C. $350 underallocated. D. $1,590 overallocated. Cost Data Direct manufacturing labor wages Direct material used Indirect manufacturing labor Utilities Fire insurance Manufacturing overhead applied Indirect materials Depreciation on equipment $ 36,000 100,000 3,800 450 490 10,000 6,500 350 X
A job cost sheet of Wildhorse Company is given below. Job Cost Sheet JORNO White Lion C Date Requested 42 FOR Told Company Date Completed Date Direct Materials Direct Manufacturing Labor Overhead 7/10 200 600 730 400 480 1700 1520 31 500 600 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost (a) Your answer is correct Answer the following questiona. (1) What are the source documents for direct maten als direct labor, and manufacturing overhead costs assigned to this job? Source Documents Direct material Direct labar Manufacturing (2) Overhead is applied on the basis of direct tabar cost. What is the predetermined manufacturing overhead rate! termined manufacturing overhead cate 120 31 What are the total cost and the unit cost of the completed job Round unitat o 2 decimal places, eg 125 Total cost of the completed job 120 Unit cost of the completed job S 14006 Textbook and Media List of Accounts Prepare the salty to record the soniction…
The following accounts are from last year's books at Sharp Manufacturing: Balance Balance (g) Debit Debit Debit Raw Materials 0 (b) 170,500 13,900 Finished Goods 0 (g) 520,400 47,400 Cost of Goods Sold 473,000 Credit Credit Credit 156,600 Balance (b) (c) (c) 473,000 (b) (c) (d) Debit Debit Work In Process 0 (1) 133,300 170,600 216,500 0 Manufacturing Overhead 23,300 (e) 27,300 158,600 Credit Credit 520,400 216,500 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year?
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
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Multiple predetermined overhead rates: calculated for each department by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. O a. O b. makes job-order costing less accurate accounting for costs. O c. none of the given answers is correct. O d. are based on actual total manufacturing overhead costs are calculated at the beginning of the accounting perioc before the actual amount of manufacturing overhead is known. O e.