Estimated manufacturing overhead cost at the beginning of the year: $100,000 Estimated direct labor hours at the beginning of the year: 10,000 Actual manufacturing overhead cost incurred during the year: $118,000 Actual direct labor hours worked during the year: 11,000 Based on the above information, the cost record of the company will show: Select one: a. the overapplied overhead of $8,000 b. underapplied overhead of $8,000 C. the underapplied overhead of $18,000 d. the overapplied overhead of $18,000 Previous pa

Estimated manufacturing overhead cost at the beginning of the year: $100,000 Estimated direct labor hours at the beginning of the year: 10,000 Actual manufacturing overhead cost incurred during the year: $118,000 Actual direct labor hours worked during the year: 11,000 Based on the above information, the cost record of the company will show: Select one: a. the overapplied overhead of $8,000 b. underapplied overhead of $8,000 C. the underapplied overhead of $18,000 d. the overapplied overhead of $18,000 Previous pa

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Description: Estimated manufacturing overhead cost at the beginning of the year: $100,000Estimated direct labor hours at the beginning of the year: 10,000Actual manufacturing overhead cost incurred during the year: $118,000Actual direct labor hours worked during

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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Assume (1) estimated fixed manufacturing overhead for the coming period of $200,000, (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 perlod of 55,000 hours. The amount of overhead applied to production during the perlod is closest to: Multiple Choice $325,926. $304.560. $315,844. $310,000.
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 $480, 700 for the year along with an estimated 20,900 direct labor hours. Actual manufacturing overhead was $421,800, and actual labor hours were 21,300. The amount credited to the Manufacturing Overhead account would be: Multiple Choice $480, 700. $421,800. $489, 900. $441,700.
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At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…
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 debited to the Manufacturing Overhead account would be: O a. None of the given answer is correct O b. OMR 420,000. O. OMR 400,000. O d. OMR 415,000. O e. OMR 435,750. CLEAR MY CHOICE
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $424,000, and direct labor costs to be $2,120,000. Actual overhead costs for the year totaled $398,000, and actual direct labor costs totaled $1,860,000. At year-end, the balance in the Factory Overhead account is a: # 119** 3 E Multiple Choice D C O $ ● $398,000 Debit balance. $372,000 Debit balance. 4 $26,000 Debit balance. $424,000 Credit balance. ID R % 5 T G A 40 6 Y H & 4 7 V B N O K L alt fu AAI P ctri { ? + [ 1 = prt sc ← ] 2 pause delete backspace home enter lock 7
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
Applying Factory Overhead Salinger Company estimates that total factory overhead costs will be $90,000 for the year. Direct labor hours are estimated to be 15,000. a. For Salinger Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. $4 per direct labor hour b. During May, Salinger Company accumulated 660 hours of direct labor costs on Job 200 and 620 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $4 c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank. 88
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:
Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: Estimates made at the beginning of the year: Estimated machine-hours 34,200 Estimated variable manufacturing overhead $ 5.47 per machine-hour Estimated total fixed manufacturing overhead $ 769,842 Actual machine-hours for the year 30,600 The predetermined overhead rate for the recently completed year was closest to: Multiple
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