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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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that total factory overhead costs would be $466,920 and direct labor hours would be 46,692. Actual factory overhead costs incurred were $496,253, and actual direct labor hours were 51,693. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? O $516,930 overapplied Ob. $50,010 underapplied Oc. $20,677 overapplied Od. $20,677 underapplied
← Doric Agricultural Corporation uses a predetermined overhead allocation rate based on the direct labor cost. The manufacturing overhead cost allocated during the year is $280,000. The details of production and costs incurred during the year are as follows: Actual direct materials cost Actual direct labor cost $811,000 $170,000 $262,000 5,520 hours Actual overhead costs incurred Total direct labor hours What is the predetermined overhead allocation rate applied by the corporation? (Round your answer to two decimal places.) OA. 164.71% OB. 34.53% OC. 93.57% O D. 64.89% XXID
Subject: accounting
Calculating predetermined overhead allocation rate, allocating overhead Rosco Company estimates the company will incur $80,750 in overhead costs and 4750 direct labor hours during the year. Actual direct labor hours were 4,600. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base, and prepare the journal entry for the allocation of overhead.
Neptune Fabrication Plant has provided you with the following information: Total manufacturing overhead costs estimated at the beginning of the year $258,000 Total direct labor costs estimated at the beginning of the year $121,000 Total direct labor hours estimated at the beginning of the year 6,000 direct labor hours Actual manufacturing overhead costs for the year $245,000 Actual direct labor costs for the year $131,000 Actual direct labor hours for the year 5,200 direct labor hours The company bases its manufacturing overhead allocation on direct labor hours. What was the unadjusted ending balance in the Manufacturing Overhead account? Question content area bottom Part 1 A. $34,322 credit balance B. $34,322 debit balance C. $21,400 credit balance D. $21,400 debit balance
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. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $750 G. Adjusting entry for factory depreciation. $200 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. $120 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 3,000 Accounts Payable 3,000 B. Work in Process Inventory 500 Raw Materials Inventory 500 C. Manufacturing Overhead 100 Raw Materials Inventory 100
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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $349,900 and direct labor hours would be 47,000. Actual manufacturing overhead costs incurred were $303,900, and actual direct labor hours were 52,500. The journal entry to apply factory overhead costs for the year would include a A. Credit to factory overhead for 349,900 B. Debit to factory overhead for 390,600 C. Credit to factory overhead for $390,600 D. Debit to factory overhead for $303,900
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. $450 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $50 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 150% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $3,100 K. Manufacturing overhead is overapplied. $100 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 B. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 C. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 D. fill in the…
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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 47,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year?
Subject - Acounting