Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Fanning Company and Finch Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Fanning Company $ 170,900 26,000 $ 21,500 Complet Finch Company $ 238,400 24,000 14,000 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial.

Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Fanning Company and Finch Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Fanning Company $ 170,900 26,000 $ 21,500 Complet Finch Company $ 238,400 24,000 14,000 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question no 1 Cargo Wings Pvt. Ltd. uses a job-order costing system and applies manufacturing overhead costs to jobs on the basis of direct labor hours. The co. estimated its manufacturing overhead $360,000 and 900 direct labor-hours. Further details during the year are provided as follow: Purchased Raw materials worth $200,000 from BQI int. which is to be used in production. b . Direct materials of $185,000 were requisitioned by the production department. Utility bills of $70,000 out of which 10% related to selling and administrative activities and the rest is related to factory operations Direct labor cost was $ 230,000 for 975 hours and a total of $90,000 was paid to indirect labor. Selling and administrative salaries for the period was $110,000 Maintenance costs of $54,000 were incurred in the factory. The co. spent $136,000 on advertising. The rental cost incurred on buildings, $120,000 (15% to selling & admin and the remaining to factory operations). Depreciation for the…
Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories. 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 Factory 2 Estimated factory overhead cost for fiscal year beginning August 1 $548,880 $835,200 Estimated direct labor hours for year 11,600 Estimated machine hours for year 22,870 Actual factory overhead costs for August $43,790 $71,880 Actual direct labor hours for August 1,040 Actual machine hours for August 1,780 Question Content Area a. Determine the factory overhead rate for Factory 1.$fill in the blank f94b7703c00e013_1 per machine hour b. Determine the factory overhead rate for Factory 2.$fill in the blank f94b7703c00e013_2 per direct labor hour c. Journalize the entries…
Exercise 15-18 (Algo) Recording transactions in job order costing LO P1, P2, P3, P4 Prepare journal entries to record transactions a through h. Raw materials purchased on credit, $100,000. Direct materials used, $42,000. Indirect materials used, $15,000. Direct labor used, $36,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.) Paid cash for other actual overhead costs, $8,250. Applied overhead at the rate of 120% of direct labor cost. Transferred cost of jobs completed to finished goods, $68,175. Sales of jobs on credit was $97,000. Cost of jobs sold was $68,175.
Don't provide answer in image format
vj subject-Accounting
Please do not give solution in image format thanku
Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost (LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $22,800 in direct materials cost and $10.,000 in direct labor cost. A total of 1,300 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? a Total marutacturing cost ces b Unit product cost
Question Content Area Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400 Oct. 31 Finished goods X 31 Direct materials 93,800 31 Direct labor 170,200 31 Factory overhead X Finished Goods Oct. 1 Balance 13,700 31 Goods finished 326,600 If the balance of Work in Process on October 31 is $207,600, what was the amount of factory overhead applied in October? a.$246,800 b.$401,200 c.$93,800 d.$170,200
don't give answer in image format
Hw7
Please no plagiarism please
Please do not give salutations in image format thankuh