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Franklin Company and Gibson Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year: Actual direct labor cost Estimated direct labor cost Actual manufacturing overhead cost Estimated manufacturing overhead cost Franklin Company Gibson Company $ 146,000 151,000 54,100 $ 171,000 105,000 90,400 72,480 85,050 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Franklin Company Gibson Company Predetermined Overhead direct labor dollar direct labor dollar Required B >

Franklin Company and Gibson Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year: Actual direct labor cost Estimated direct labor cost Actual manufacturing overhead cost Estimated manufacturing overhead cost Franklin Company Gibson Company $ 146,000 151,000 54,100 $ 171,000 105,000 90,400 72,480 85,050 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Franklin Company Gibson Company Predetermined Overhead direct labor dollar direct labor dollar Required B >

FINANCIAL ACCOUNTING
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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Franklin Company and Gibson Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year: Actual direct labor cost Estimated direct labor cost Actual manufacturing overhead cost Estimated manufacturing overhead cost Franklin Company Gibson Company $ 146,000 151,000 54,100 $ 171,000 105,000 90,400 72,488 85,050 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Franklin Company Gibson Company Predetermined Overhead direct labor dollar direct labor dollar Required B >
Transcribed Image Text:Franklin Company and Gibson Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year: Actual direct labor cost Estimated direct labor cost Actual manufacturing overhead cost Estimated manufacturing overhead cost Franklin Company Gibson Company $ 146,000 151,000 54,100 $ 171,000 105,000 90,400 72,488 85,050 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Franklin Company Gibson Company Predetermined Overhead direct labor dollar direct labor dollar Required B >
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