please do not give solution in image format Accounting for scrapHammatt Inc. provides a variety of services for commercial clients. Hammatt destroys any paper client records after seven years and the shredded paper is sold to a recycling company. The netrealizable value of the recycled paper is treated as a reduction to operating overhead. The following data pertain to operations for the year.Budgeted operating overheadActual operating overheadBudgeted net realizable value of recycled paperActual net realizable value of recycled paperBudgeted bilable hoursActual billable hoursa. Assuming that number of billable hours is the allocation base, what was the company's predetermined overhead rate? $ 13.92$996,480$985,200$22,080$23,280168,000170,160b. Record the journal entry for the sale of the recycled paper.AccountCreditDebit23,280CashManufacturing Overhead ✔To record sale of by-product23,280c. What was the company's underapplied or overapplied overhead for the year?Note: Do not use a negative sign with your answer.$25,008Overappled

Predetermined overhead rate is the one which is computed at the beginning of the year in order to…

Hammatt Inc. provides a variety of services for commercial clients. Hammatt destroys any paper client records after seven years and the shredded paper is sold to a recycling company. The net realizable value of the recycled paper is treated as a reduction to operating overhead. The following data pertain to operations for the year: Budgeted operating overhead 1996,480 Actual operating overhead $185.200 Budgeted net realizable value of recycled paper $22,080 Actual net realizable value of recycled paper $23,280 Budgeted bilable hours 168.000 170,160 Actual bible hours a. Assuming that number of billable hours is the allocation base, what was the company's predetermined overhead rate? $ 13.92 b. Record the journal entry for the sale of the recycled paper. Account Debit Credit Cash Manufacturing Overhead To record sale of by-product 23,280 0 23,280 c. What was the company's underapplied or overapplied overhead for the year? Note: Do not use a negative sign with your answer. $25,008 Overappled

Hammatt Inc. provides a variety of services for commercial clients. Hammatt destroys any paper client records after seven years and the shredded paper is sold to a recycling company. The net realizable value of the recycled paper is treated as a reduction to operating overhead. The following data pertain to operations for the year: Budgeted operating overhead 1996,480 Actual operating overhead $185.200 Budgeted net realizable value of recycled paper $22,080 Actual net realizable value of recycled paper $23,280 Budgeted bilable hours 168.000 170,160 Actual bible hours a. Assuming that number of billable hours is the allocation base, what was the company's predetermined overhead rate? $ 13.92 b. Record the journal entry for the sale of the recycled paper. Account Debit Credit Cash Manufacturing Overhead To record sale of by-product 23,280 0 23,280 c. What was the company's underapplied or overapplied overhead for the year? Note: Do not use a negative sign with your answer. $25,008 Overappled

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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