Ibra manufacturing uses machine hours as an activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was OMR 2,050,000. The company used 1,000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling OMR 2,100,000. The estimated machine hours for the year totaled 20,000. How much overhead should be applied to Job ?No. B12 اخترأحد الخيارات a. OMR 102,500 b. OMR 2,050 c. OMR 2,100 d. None of the answers are correct e. OMR 105,000

Ibra manufacturing uses machine hours as an activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was OMR 2,050,000. The company used 1,000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling OMR 2,100,000. The estimated machine hours for the year totaled 20,000. How much overhead should be applied to Job ?No. B12 اخترأحد الخيارات a. OMR 102,500 b. OMR 2,050 c. OMR 2,100 d. None of the answers are correct e. OMR 105,000

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Description: A;10 %).. O &OE+ OB/sAssignment AC..moodle.asu.edu.om33Ibra manufacturing uses machinehours as an activity base for itsmanufacturing overhead. Theestimate of annual overhead costsfor its jobs was OMR 2,050,000.The company used 1,000 hours ofprocessi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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3. What is the overapplied or underapplied overhead for September? Job Costing Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 95,000 and estimated factory overhead is $617,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished September 1, inventories Materials inventory $7,500.00 Work-in-process inventory (All Job A) 31,200.00 Finished goods inventory 67,000.00 Material purchases 104,000.00 Direct materials requisitioned Job A 65,000.00 Job B 33,500.00 Direct labor hours…
Grange Company has two departments, Stamping and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Stamping Department bases its rate on machine-hours, and the Assembly Department bases its rate on direct labour cost. At the beginning of the year, the company made the following estimates: Department Stamping 40,000 300,000 $2,550,000 $ 360,000 $3,200,000 Assembly 125,000 15,000 $4,000,000 Direct labour-hours Machine-hours Manufacturing overhead cost Direct labour cost Required: 1. Compute the predetermined overhead rate to be used in each department. (Round your stamping department answer to 2 decimal places.) Stamping department Assembly department per machine-hour % Direct labour cost
Sundance 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 March 1 $1,337,700 $950,400 Estimated direct labor hours for year 26,400 Estimated machine hours for year 51,450 Actual factory overhead costs for March $110,730 $107,750 Actual direct labor hours for March 2,940 Actual machine hours for March 4,320 Required: a. Determine the factory overhead rate for Factory 1. b. Determine the factory overhead rate for Factory 2. c. Journalize the Mar. 31 entries to apply factory overhead to production in each factory. Refer to the chart of accounts for the exact wording of the account titles. d. Determine the balances of the factory overhead…
Company XYZ applies overhead cost to jobs on the basis of direct labor cost. Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet. Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24,000 for applied overhead. Direct labor cost of Job B at year-end is: Select one: a. $12,000 b. None of the answers given c. $36,400 d. $11,000 e. $13,000
BK Corporation estimated its overhead rate for the year to be SAR 140 per direct labor hour. Job Direct labor cost. SAR 2,800 Direct material cost. SAR 3,650 Direct labor hours. 25 Machine hours. 20 The total cost for Job 46B would be O A. SAR 2,800 O B. SAR 3,500 O C. SAR 9,250 O D. SAR 9,950
Sohar Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year as follows: Actual manufacturing overhead OMR 360,000 costs Estimated manufacturing overhead 1,500,000 Actual machine hours used 10,000 Estimated machine hours 300,000 Estimated labor hours 6,000 Actual labor hours 7,500 The amount of manufacturing overhead to be applied is:
Using the attached, Was the overhead underallocated or overallocated? By how much?
ABC Corporation applies manufacturing overhead to jobs on the basis of direct labor-hours. The following information relates to ABC Corporation for last year: Estimated Actual Direct labor-hours 25,000 24,800 Manufacturing overhead cost 300,000 287,120 What was ABC underapplied or overapplied overhead for last year?
Sundance 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 March 1 $362,400 $1,086,300 Estimated direct labor hours for year 15,300 Estimated machine hours for year 18,120 Actual factory overhead costs for March $28,900 $94,060 Actual direct labor hours for March 1,380 Actual machine hours for March 1,410 a. Determine the factory overhead rate for Factory 1.$fill in the blank 383b40fc4fee048_1 per machine hour b. Determine the factory overhead rate for Factory 2.$fill in the blank 383b40fc4fee048_2 per direct labor hour c. Journalize the entries to apply factory overhead to production in each factory for March. Factory…
Company A uses direct labor cost as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2018 for the company and for Job 201: Company OMR 120,000 OMR 20,000 OMR 24,000 Job 201 OMR 30,000 OMR 25,000 Direct materials Direct labor Manufacturing overhead costs Direct labor cost incurred 21,000 During 2018, and actual overhead costs were OR 142,000. Direct labor cost incurred 21,000 Instructions: (a) Compute the predetermined overhead rate. (b) Compute the total manufacturing costs for Job 201.
Sawyer Manufacturing Company uses a predetermined overhead rate based on direct labour hours to apply manufacturing overhead to jobs. Last year, the company worked 57,000 actual direct labour hours and used 40,000 machine hours. The company had estimated that it would work 40,000 direct labour hours using 47,000 machine hours during the year and incur $348,000 of manufacturing overhead cost. What was the company's manufacturing overhead applied for the year? Question 10Answer a. $244,211 b. $408,900 c. $296, 170 d. $495,900