ll 69%4G+11:55docs.google.com/forms/d/e/11If, at the end of the year, ManufacturingOverhead has been over applied, it meansthat: *actual overhead costs were greater thanthe overhead assigned to jobs.actual overhead costs were less than theoverhead assigned to jobs.overhead has not been applied to jobs stillin process.None of the aboveWhen the company purchases rawmaterials for $20,000 on account, the entryshould include:A debit to Raw Material Inventory $20,000and a credit to Cash $20,000A debit to Direct Material $20,000 and acredit to Accounts Payable $20,000A debit to Raw Materials Inventory $20,000and a credit to Accounts Payable $20,000O None of the above 4G+11:55ill 70%Manufacturing Overhead will beaccompanied by a debit to:Cost of Goods Manufactured.Finished Goods Inventory.Work in Process Inventory.None of the aboveX Company applies overhead on the basisof 150% of direct labor cost. Job No.105 ischarged with $100,000 of direct materialscosts and $120,000 of manufacturingoverhead. The total manufacturing costs forJob No.105 is *$220,000.$300,000.$270,000.None of the aboveIf, at the end of the year, Manufacturing

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Business

Accounting

If, at the end of the year, Manufacturing Overhead has been over applied, it means that:

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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4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied as a positive amount and under applied as a negative amount. Round to the nearest whole number, omit commas and dollar signs. Your Answer: $ 150,000 $ 81,000 $ 164,000 $ 76,000 1 Answer
Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in requirement 1 consisted of indirect materials? 3. How much of the factory labour cost for the year consisted of indirect labour? 4. What was the cost of goods manufactured for the year? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,200 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost?
The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period
explain why the factory overhead balance must be disposed of at year end?
help with part D please
Determining actual factory overhead:The books of Prestige Products Company revealed that thefollowing general journal entry had been made at the end of the current accounting period:Factory Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000Under- and Overapplied Factory Overhead ...................... 2,000Closed credit balance in factory overhead control account. The total direct materials cost for the period was $40,000.The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
The standard direct labor rates in effect for the current fiscal year and the standard hours allowed for the actual output of work for July are shown in the following schedule. Worker classification Standard Direct Labor Rate per Hour $60 Standard Direct Labor-Hours Allowed for Output 1,380 1,840 2,300 II 55 III 45 The wage rates for each labor class increased under the terms of a new contract. The standard wage rates were not revised to reflect the new contract. The actual direct labor-hours worked and the actual direct labor rates per hour experienced for the month of July were as follows. Actual Direct Labor Rate Worker Classification Actual Direct per Hour $64 Labor-Hours 1,470 II 58 1,950 2,380 III 46 Required: Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the following components: a. Direct labor price and efficiency variances. b. Direct labor mix and yield variances.
4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
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