Ef 529. It was the end of the fiscal year, and Carol was evaluating her company's MOH. Since her company uses normal costing and applies.overhead based on direct labor hours, she anticipated a difference in the amount of MOH that was applied compared to the amountthat was actually incurred. Indeed, there was a difference-and it seemed huge! Here is what she saw within the MOH account, as wellas detail from the beginning of the year when the budgeted MOH rate was determined:Budgeted MOH costBudgeted direct labor hoursActual MOH costActual direct labor hoursRM InventoryWIP InventoryFG InventoryCost of Goods Sold$63,840(C)Carol is aware of the following company policy regarding any MOH difference: "any MOH difference that is deemed 'immaterialshould be written off in the current period; any MOH difference that was deemed 'material' should be prorated to the appropriateaccounts so as to better approximate actual costs." Carol also has the following additional detail regarding the inventory accounts.38.000 hours$67,000End. Bal.$6,8006,08036,000 hours17,02498,496Applied MOHWithin End. Bal.Account Titles and ExplanationSince Carol is unsure if this amount would be considered material or not, she decides to do the work for both options so that shecan bring it to her supervisor and ask for additional clarification regarding materiality. (Round any rates or proportions to fourdecimal places, eg. 0.2510 and final answers to 2 decimal places, eg. 5,275.25.)$3,8881. Show the journal entry if the MOH difference is to be written off entirely in the current period. (Credit account titles areautomatically indented when the amountered. Do not indent manually. List all debit entries fore credit entries)Account Titles and Explanation6,80437,908Account Titles and Expl inAccount Titles and ExplanationDebit2. Show the calculations and journal entry needed if the difference is to be prorated to the appropriate inventory and cost.accounts based on their ending balances. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. List all debit entries before credit entries)SPDebit2. Show the calculations and journal entry needed if the difference is to be prorated to the appropriate inventory and costaccounts based on their ending balances. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. List all debit entries before credit entries)DebitCreditDebitICredit3. Show the calculations and journal entry needed if the difference is to be prorated to the appropriate inventory and costaccounts based on the amount of applied MOH in each account. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. List all debit entries before credit entries)CreditCredit88"

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It was the end of the fiscal year, and Carol was evaluating her company's MOH. Since her company uses normal costing and applies overhead based on direct labor hours, she anticipated a difference in the amount of MOH that was applied compared to the amount that was actually incurred. Indeed, there was a difference-and it seemed huge! Here is what she saw within the MOH account, as well as detail from the beginning of the year when the budgeted MOH rate was determined: Budgeted MOH cost Budgeted direct labor hours Actual MOH cost Actual direct labor hours $63,840 RM Inventory WIP Inventory FG Inventory Cost of Goods Sold 38.000 hours $67,000 36,000 hours Carol is aware of the following company policy regarding any MOH difference: "any MOH difference that is deemed 'immaterial should be written off in the current period; any MOH difference that was deemed 'material' should be prorated to the appropriate accounts so as to better approximate actual costs." Carol also has the following additional detail regarding the inventory accounts. End. Bal. $6,800 6,080 17,024 98,496 Applied MOH Within End. Bal. $3,888 6,804 37,908 88

It was the end of the fiscal year, and Carol was evaluating her company's MOH. Since her company uses normal costing and applies overhead based on direct labor hours, she anticipated a difference in the amount of MOH that was applied compared to the amount that was actually incurred. Indeed, there was a difference-and it seemed huge! Here is what she saw within the MOH account, as well as detail from the beginning of the year when the budgeted MOH rate was determined: Budgeted MOH cost Budgeted direct labor hours Actual MOH cost Actual direct labor hours $63,840 RM Inventory WIP Inventory FG Inventory Cost of Goods Sold 38.000 hours $67,000 36,000 hours Carol is aware of the following company policy regarding any MOH difference: "any MOH difference that is deemed 'immaterial should be written off in the current period; any MOH difference that was deemed 'material' should be prorated to the appropriate accounts so as to better approximate actual costs." Carol also has the following additional detail regarding the inventory accounts. End. Bal. $6,800 6,080 17,024 98,496 Applied MOH Within End. Bal. $3,888 6,804 37,908 88

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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