**Jurvin Enterprises Manufacturing Overhead Calculation**Jurvin Enterprises is a manufacturing company that began operations without any initial inventories. Below is a subset of transactions recorded during a recent month.**Overhead Rate and Estimation**Jurvin Enterprises employs a plantwide predetermined overhead rate of $23.40 per direct labor-hour. This rate is derived from a cost formula estimating a total manufacturing overhead cost of $257,400 based on an activity level of 11,000 direct labor-hours.**Actual Costs Incurred**During the period, the company actually incurred a total manufacturing overhead cost of $249,000, with total direct labor-hours reaching 10,800.**Calculation Required**Determine the amount of manufacturing overhead cost that should have been applied to all jobs during the period.**Manufacturing Overhead Applied**To calculate the manufacturing overhead applied, multiply the predetermined overhead rate by the actual labor-hours:\[ \text{Manufacturing Overhead Applied} = \text{Predetermined Overhead Rate} \times \text{Actual Labor-Hours} \]Insert the calculated value in the box provided.

The manufacturing overhead is applied to the job by multiplying the predetermined overhead rate by…

Answered: Jurvin Enterprises is a manufacturing…

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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York Corporation is using a predetermined overhead rate of $22.30 per machine-hour that was based on estimated total fixed manufacturing I overhead of $446,000 and 20,000 machine-hours for the period. The company incurred actual total fixed manufacturing overhead of $409,000 and 18,200 total machine-hours during the period. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to: $446,000 $37,000 $372,190 O $405,860
Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $32,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.50 per machine-hour. Because Sweeten has two manufacturing departments—Molding and Fabrication—it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 14,500 $…
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $329,800 and direct labor hours would be 49,100. Actual manufacturing overhead costs incurred were $316,500, and actual direct labor hours were 50,200. The journal entry to apply the factory overhead costs for the year would include a
Epolito Corporation incurred $87,000 of actual Manufacturing Overhead costs during September. During the same period, the Manufacturing Overhead applied to Work in Process was $89,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: A. debit to Work in Process of $89,000. B. credit to Manufacturing Overhead of $87,000. C. debit to Manufacturing Overhead of $87,000. D. credit to Work in Process of $89,000.
Action corporation, which applies manufacturing overhead on the basis of labor hours, has provided the following data for its most recent year of operations. Estimated labor hours were 3,900. Actual labor hours were 3800. Note that labor hours are used. Estimated manufacturing overhead $137,080 Estimated machine-hours 3,800 Actual manufacturing overhead $137,000 Actual machine-hours 3,780 The applied manufacturing overhead for the year is closest to: $136,269 $138,348 $135,513 $133,565 None of the above Please show work.
Coop's Stoops estimated its annual overhead to be $72,000 and based its predetermined overhead rate on 24,000 direct labor hours. At the end of the year, actual overhead was $77,190 and the total direct labor hours were 23,830. What is the entry to dispose of the overapplied or underapplied overhead? If an amount box does not require an entry, leave it blank. Cost of Goods Sold ✓✓ Manufacturing Overhead X ✓ ✓ X
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. Month January February March April May June Direct-Labor Hours 37,000 39,000 52,000 40,000 44,000 42,000 March's costs consisted of machine supplies ($296,400), depreciation ($32,500), and plant maintenance ($570,100). These costs exhibit the following respective behavior: variable, fixed, and semivariable. Manufacturing Overhead $701,000 740,000 899,000 754, 250 805,500 802,500 The manufacturing overhead figures presented in the preceding table do not include Metcalf's supervisory labor cost, which is step- fixed in nature. For volume levels of less than 15,000 hours, supervisory labor amounts to $77,500. The cost is $155,000 from 15,000- 29,999 hours and $232,500 when activity reaches 30,000 hours or more. Required: 4. 1. Determine the machine supplies cost and depreciation for January. 2. Using the high-low method,…
Acton Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead Estimated machine-hours Actual manufacturing overhead Actual machine-hours $139,080 3,838 $137,000 3,800 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to:
A company recorded $42,400 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $42,700 would be incurred, and 4,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied.

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