Lancer Electronics estimated manufacturing overhead for the year at $350,000. Manufacturing overhead for the year was underapplied by $15,000. The company applied $300,000 to Work in Process. What would have been the amount of actual overhead? a) $335,000 b) $285,000 c) $315,000 d) None of these

Lancer Electronics estimated manufacturing overhead for the year at $350,000. Manufacturing overhead for the year was underapplied by $15,000. The company applied $300,000 to Work in Process. What would have been the amount of actual overhead? a) $335,000 b) $285,000 c) $315,000 d) None of these

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 3PA: Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it...

See similar textbooks

Related questions

Q: Can you please solve this financial accounting question?

A: Step 1: Define Payday LoanA payday loan is a debt availed for a short span and is remitted along…

Q: General Accounting

A: The budgeted rate for the indirect cost of the pre-diagnostic room needs to be computed by dividing…

Q: Suppose Austin Sound had sales of $450,000 and sales returns of $55,000. Cost of goods sold was…

A: Explanation of Gross ProfitGross profit is a financial metric that represents the difference between…

Q: General accounting

A: Step 1: Define Gross ProfitIn accounting and business terms, the Gross profit is the return of a…

Q: Please give true answer the general accounting question

A: Step 1: Define Outstanding SharesOutstanding shares refer to the number of shares issued by a…

Q: At the end of the first year of operations, 6,400 units remained in the finished goods inventory.…

A: To determine the cost of the finished goods inventory under both absorption costing and variable…

Q: general account query

A: Step 1: Introduction to property, plant and equipmentProperty, plant, and equipment refers to those…

Q: Calculate the company's price to earnings ratio for this accounting question

A: Step 1: Define Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) ratio measures the market…

Q: What is the total period cost for the month under variable costing?

A: Step 1: Understand Period Costs Under Variable CostingUnder variable costing, period costs…

Q: Allowance for Doubtful Accounts has a debit balance of $2,900 at the end of the year, before…

A: Explanation of Allowance for Doubtful Accounts:The Allowance for Doubtful Accounts is a contra-asset…

Q: Provide correct solution for this general accounting question

A: Step 1: Define Absorption CostingAbsorption and variable costing are two costing systems that treat…

Q: Answer this general accounting question

A: Step 1: Calculate total revenues: Sales Revenue + Service RevenueStep 2: Calculate total expenses:…

Q: Alaskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average…

A: Step 1: Understand the Weighted-Average MethodUnder the weighted-average method, equivalent units of…

Q: Financial accounting

A: Step 1: Define Dividend DistributedThe dividend distributed is the amount of profit that is shared…

Q: Provide general account questions solution

A: 1. Problem OverviewTo calculate the beginning inventory, we use the following relationship:…

Q: General accounting

A: Step 1: Understand the Provided DataStock Price per Share: $65.20Price-to-Earnings (P/E) Ratio:…

Q: Financial Accounting

A: Step 1: Define Discount NoteA discount note is a short-term debt instrument issued at a discount to…

Q: At the beginning of the year, Rose Company expected to incur $65,000 of overhead costs in producing…

A: Concept of Overhead CostOverhead costs refer to expenses that are not directly tied to the…

Q: Financial Accounting Question please answer

A: To calculate the stock's current price using the P/E ratio, you can use the formula: Price = P/E…

Q: Financial accounting

A: Step 1: Define Accounts receivable turnoverAccounts receivable turnover is calculated as net credit…

Q: Solve this question financial accounting

A: Step 1: Define Margin CallAn investor receives a margin call from a broker if a part of an…

Q: solve asap for this general account questions....

A: Explanation of Historical Cost: Historical cost represents the original purchase price or…

Q: General Account Teacher solve

A: To compute the lower of cost or market (LCM) for Martinez Company's ending inventory, we compare the…

Q: The Red Martin has annual sales of $797,400, total debt of $320,000, total equity of $475,000, and a…

A: Concept of Profit MarginProfit margin measures the percentage of sales revenue that remains as…

Q: On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical…

A: Explanation of Historical Cost:Historical cost represents the original purchase price or acquisition…

Q: General accounting

A: Step 1: Define Operating LeverageThe company calculates operating leverage to estimate an increase…

Q: Do fast answer of this general accounting question

A: Step 1: Lower of cost or market value (LCM) ruleUnder LCM rule, inventory is valued at cost or…

Q: General Accounting

A: Step 1:Calculate the depletion rate per tonStep 2:Calculate the depletion expense for the current…

Q: On the basis of the following data: Commodity AL65 CA22 LA98 SC16 UT28 Inventory Quantity Unit Cost…

A: To calculate the value of the inventory at the Lower of Cost or Market (LCM), we compare the total…

Q: Not use ai financial accounting question

A: Step 1: Define Sales RevenueThe money earned from routine company activities is referred to as…

Q: Willingham uses a weighted-average process-costing system for its single product, which consists of…

A: To calculate the total equivalent units of production (EUP) for Materials X and Y using the…

Q: general account

A: Step 1: Equivalent Units of Production (EUP) for ConversionThe formula for equivalent units of…

Q: What best represents the accounting equation of this company?

A: Explanation of Accounting EquationThe accounting equation represents the fundamental relationship in…

Q: ??

A: Explanation of Accrual Basis Accounting: Accrual basis accounting is a method where revenues are…

Q: I want to this question answer general accounting

A: Step 1: Define Absorption CostingAbsorption costing is a method used in management accounting to…

Q: Hi teacher please help me this question general accounting

A: Step 1: Define Net IncomeNet income refers to the margin above expenses that are left of total…

Q: Holiday ltd manufacturing

A: As per the information, the revenue is recognized on cash basis. Therefore, the company will record…

Q: A manufacturing it's product solve this accounting questions

A: Step 1: Definition of Break-Even and Target Profit AnalysisTarget Profit Analysis: This determines…

Q: Which of the following is true of the contribution margin income statement? a. Selling costs are…

A: We know that Contribution Margin is calculated as: Contribution Margin=Sales Revenue−Variable…

Q: None

A: For this question we need to compute for the ROCE. Return on Common Equity (ROCE) is a metric that…

Q: Gama Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead…

A: Compute the manufacturing overhead rate using the budgeted figures.Manufacturing overhead rate =…

Q: Provide answer financial accounting

A: Step 1: Define Intangible assetsThe intangible assets are that part of fixed assets which can't have…

Q: I want to this question answer general Accounting

A: The problem involves finding the amount of dividends distributed by Edwards Corporation during the…

Q: Please answer the general accounting question without use Ai and chatgpt

A: Given Data:Current Assets (CA): $97,000Inventory and Prepaid Items: $37,000Current Liabilities (CL):…

Q: I want to correct answer accounting questions

A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method used to…

Q: I need correct solution this question general accounting

A: Detailed explanation:Given : Cost of widget to wholesalers $ 250 each.Wholesalers' Markup $ 75 each…

Q: Byklea Corporation uses the weighted-average method in its process costing system. This month, the…

A: Step 1:First, calculate the equivalent units of production using the weighted average method:…

Q: Answer this Financial Accounting problem

A: Explanation of AssetsAssets represent the resources owned by a business that provide future economic…

Q: What is bicket's 2013 return on common stockholders' equity?

A: The question requires the determination of the return on common stockholder's equity. The Return on…

Q: Maxwell manufacturing has collected the following solve this general accounting question

A: Step 1: Definition of High-Low MethodHigh-Low Method: This method determines the variable cost per…

Question

100%

What would have been the amount of actual overhead on these general accounting question?

Lancer Electronics estimated manufacturing overhead for the
year at $350,000. Manufacturing overhead for the year was
underapplied by $15,000. The company applied $300,000 to Work
in Process. What would have been the amount of actual
overhead?
a) $335,000
b) $285,000
c) $315,000
d) None of these

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.
When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.
Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was $805,100, and there were 99,900 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year?
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?