Munoz Company and Perez Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Munoz Company Actual manufacturing overhead Actual direct labor hours $ 182,050 27,000 Perez Company $ 240,700 23,000 Underapplied overhead 13,000 Overapplied overhead $ 24,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Munoz Company Per Direct Labor Hour Perez Company Predetermined overhead rate
Munoz Company and Perez Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Munoz Company Actual manufacturing overhead Actual direct labor hours $ 182,050 27,000 Perez Company $ 240,700 23,000 Underapplied overhead 13,000 Overapplied overhead $ 24,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Munoz Company Per Direct Labor Hour Perez Company Predetermined overhead rate
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hrl.9
aswer must be in table format or i will give down vote
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