On January 1, VYLGHA946 Corp. estimated its total overhead for the upcoming year to be $300,000 and its total machine hours to be20,000.VYLGHA946's actual machine hours for the year were 28,810.The company uses job-order costing with machine hours as the allocation base.At the end of the year, the VYLGHA946's books reveal following actual results:Advertising Expense $8.900(#ID75106)Direct Labor $25,100Purchases of Raw Materials $12,100Rent, Factory Building $56.000Indirect Labor $38,900Sales Commissions $7.800Utilities, Factory S13,100Maintenance, Factory Equipment $7,000CEO Salary $6,000Depreciation, Factory Equipment $11,800Q. What is VYLGHA946's amount of over- or under-applied OH? (Enter just the amount)AS

The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Answered: On January 1, VYLGHA946 Corp. estimated…

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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Cavy Company estimates that the factory overhead for the following year will be $2,034,500. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 31,300 hours. The machine hours for the month of April for all of the jobs were 2,830. If the actual factory overhead for April totaled $180,455, determine the over- or underapplied amount for the month. Enter the amount as a positive number.
Cavy Company estimates that total factory overhead costs for the following year will be $994,000. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 35,500 hours. Compute the predetermined factory overhead rate.fill in the blank 1 of 1$ per machine hour
Ammons Corporation allocates manufacturing overhead using a predetermined manufacturing overhead rate of $1.50 per direct labor hour (DLH), and had actual manufacturing overhead costs for the most recent year of $29,500. Actual direct labor cost was $19 per hour and estimated direct labor cost was $17 per direct labor hour. At the end of the year, Ammons Corporation found it had over-allocated manufacturing overhead by $1,250. How many direct labor hours (DLH) were worked in total during the year? Select one: a. 18,833 DLH b. 20,500 DLH c. 1,552 DLH d. 1,735 DLH e. 19,667 DLH
Cavy Company estimates that total factory overhead costs will be $1,053,206 for the year. Direct labor hours are estimated to be 107,800. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $4 per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and to Job 777 if the amount of direct labor hours is 3,300. Job 345 Job 777 $4 c. Journalize the entry to record the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank.
Winston Company estimates that the factory overhead for the following year will be $943,800. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 36,300 hours. The total machine hours for the year were 54,500 hours. The actual factory overhead for the year was $1,437,000. Enter the amount as a positive number. a. Determine the total factory overhead amount applied. Round to the nearest dollar. b. Compute the over- or underapplied amount for the year. c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank.
Bergan Company estimates that total factory overhead costs will be $1,539,000 for the year. Direct labor hours are estimated to be 513,000. Required: A. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. Round your answer to the nearest cent. B. During May, Bergan Company accumulated 19,000 hours of direct labor costs on Job 200 and 23,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. C. Prepare the journal entry on May 30 to apply factory overhead to both jobs in May according to the predetermined overhead rate. Refer to the Chart of Accounts for exact wording of account titles.
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
Applying Factory Overhead Salinger Company estimates that total factory overhead costs will be $90,000 for the year. Direct labor hours are estimated to be 15,000. a. For Salinger Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places. $4 per direct labor hour b. During May, Salinger Company accumulated 660 hours of direct labor costs on Job 200 and 620 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $4 c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank. 88
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 $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The journal entry to apply the factory overhead costs for the year would include a
Arabica Manufacturing uses a predetermined overhead allocation rate based on the number of machine hours. At the beginning of the year, it estimated total manufacturing overhead costs to be $1,040,000, total number of direct labor hours to be 4,500, and total number of machine hours to be 24,000 hours. What was the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A. $36.49 per direct labor hour B. $231.11 per machine hour C. $53.33 per direct labor hour D. $43.33 per machine hour
Hello, Please provide the steps to solve the problem below: At the beginning of the year, a company estimates total overhead costs of $300,000. The company applies overhead using direct labor costs and estimates it will spend $1,200,000 on direct labor during the year. What amount of overhead should be applied to "Job C" if that job uses $65,000 of direct labor hours during April?
Cavy Company estimates that the factory overhead for the following year will be $1,824,500. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 44,500 hours. The machine hours for the month of April for all of the jobs were 5,200. Journalize the entry to record the factory overhead applied in April. If an amount box does not require an entry, leave it blank. - Select - Select - Select - - Select -

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