Question 42 Use the following data for questions 42-45: The John Kinky Toy Company applies factory overhead to jobs on the basis of Machine hours in the Feather D Estimated factory overhead costs for the year.. $30,000 Estimated machine hours for the year 12,000 hours 1,150 hours Actual machine hours used in May.. $ 2,400 Actual factory overhead costs for May Determine the predetermined factory overhead rate for the Feather Department using the budget informatio

Question 42 Use the following data for questions 42-45: The John Kinky Toy Company applies factory overhead to jobs on the basis of Machine hours in the Feather D Estimated factory overhead costs for the year.. $30,000 Estimated machine hours for the year 12,000 hours 1,150 hours Actual machine hours used in May.. $ 2,400 Actual factory overhead costs for May Determine the predetermined factory overhead rate for the Feather Department using the budget informatio

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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exam.ptuk.edu.ps/mod/qu Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X Department Y Direct materials $1400,000 $200,000 Direct manufacturing labor $400,000 $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct materials: $50,000 Direct labor: Department X $ 16,000 Department Y $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department Y, the manufacturing overhead allocation rate is: Select one: а. 200% b. 100% с. 300% مشمس - hp
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $135,000 Estimated direct labor cost for the year (@ $9/hr.) 108,000 Actual manufacturing overhead cost for January 8,000 Actual direct labor cost for January (1,200 hours) 5,500 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. Answer% b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer c. By what amount is consulting overhead over- or underapplied in January? Consulting overhead was Answer by $Answer in January.
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $575,000, and total direct labor costs would be $460,000. During February, the actual direct labor cost totaled $40,000, and factory overhead cost incurred totaled $52,000. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. % b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory Overhead-Blending Department? Amount: Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory overhead?
now.com/ilm/takeAssignment/takeAssignmentMain.do?inprogress-true Blackboard Learn Botosan Factory has budgeted factory overhead for the year at $551,040, and budgeted direct labor hours for the year are 430,500. If the actual direct labor hours for the month of May are 391,800, the overhead allocated for May is Oa. $426,278 Ob. $501,504 Oc. $516,549 Od. $606,820
53 Tiffany charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year: Budgeted manufacturing overhead: $3,750,000 Actual manufacturing overhead: $3,767,500 Budgeted labor hours: 125,000 Actual labor hours: 126,500 Which of the following choices is the correct status of manufacturing overhead at year-end? Multiple Choice O Overapplied by $27,500. Underapplied by $27,500. O Overapplied by $45,000. O Overapplied by $17,500. Underapplied by $17,500.
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:. Estimated consulting overhead cost for the year $440,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ per direct labor hour b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or under applied in January?
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $588,500, and total direct labor costs would be $535,000. During February, the actual direct labor cost totaled $46,000, and factory overhead cost incurred totaled $52,600. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.fill in the blank% Journalize the entry to apply factory overhead to production for February. fill in the blank $fill in the blank $fill in the blank fill in the blank $fill in the blank $fill in the blank What is the February 28 balance of the account Factory Overhead—Blending Department? Amount: $fill in the blank Debit or Credit? ____________ Does the balance for Feb. 28…
Q) If July's estimated machine-hours are 4,500, calculate the total estimated operating costs of the Machining Department using the cost function in (a)?
Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $180,000, and budgeted direct labor hours were 18,000. The average wage rate for direct labor is expected to be $20 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $25,500 $34,100 $17,600 $800 Materials requisitioned 16,900 20,400 8,500 13,000 Direct labor cost 8,000 17,500 3,150 3,900 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 120 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) Jobs…
Kelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…
Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
answer must be in table format or i will give down vote