Reynolds Manufacturers Inc. has estimated total factory overhead costs of $88,800 and expected direct labor hours of 11,100 for the current fiscal year. If job number 117 incurs 2,000 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a. $88,800 b. $2,000 Oc. $44,400 Od. $16,000

Reynolds Manufacturers Inc. has estimated total factory overhead costs of $88,800 and expected direct labor hours of 11,100 for the current fiscal year. If job number 117 incurs 2,000 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a. $88,800 b. $2,000 Oc. $44,400 Od. $16,000

Name: Reynolds Manufacturers Inc. has estimated total factory overhead cost
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Reynolds Manufacturers Inc. has estimated total factory overhead costs of $88,800 and expected direct labor hours of 11,100 for the current fiscal year. If job number117 incurs 2,000 direct labor hours, Work in Process will be debited and Factory Ov

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume the following: 1. Estimated fixed manufacturing overhead for the coming period of $220,000 2. Estimated variable manufacturing overhead of $2.00 per direct labor hour 3. Actual manufacturing overhead for the period of $320,000 4. Actual direct labor-hours worked of 54,000 hours 5. Estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Note: Round your intermediate value of "Predetermined overhead rate" to two decimal places. Multiple Choice $325,926. $324,000. $336,004.
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 factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? Pick one a. $54,800 underapplied b. $6,000 overapplied c. $54,800 overapplied d. $6,000 underapplied 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 entry to apply the factory overhead costs for the year would include a a. credit to Factory Overhead for $432,000 b. debit to Factory…
The Winchester Company estimates that its overhead costs will amount to $523,600 and the company's manufacturing employees will work 77,000 direct labor hours during the current year. If actual overhead costs for the year amounted to $572,000 and actual labor hours amounted to 82,000, then overhead would be: Multiple Choice underapplied by $14,400. overapplied by $48,400. underapplied by $48,400. overapplied by $14,400.
At the beginning of the year, a company estimated a predetermined plantwide overhead rate of $8.50 per machine - hour. Job X used 16 machine-hours and it was charged $200 and $288 for direct materials and direct labor, respectively. What is the total job cost for Job X? A. $446 B. $136 C. $624 D. $488
d. Assume that the actual level of activity next year was 36,000 direct labor hours and that manufactur- ing overhead was $341,550. Determine the underapplied or overapplied manufacturing overhead at the end of the year. e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year. e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year.
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $113,400 and expected direct labor hours of 12,600 for the current fiscal year. If Job 117 incurs 1,460 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a. $13,140 b. $56,700 c. $113,400 d. $1,460
Cullumber Company estimates that annual manufacturing overhead costs will be $768,000. Estimated annual operating activity bases are: direct labor cost $588,800, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $769,280 and the actual direct labor cost for the year was $583,680. Actual direct labor hours totaled 39,800 and machine hours totaled 79,000. Cullumber applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over- or underapplied and the amount. (Round predetermined overhead rate to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 1,525.) Predetermined overhead rate $ Manufacturing overhead applied $ $ per direct labor hour
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 factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$54,800 underapplied b.$54,800 overapplied c. $6,000 overapplied d.$6,000 underapplied
company's total overhead cost at various levels of activity is presented below: Month March April May June Machine Hours 5,000 4,000 6,000 8,000 Total Overhead Cost $ 38,750 $ 31,000 $ 46,500 $ 55,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 4,000 machine-hour level of activity is as follows: Utilities (considered variable) $8,000 Supervisory salaries (considered fixed) $5,000 Maintenance (considered mixed) $18,000 Total overhead cost $31,000 Suppose the company uses the high-low method to estimate a cost formula for mixed costs. What is the total maintenance cost the company expects to incur at an activity level of 6,900 machine hours? ○ $29,600 $29,200 O $30,400 $29,900
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $141,600 and expected direct labor hours of 11,800 for the current fiscal year. If Job 117 incurs 1,560 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$18,720 b.$1,560 c.$141,600 d.$70,800
7.
Steeler Towel Company estimates its overhead to be $483,000. It expects to have 138,000 direct labor hours costing $4,830,000 in labor and utilizing 11,500 machine hours. Calculate the predetermined overhead rate using: Round your answers to two decimal places. A. Direct labor hours $fill in the blank 1 per direct labor hour B. Direct labor dollars $fill in the blank 2 per direct labor dollar C. Machine hours $fill in the blank 3 per machine hour