Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hom following information is available for both companies for the year. Rundle Company $139,150 Rooney Company $262,250 25,000 11,000 Actual manufacturing overhead Actual direct labor hours 21,000 Underapplied overhead Overapplied overhead $ 21,500 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 company, assuming the amounts are Immaterial. ces Complete this question by entering your answers in the tabs below. Required A Required 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. Adjusting Entry for Rundle Company: Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Rooney Company: Manufacturing Overhead Cost of Goods Sold < Required A Required >

Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hom following information is available for both companies for the year. Rundle Company $139,150 Rooney Company $262,250 25,000 11,000 Actual manufacturing overhead Actual direct labor hours 21,000 Underapplied overhead Overapplied overhead $ 21,500 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 company, assuming the amounts are Immaterial. ces Complete this question by entering your answers in the tabs below. Required A Required 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. Adjusting Entry for Rundle Company: Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Rooney Company: Manufacturing Overhead Cost of Goods Sold < Required A Required >

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

Please answer these
answer with must explanation , computation , narrations for each steps and parts answer in text form
ces Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 15,100 5,200 20,500 The following transactions occurred during January: a. Purchased materials on account for $27,000. b. Issued materials to production totaling $21,600, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,400 were recorded as follows: $11,500 for assembly workers $2,900 for factory supervision $1,300 for administrative personnel $2,700 for sales commissions d. Recorded depreciation: $4,100 for factory machines, $1,000 for the copier used in the administrative office. e. Recorded $1,500 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative…
Subject :- Acounting
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the…
Rundle Company and Rooney Company assign manufacturing overhead to Work in Process Inventory using direct labor cost. The following information is available for the companies for the year. Actual direct labor cost Estimated direct labor cost. Actual manufacturing overhead cost Estimated manufacturing overhead cost Rundle Company $ 148,000 153,000 Rundle Company Rooney Company 55,600 74,970 Required a. Compute the predetermined overhead rate for each company. b. Determine the amount of overhead cost that would be applied to Work in Process Inventory for each company. c. Compute the amount of overapplied or underapplied manufacturing overhead cost for each company. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Predetermined Overhead direct labor dollar direct labor dollar Rooney Company $ 173,000 105,000 91,100 90,300
Please give all answer I will give upvote you
d Jason's Custom Tooling (JCT) uses a job order cost system and applies overhead using a predetermined overhead rate based on direct labor costs. The following debits (credits) appeared in Work-in-Process Inventory for November: November 1 For the month For the month For the month For the month Description Balance Direct materials Direct labor Factory overhead To finished goods Amount $ 43,000 235,000 144,000 136,800 (419,000) Job 13-11, the only job still in process at the end of November, has been charged direct labor of $30,000. Required: What cost amount of direct materials was charged to Job 13-11? Direct materials $ 80,800 x
The Work in Process inventory account of Ninetales Publishing Inc shows a total manufacturing cost of $20,000 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $6,000 and $5,000 for materials, and charges of $2,000 and $4,000 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of %.
Saved Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $333,500 and total machine hours of 46,000. During the year actual manufacturing overhead incurred was $323,680 and 47,600 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) Pdetemined Overhed Rate per hour
PSMO Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 P 6,940,000 P 3,370,000 P 7,010,000 P600,000 3,600,000 4,350,000 P 186,000 2,700,000 How much is the total manufacturing costs assuming factory overhead is applied at 70% of direct labor costs 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $500 C. Raw materials used as indirect materials. $100 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $750 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $120 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 3,000 Accounts Payable 3,000 B. Work in Process Inventory 500 Raw Materials Inventory 500 C. Manufacturing Overhead 100 Raw Materials Inventory 100