Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,000 Oct. 31 Finished Goods х 31 Direct materials 96,700 31 Direct labor 201,000 31 Factory overhead х Finished Goods Oct. 1 Balance 52,000 31 Goods finished 360,000 If the balance of Work in Process on October 31 is $21,000, what was the amount of factory overhead applied in October? a. $11,300 b. $21,300 C. $42,300 d. $63,300

Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 20,000 Oct. 31 Finished Goods х 31 Direct materials 96,700 31 Direct labor 201,000 31 Factory overhead х Finished Goods Oct. 1 Balance 52,000 31 Goods finished 360,000 If the balance of Work in Process on October 31 is $21,000, what was the amount of factory overhead applied in October? a. $11,300 b. $21,300 C. $42,300 d. $63,300

Name: 10.If the balance of Work in Process on October 31 is $21,000, what wa
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Description: 10.If the balance of Work in Process on October 31 is $21,000, what was the amount of factory overhead applied in October? a.$11,300b.$21,300c.$42,300d.$63,300 Selected accounts with some amounts omitted are as followsWork in ProcessOct.1 Balance20,0

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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QUESTION 7 Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following information was estimated at the beginning of the year: Estimated Manufacturing Overhead $83,000 Estimated Machine Hours 13,000 Actual overhead totaled $72,000. During the year, the company produced 8,500 units of product using 14,000 machine hours and 60,000 direct labor hours. How much manufacturing overhead was allcoated to the product during the year? Round your answer to whole dollars.
QUESTION 30 Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $ 157,950 Estimated machine-hours 4,680 $157,800 4,940 Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: $31.94 $33.72 $33.75 $44.52
Question 3 Munawar Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, Hanif Corporation incurred Rs. 150,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was underapplied Rs. 30,000 for the year. If the predetermined overhead rate was Rs. 6 per direct labor-hour, how many hours did the Corporation work during the year?
The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
57. Maintenance costs at a Neller Corporation factory are listed below: Machine-Hours Maintenance Cost $26,825 February March . Аpril. Мay. June . July. August . September.. October.. 2,973 2,971 $26,841 $26,532 $26,744 $26,860 $26,766 $26,792 $26,713 $26.788 2,887 2,951 2,974 2,956 2,959 2,937 2,953 Management believes that maintenance cost is a mixed cost that depends on machine-hours. Using the high-low method to estimate the variable and fixed components of this cost, these estimates would be closest to: A. $1.85 per machine-hour; $21,325 per month B. $3.77 per machine-hour; $15,648 per month C. $9.07 per machine-hour; $26,762 per month D. $0.27 per machine-hour; $26,071 per month
BE 16-4 Applying factory overhead Bergan Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,000. For Bergan Company, (A) determine the predetermined factory overhead rate using direct labor hours as the activity base, (B) determine the amount of factory overhead applied to Jobs 200 and 305 in May using the data on direct labor hours try to apply factory overhead to both jobs in August according to the predetermined overhead rate. Obj. 2 SHOW ME HOW from BE 16-2, and (C) prepare the journal en-
Answer question D
24. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: Production Machine-hours Fixed overhead costs Actual 41,000 units 6,020 hours $125,500 What is the amount of fixed overhead allocated to production? A) $117,000.00 B) $123,000.00 C) $125,500.00 D) $128,210.13 Production Machine-hours Fixed overhead costs 25. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: B) $400 unfavorable C) $1,056 favorable D) $1,056 unfavorable Static Budget 39,000 units 5,850 hours $117,000 Actual 53,400 units 1,960 hours $86,520 What is the fixed overhead spending variance? A) $400 favorable Static Budget 53,000 units 2,120 hours $86,920
Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?
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A company uses direct labor costs to apply overhead. Its production costs for the period are: direct materials, $45,000; direct labor, $35,000; and overhead applied, $38,500. What is its predetermined overhead rate?