a. How much overhead was assigned to each of the three jobs, 301, 302, and 303?b. What was the over or underapplied manufacturing overhead for year 1? Southern Rim Parts estimates Its manufacturing overhead to be $495,000 and Its direct labor costs to be $900,000 for year 1. The firstthree Jobs that Southern Rim worked on had actual direct labor costs of $20,000 for Job 301, $30,000 for Job 302, and $40,000 forJob 303. For the year, actual manufacturing overhead was $479,000 and total direct labor cost was $850,000. Manufacturingoverhead is applied to jobs on the basis of direct labor costs using predetermined rates.Required:a. How much overhead was assigned to each of the three jobs, 301, 302, and 303?b. What was the over- or underapplied manufacturing overhead for year1?Complete this question by entering your answers in the tabs below.Required ARequired BHow much overhead was assigned to each of the three jobs, 301, 302, and 3037Job 301Job 302Job 303Required B >

a. Predetermined overhead rate Estimated Manufacturing overhead 495000 /Estimated direct…

Southern Rim Parts estimates its manufacturing overhead to be $495,000 and its dir three Jobs that Southern Rim worked on had actual direct labor costs of $20,000 for Job 303. For the year, actual manufacturing overhead was $479,000 and total direct overhead is applied to jobs on the basis of direct labor costs using predetermined ra Required: a. How much overhead was assigned to each of the three jobs, 301, 302, and 303? b. What was the over- or underapplied manufacturing overhead for year 1?

Southern Rim Parts estimates its manufacturing overhead to be $495,000 and its dir three Jobs that Southern Rim worked on had actual direct labor costs of $20,000 for Job 303. For the year, actual manufacturing overhead was $479,000 and total direct overhead is applied to jobs on the basis of direct labor costs using predetermined ra Required: a. How much overhead was assigned to each of the three jobs, 301, 302, and 303? b. What was the over- or underapplied manufacturing overhead for year 1?

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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Ee.78.
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
If, at the end of the year, Manufacturing Overhead has been over applied, it means that: * actual overhead costs were greater than the overhead assigned to jobs. overhead has not been applied to jobs still in process. cost of goods will have to be increased by the amount of the over applied overhead. None of the above
17.) In a job order system, the ending Work in Process account balance should equal the sum of: A.) the Pokémon from all nine regions B.) all manufacturing costs for the period dloun C.) the open job cost sheets D.) the over or under-applied balance in Manufacturing Overhead for the period
1. A business may need to estimate its amount of inventory because perpetual inventory records are not maintained. a disaster has destroyed the inventory records and the inventory. monthly or quarterly financial statements are needed, but a physical inventory is taken only once a year. All of these choices are correct. 2. When using the retail method of inventory costing, the ending inventory cost is estimated by multiplying the ending inventory at retail by the cost to retail ratio. multiplying the ending inventory at cost by the cost to retail ratio. deducting the estimated cost of goods sold from the merchandise available for sale. deducting the estimated gross profit from the sales.
Job XXX required 260 direct labour hours of which 220 hours were incurred during the current accounting period. The predetermined overhead cost rate is £7.50 per direct labour hour. How much overhead should be applied to Job XXX during the current accounting period? a. £1,650 b. £366 c. £1,950 d. £915
Manufacturing overhead was estimated to be OMR 415,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 400,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: a. OMR 420,00O. O b. OMR 435,750. C. OMR 400,000. O d. None of the given answer is correct O e. OMR 415,000.
Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
The predetermined manufacturing overhead rate is usually computed: Select one: A. During the financial year B. When overheads have been incurred C. At the beginning of the financial year D. At the end of the financial year
Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process Inventory using a predetermined overhead rate. During June, Lamar's transactions included the following: Direct materials issued to production $ 91,700 Indirect materials issued to production 9,700 Manufacturing overhead cost incurred 126,700 Manufacturing overhead cost applied 114,700 Direct labor cost incurred 108,700 Lamar Company had no beginning or ending inventories. What was the cost of goods manufactured for June? (CMA adapted)
O'Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is bult to customer specifications). O'Leary uses a normal job costing system. Direct labor at O'Leary Iis pald $26 per hour, but the employees are not pald If they are not working on Jobs. Manufacturing overhead Is assigned to Jobs by a predetermined rate on the basis of direct labor-hours. The company Incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows. Skipped Year 1 Year 2 Direct labor-hours worked 68, 800 55,800 Manufacturing overhead costs incurred Indirect labor $2,832,000 1,032,000 Employee benefits Supplies $2,232,000 837,000 558, 000 540, 000 688,000 Power 645, eee Heat and light Supervision Depreciation 141,600 661,650 2,036, 580 s05, 250 141,600 781,470 2,036,500 Property taxes and insurance 787,430 Total…
Manufacturing overhead was estimated to be OMR 200,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was OMR 215,000, and actual labor hours were 21,000. Which of the following would be correct? Overhead is underapplied by OMR 15,000. a. O b. None of the given answer is correct Overhead is underapplied by OMR 5,000. O c. O d. Overhead is overapplied by OMR 5.00O. De. Overhead is overapplied by OMR 15.000. NEXT DAGE