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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A. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? B. What is the cost of Job SY-404 at the end of the month? C. How much was under or oversupplied service overhead for the month?
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
Manufacturing overhead was estimated to be OMR 400,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. Which of the following would be correct? O a. None of the given answer is correct b. Overhead is overapplied by OMR 5,000. C. Overhead is underapplied by OMR 5,000. d. Overhead is overapplied by OMR 15,000. e. Overhead is underapplied by OMR 15,000.
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
XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR43,000. What was the estimated manufacturing overhead for the year? Select one: a. None of the answers given O b. OMR49,200 O c. OMR51,600 O d. OMR39,600 O e. OMR46,800
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.
What were the costs of the units in process, October 31?
XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actuai Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor Cost OMR29,000. What was the estimated manufacturing overhead for the year? Select one: O a. None of the answers given O b. OMR39,600 OC. OMR34,800 O d. OMR39,600 O e. OMR37,200
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
s1. The actual overhead cost incurred during the month was: s2. What is the total manufacturing cost recorded on Job 1536 for April?