Terrence industries charges manufacturing overhead to products by using a predetermined application rete. computed on the basis of labor hours. The following deta pertain to the current year: Budgeted manufacturing overhead Actual manufacturing overhead Budgeted labor hours Actual labor hours $2, 300,000 2,313,000 115,000 116,750 Which of the following choices is the corect status of manufecturing overhead at year-end? Mle Choice O Overappledby St.000 O underopled by $3.000. Overapplied by S22.000 O undernopled by $22.000 O Overappled by S35.000

Terrence industries charges manufacturing overhead to products by using a predetermined application rete. computed on the basis of labor hours. The following deta pertain to the current year: Budgeted manufacturing overhead Actual manufacturing overhead Budgeted labor hours Actual labor hours $2, 300,000 2,313,000 115,000 116,750 Which of the following choices is the corect status of manufecturing overhead at year-end? Mle Choice O Overappledby St.000 O underopled by $3.000. Overapplied by S22.000 O undernopled by $22.000 O Overappled by S35.000

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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What is the right choice
i)Compute Fielder’s predetermined manufacturing overhead rate for 2020. ii)State the journal entries necessary to record the above transactions in the general journal: a)For direct materials used in February b)For indirect material issued to production in February c)For total manufacturing labour incurred in February d)To assign manufacturing labour to the appropriate accounts e)For other manufacturing overhead incurred f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours. g)To move the completed jobs into finished goods inventory h)To sell the two completed jobs on account
Solution method please.
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
When calculating the predetermined manufacturing overhead rate, what is the correct basis of calculation? a.Estimated overhead costs divided by the estimated amount of the cost driver or allocation base b.Estimated amount of the cost driver divided by the estimated total overhead costs c.Estimated overhead costs divided by the number of days in a year d.Actual overhead costs of the prior year divided by the actual amount of the cost driver or allocation base
Corporation bases its predetermined overhead rate on the estimated machinehours for the upcoming yearfor the upcoming year appear below Estimated machine - hours Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead 36,000 3.01 per machine-hour 1,058,040 The predetermined overhead rate for the recently completed year was closest to
Managerial Accounting (ACC-2220)
The CW16427 company uses direct labor-hours as its activity measure for overhead cost. Shown below are direct labor-hours and total overhead costs for the first half of the year: Overhead Direct labor-Hours Cost Jan 150,000 140,000 160,000 120,000 170,000 200,000 $339,000 $328,000 $350,000 $296,000 $362,500 $400,000 Feb Mar Apr May Jun Assume that the relevant range includes all of the activity levels for the CW16427 company given in this problem. If CW16427 expects to incur 192,000 direct labor hours next month, what will the estimated total overhead cost be using the high-low method? (Round your intermediate calculations to 2 decimal places.) Multiple Choice $390,800 MAR otv 57 17,650 14
O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
Bobby Pte Ltd charges manufacturing overhead to products by using a pre-determined overhead rate, computed on the basis of labour hours. The following data pertain to the current year:Budgeted manufacturing overhead $480,000Actual manufacturing overhead $440,000Budgeted labour hours 20,000Actual labour hours 16,000How much is overhead over-applied or under-applied, stating clearly whether it is over or under applied.
Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Total Machine Month Overhead Hours Jan. $6, 288 1,980 Feb. 6,460 2,090 Mar. 5,987 1,745 Apr. 5,559 1,560 Мay 6,032 1,865 June 6,341 2,012 Using the high-low method, total monthly fixed overhead cost is calculated to be:
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied as a positive amount and under applied as a negative amount. Round to the nearest whole number, omit commas and dollar signs. Your Answer: $ 150,000 $ 81,000 $ 164,000 $ 76,000 1 Answer