The actual overhead for a company is $57,548. Overheadwas based on 5,000 direct labor hours and was $2,548underapplied for the year.A. What is the overhead application rate per direct laborhour?per direct labor hourB. What is the journal entry to dispose of the underappliedoverhead? If an amount box does not require an entry,leave it blank.Accounts PayableAccounts ReceivableCashCost of Goods SoldManufacturing Overhead

1. Actual Overhead = Applied Overhead + Under applied Overhead 2. Overhead Application Rate per…

The actual overhead for a company is $57,548. Overhead was based on 5,000 direct labor hours and was $2,548 underapplied for the year. A. What is the overhead application rate per direct labor hour? $1 per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing Overhead

The actual overhead for a company is $57,548. Overhead was based on 5,000 direct labor hours and was $2,548 underapplied for the year. A. What is the overhead application rate per direct labor hour? $1 per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing Overhead

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 company estimated 111,680 direct labor hours and $810,549 in overhead. The actual overhead was $875,663, and there were 108,349 direct labor hours. How much is overhead under- or over- applied? Round to the nearest penny, two decimal places. Enter an overapplied overhead as a negative amount. For example, if it is overapplied by 500.00, the input would be -500.00 do not use parenthesis.
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a sim Overhead Costs (Round the const Monthly Overhead Costs and Billable Hours Data Overhead Costs Billable Hours $385,000 2,000 $425,000 3,000 $445,000 4,000 $496,000 5,000 $560,000 6,000 $580,000 7,000 - clude the $ symbol in your answers.)
A company's Factory Overhead account shows total debits of $675,000 and total credits of $698,700 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost
were PROBLEMS selected from their chart of accounts: Code A Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory E Finished goods inventory F ccounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized Raw materials previously purchased on account were paid 6 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse Goods costing P100,000 were sold for P135,000 on 10 account.
During January, its first month of operations, Sheridan Company accumulated the following manufacturing costs: raw materials purchased $5,200 on account, factory labor incurred $6,600, and factory utilities payable $2,400. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 I (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) eTextbook and Media Debit Credit
At the end of the year, overhead applied was $3,657,000. Actual overhead was $3,326,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to
provide correct answer otherwise i give unhelpfull rates
a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint. Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet
Please do not give solution in image format thanku
A company estimated 112,500 direct labor hours and $835,635 in overhead. The actual overhead was $881,112, and there were 106,132 direct labor hours. How much is overhead under- or over- applied? Round to the nearest penny, two decimal places. Enter an overapplied overhead as a negative amount. For example, if it is overapplied by 500.00, the input would be -500.00 do not use parenthesis.
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am. 514.