The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the followingestimates:Direct labor-hours required to support estimated outputFixed overhead coatVariable overhead cost per direct labor-hourRequired:1. Compute the predetermined overhead rate.2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information wasavailable with respect to his job:Direct materialsDirect labor costDirect labor-bours usedCompute Mr. Wilkes' total job cost.3. If Speedy establishes its selling prices using a markup percentage of 40% of its total job cost, then how much would it have chargedMr. Wilkes?Required 1 Required 2$ 703$317.Complete the question by entering your answers in the tabs given below.Overhead appliedTotal cost assigned to Mr. Wilkes22,000$ 253,000$ 1.00Required 3Compute Mr. Wilkes' total job cost. (Round your intermediate calculations to 2 decimal places.)Direct materialsDirect labor$0

Name: The company applies all of its overhead costs to jobs based on direct
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Description: The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the followingestimates:Direct labor-hours required to support estimated outputFixed overhead coatVariable overhead cost per dire

The overhead rate is a cost that is allocated to the product or service at the time of production.…

Business

Accounting

The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct labor-hours required to support estimated output Fixed overhead coat Variable overhead cost per direct labor-hour Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct naterials Direct labor cost Direct labor-hours used Compute Mr. Wilkes' total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 40% of its total job cost, then how much would it have charged Mr. Wilkes? Required 1 $ 703 $317 Complete the question by entering your answers in the tabs given below. Required 2 Required 3 22,000 $ 253,000 $1.00 Direct materials Direct labor Overhead applied Total cost assigned to Mr. Wikes Compute Mr. Wilkes' total job cost. (Round your intermediate calculations to 2 decimal places.) $ 0

The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct labor-hours required to support estimated output Fixed overhead coat Variable overhead cost per direct labor-hour Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct naterials Direct labor cost Direct labor-hours used Compute Mr. Wilkes' total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 40% of its total job cost, then how much would it have charged Mr. Wilkes? Required 1 $ 703 $317 Complete the question by entering your answers in the tabs given below. Required 2 Required 3 22,000 $ 253,000 $1.00 Direct materials Direct labor Overhead applied Total cost assigned to Mr. Wikes Compute Mr. Wilkes' total job cost. (Round your intermediate calculations to 2 decimal places.) $ 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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Hansaben
Can you please show how its done? I got $75,000 and its not correct
Ashvinbhai
Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead to be $424,060 and its direct labor costs to be $815,500. 2M worked on three jobs for the year. Job 2M-1. which was sold during Year 2, had actual direct labor costs of $632.500. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $425,500. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $92,000. Actual manufacturing overhead for Year 2 was $632,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No A Transaction 1 Answer is not complete. General Journal Cost of Goods Sold Finished Goods Inventory Work-in-Process Inventory Manufacturing Overhead Applied 3333…
Polar Corp during March 2019, recorded P42,400 of costs related to factory overhead. overhead application rate is based on direct labor hours. The present formula for overhead application estimated that P42,700 would be incurred, and 4,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied.
ces Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $25,400 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $1.80 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Molding 2,500 Estimated total machine-hours used Estimated…
Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $25,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $1.70 per machine-hour. Because Sweeten has two manufacturing departments—Molding and Fabrication—it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 10,000…
Accounting for transactions, construction company Superior Construction, Inc. is a home builder in Arizona. Superior uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction over head of $1,150,000 and total direct labor costs of $5,750,000. The following events occurred during August: a. Purchased materials on account, $400,000. b. Requisitioned direct materials and used direct labor in construction. Recorded the materials requisitioned. c. The company incurred total wages of $300,000. Use the data from Item b to assign the wages. Wages are not yet paid. d. Depreciation of construction equipment, $6,700. e. Other overhead costs incurred: Equipment rentals paid in cash, $30,000; Worker liability insurance expired, $7,000. f. Allocated overhead to jobs. g. Houses completed: 402, 404. h.…
Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead to be $423,280 and its direct labor costs to be $814,000. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $574,750. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $386,650. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $83,600. Actual manufacturing overhead for Year 2 was $577,200. Required: a. How much overhead was applied to each job in Year 2? b. What was the over- or underapplied manufacturing overhead for Year 2? Complete this question by entering your answers in the tabs below. Required A Required B How much overhead was applied to each job in Year 2? Job 2M-1 Job 2M-2 Job 2M-3
Please answer within the format with detailed working, please provide answer in text form (without image)
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Bright Star Incorporated is a job-order manufacturer. The company uses predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 134,000 and estimated factory overhead was $1,085,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished.