The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,050,000 $1,138,000 GREEN)

The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,050,000 $1,138,000 GREEN)

Name: The following information was gathered for the Greensprings Corporati
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours,Actual machine hoursAllocated manufacturing overhead.Estimated manufacturing overhead costsActu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Calculate the cost per unit

A: Explanation of Activity-Based Costing (ABC) Analysis:Activity-Based Costing (ABC) is a method that…

Q: Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The…

A: Applied Overheads is calculated by multiplying actual hours and applied Overheads rate.If Applied…

Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most…

A: By adding cost of raw material consumed and direct labor cost we get prime cost and then by adding…

Q: Crane Company applies manufacturing overhead based on direct labor hours. Information concerning…

A: The overhead allocation is a method of allocating indirect costs to the goods produced. It can be…

Q: The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted…

A: Overhead: It represents the indirect costs incurred in production, such as utilities and rent, which…

Q: The following cost data relate to the manufacturing activities of Chang Company during the just…

A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Q: determine the total manufacturing costs during the current year:

A: Total manufacturing costs is the total cost a company incurred on its manufacturing process to…

Q: Here are selected data for Bailey Company: Cost of goods manufactured Work in process inventory,…

A: Total manufacturing costs means cost of direct materials used, cost of direct labour and cost of…

Q: Manufacturing Overhead Costs estimated $ 500,000 Direct Labor Hours estimated…

A: Predetermined overhead rate: Predetermined overhead rate is calculated befor the period begins. This…

Q: Cost Flow Relationships The following information is available for the first year of operations of…

A: COGS stands for Cost of goods sold refers to the aggregate amount that the business paid as the cost…

Q: Francum Company has the following data: direct labor $250,000, direct materials used $199,000, total…

Q: The following information is taken from the financial records of Gunner Manufacturing: Cost of…

A: Approach to solving the question: Analyze the question. Detailed explanation:To calculate the cost…

Q: ABC Company accumulated the following cost information for the year: Salesperson salaries Indirect…

A: Factory overheads are all indirect cost that are there in the manufacturing process so these are…

Q: Find: 1. Total Manufacturing Cost during the current year 2. Cost of goods Manufactured during the…

A: Total manufacturing costs is the total costs incurred for manufacturing the product. This is…

Q: Greer Company developed the following data for the current year: Beginning Work in Process Inventory…

A: Direct labor cost for the year can be calculated by:Direct labor cost for the year = Total…

Q: Gulick Company developed the following data for the current year: Beginning Work in Process…

A: Formula Used Direct labor cost for the year = Total manufacturing costs - Direct materials used -…

Q: Selected data for the Young Company for 20X5 is presented below. Direct labor incurred Indirect…

A: Meaning of Manufacturing Overhead :- Manufacturing overhead is all indirect costs incurred during…

Q: The T-account showing the manufacturing overhead activity for Davis Corp. for 2024 is as follows:…

A: In "T - account" the actual manufacturing overhead will be shown in Debit side of "Manufacturing…

Q: bor costs costs Osts ermined overhead rate for W

A: Answer : Predetermined overhead rate base on direct labor cost =Total estimated overhead cost /…

Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most…

A: The cost of goods manufactured is a calculation that is used to gain a general understanding of…

Q: Mason Company has two manufacturing departments-Machining and Assembly. The company considers all of…

Q: (c) Calculate the total manufacturing overhead cost for the period. $ __________________ (d)…

A: Total manufacturing costs in the business means cost of materials, labour and manufacturing overhead…

Q: Comet Company accumulated the following account information for the year.

A: Factory Overhead Cost Is The Sum Of All Indirect Costs Which Are Incurred While Manufacturing a…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours,
Actual machine hours
Allocated manufacturing overhead.
Estimated manufacturing overhead costs
Actual manufacturing overhead costs
By how much is manufacturing overhead over or underallocated?
A. $82,000 overallocated
B. $82,000 underallocated
OC. $8,000 underallocated
OD. $8,000 overallocated
139,000
$1,130,000
$1,056,000
$1,138,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to allocated manufacturing overhead and over or under allocated overhead

VIEW

Step 2: Working for manufacturing over or underallocated

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following information is taken from the records of DW Company for last year: P 8,000 3,000 11,000 5,000 19,000 Direct Materials Used Direct Labor Manufacturing Overhead Work-in-process Inventory, end Cost of Goods Manufactured The amount of Work-in-process Inventory, beginning is:
Please help complete parts of question 1 1a. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production at is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit it: 1b. If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit: 1c. If the selling price is $22 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round you answer to 2 decimal places.) 1d. If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this leve production? (Do not round…
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours Actual direct labor hours Estimated direct labor cost Actual direct labor cost Factory depreciation $257,750 35,000 36,000 $330,400 $320,300 $65,400 If the company allocates overhead based on direct labor cost, what is the predetermined manufacturing overhead rate? OA. 78% of direct labor cost OB. 80 % of direct labor cost OC. 128% of direct labor cost OD. 103% of direct labor cost Factory utilities Indirect labor Sales commissions Factory rent Factory property taxes. Indirect materials COS $30,200 $22,400 $53,700 $47,700 $28,100 $33,000
Selected data for Lemon Grass, Inc. for the year are provided below: Factory Utilities $2,100 Indirect Materials Used 32,500 Direct Materials Used 309,000 Property Taxes on Factory Building 5,400 Sales Commissions 83,000 Indirect Labor Incurred 20,000 Direct Labor Incurred 145,000 Depreciation on Factory Equipment 6,800 What is the total manufacturing overhead? A. $52,500 B. $14,300 C. $454,000 D.
Solution method please.
The following costs were incurred by ABC Company in January: Direct materials Direct labor Manufacturing overhead Selling expense Administrative salaries Determine ABC's total product cost. Oa. $272,000 Ob. $282,000 Oc. $252,000 Od. $302,000 $100,000 79,000 73,000 25,000 5,000
company's total overhead cost at various levels of activity is presented below: Month March April May June Machine Hours 5,000 4,000 6,000 8,000 Total Overhead Cost $ 38,750 $ 31,000 $ 46,500 $ 55,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 4,000 machine-hour level of activity is as follows: Utilities (considered variable) $8,000 Supervisory salaries (considered fixed) $5,000 Maintenance (considered mixed) $18,000 Total overhead cost $31,000 Suppose the company uses the high-low method to estimate a cost formula for mixed costs. What is the total maintenance cost the company expects to incur at an activity level of 6,900 machine hours? ○ $29,600 $29,200 O $30,400 $29,900
Comet Company accumulated the following account information for the year: Beginning raw materials inventory Indirect materials cost Indirect labor cost Maintenance of factory equipment Direct labor cost Multiple Choice Using the above information, total factory overhead costs would be: O $17,000. O $14.200 $11,000. O $18,400. $6,400 2,400 $8.600. 5,400 3,200 7,400
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.
Subject : Accounting
What is the cost of goods manufactured??