The records of Family Manufacturing show the following information:Estimated manufacturing overheadEstimated machine hoursActual machine hours workedActual costs incurred:Indirect materialsIndirect laborUtilitiesInsuranceRent$690,00046,00050,000Oc. $648,000.Od. $690,000.$170,000230,000120,000100,00080,0001 more notificationThe company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment,applied manufacturing overhead isOa. $700,000.Ob. $750,000. Bear Claw Industries has two departments. The Molding Department applies overhead based on machine hours, while the Assembly Department applies overhead bas 1 more notificationestimates at the beginning of the current year:Manufacturing overhead costMachine hoursDirect labor hoursDirect materialsDirect laborDirect labor hoursMachine hoursMolding$700,00010,00012,000The following information was available for Job No. 7-29, which was started and completed during August:Ob. $70.Oc. $50.Od. $100.Job No. 7-29Molding$3,500$9,000900500Assembly$400,0004,00016,000The predetermined overhead rate for the Molding Department isOa. $83.Assembly$7,500$12,5001,250400

Name: The records of Family Manufacturing show the following information:Es
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Description: The records of Family Manufacturing show the following information:Estimated manufacturing overheadEstimated machine hoursActual machine hours workedActual costs incurred:Indirect materialsIndirect laborUtilitiesInsuranceRent$690,00046,00050,000Oc.

Answer:- Overhead meaning:- An recurring cost of running a business is generally referred to in…

Business

Accounting

The records of Family Manufacturing show the following information: Estimated manufacturing overhead Estimated machine hours Actual machine hours worked Actual costs incurred: Indirect materials Indirect labor Utilities Insurance Rent $690,000 46,000 50,000 $170,000 230,000 120,000 100,000 80,000 1 more notification The company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, applied manufacturing overhead is Oa. $700,000. Ob. $750,000. Oc. $648,000. Od. $690,000.

The records of Family Manufacturing show the following information: Estimated manufacturing overhead Estimated machine hours Actual machine hours worked Actual costs incurred: Indirect materials Indirect labor Utilities Insurance Rent $690,000 46,000 50,000 $170,000 230,000 120,000 100,000 80,000 1 more notification The company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, applied manufacturing overhead is Oa. $700,000. Ob. $750,000. Oc. $648,000. Od. $690,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.10E: Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses...

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Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
The records of Family Manufacturing show the following information: Estimated manufacturing overhead Estimated machine hours Actual machine hours worked Actual costs incurred: Indirect materials Indirect labor Utilities Insurance Rent $690,000 46,000 50,000 $170,000 230,000 120,000 100,000 80,000 Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, the amount of over- or underapplied overhead is Oa. $50,000 overapplied. Ob. $60,000 overapplied. Oc. $10,000 underapplied. Od. $65,200 underapplied.
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Compute the actual manufacturing overhead and applied manufacturing overhead
Adams Company and Baird Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Adams Company $ 208,600 29,000 $ 20,500 Baird Company $ 298,500 30,000 12,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for eac company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Predetermined overhead rate Required A Required B Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Per Direct Labor Hour Adams Company Baird Company Required B >
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