Jobs in work in process inventoryTotal actual direct materials cost51,000$487,0001. Determine the predetermined overhead rate.2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate anddetermine whether overhead is overapplied or underapplied.4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3Req 4Determine the predetermined overhead rate.Choose Numerator:=Overhead Rate=Overhead rate=Req 2 and 3>5 of 7‒‒‒TOverhead Rate1 Choose Denominator:11< Req 1< PrevHNext >O At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions:overhead costs, $840,000, and direct materials costs, $600,000. At year-end, the company's records show that actual overhead costsfor the year are $691,300. Actual direct materials cost had been assigned to jobs as follows.Jobs completed and soldJobs in finished goods inventoryJobs in work in process inventory$360,00076,00051,000Total actual direct materials cost$487,0001. Determine the predetermined overhead rate.2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate anddetermine whether overhead is overapplied or underapplied.4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3Req 4Determine the predetermined overhead rate.Choose Numerator:=Overhead Rate5 of 7‒‒‒▪▪▪Overhead Rate17 Choose Denominator:< Prev............GNext >O

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Description: Jobs in work in process inventoryTotal actual direct materials cost51,000$487,0001. Determine the predetermined overhead rate.2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rat

The overhead is said to underapplied when actual overhead cost is more than the applied overhead…

Business

Accounting

Total actual direct materials cost $487,000 . Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. . Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

Total actual direct materials cost $487,000 . Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. . Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

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 applies overhead at a rate of 170% of direct labor cost. Actual overhead cost for the current period is $1,050,800, and direct labor cost is $609,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead 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
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Figuring a predetermined overhead rate using direct materials as the allocation base. $130500 estimated manufacturing overhead cost and $87000 as allocation base. Then whats next in the formula
12.
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $7,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,400 and direct labor cost of $1,150. What is the company's overhead application rate?
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The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $450 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $50 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $200 H. Manufacturing overhead applied as % of direct labor. 150% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $3,100 K. Manufacturing overhead is overapplied. $100 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 B. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 C. fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 D. fill in the…
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The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,600 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $490 and $290 for materials used, and charges of $550 and $650 for direct labor used. Overhead is applied as a percentage of direct labor costs. The predetermined rate is:
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