OX-vguMeRnw/formResponseWork in Process Inventory.O None of the aboveX Company applies overhead on the basis of 150% of direct labor cost. JobNo.105 is charged with $100,000 of direct materials costs and $120,000 ofmanufacturing overhead. The total manufacturing costs for Job No.105 is *$220,000.$300,000.$270,000.O None of the aboveIf, at the end of the year, Manufacturing Overhead has been over applied, itmeans that: * Hha3NUbu0sXN20X-vguMeRnw/formResponseO None of the aboveRaw materials requisitioned by production for job No.106 consist of DirectMaterials $8,000 and Indirect Materials $1,000. The entry to record thistransaction should include: *O A debit to Work in Process $9,000 and a credit to Raw Material Inventory $9,000A debit to Work in Process $8,000, a debit to Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000A debit to Work in Process $8,000, a credit to Manufacturing Overhead $1,000 and acredit to Raw Material Inventory $9,000O None of the aboveTo manufacture inh No 108. X compạny incurred $95,000 of factory labor, of

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Description: OX-vguMeRnw/formResponseWork in Process Inventory.O None of the aboveX Company applies overhead on the basis of 150% of direct labor cost. JobNo.105 is charged with $100,000 of direct materials costs and $120,000 ofmanufacturing overhead. The total

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X Company applies overhead on the basis of 150% of direct labor cost. Job No.105 is charged with $100,000 of direct materials costs and $120,000 of manufacturing overhead. The total manufacturing costs for Job No.105 is $220,000. $300,000. O $270,000. O None of the above

X Company applies overhead on the basis of 150% of direct labor cost. Job No.105 is charged with $100,000 of direct materials costs and $120,000 of manufacturing overhead. The total manufacturing costs for Job No.105 is $220,000. $300,000. O $270,000. O None of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate...

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High-End Products Inc. uses a standard cost system in accounting for the cost of production of its only product, Swank. The standards for the production of one unit of Swank follow: Direct materials: 10 feet of Class at $.75 per foot and 3 feet of Chic at $1.00 per foot. Direct labor: 4 hours at $12.00 per hour. Factory overhead: applied at 150% of standard direct labor costs. There was no beginning inventory on hand at July 1. Following is a summary of costs and related data for the production of Swank during the following year ended June 30: 100,000 feet of Class were purchased at $.72 per foot. 30,000 feet of Chic were purchased at $1.05 per foot. 8,000 units of Swank were produced that required 78,000 feet of Class, 26,000 feet of Chic, and 31,000 hours of direct labor at $11.80 per hour. 6,000 units of product Swank were sold. On June 30, there are 22,000 feet of Class, 4,000 feet of Chic, and 2,000 completed units of Swank on hand. All purchases and transfers are “charged in” at standard. Required: Calculate the following, using the formulas on pages 421–422 and 424 and compute the materials variances for both Class and Chic: Materials quantity variance. Materials purchase price variance. Labor efficiency variance. Labor rate variance.
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?
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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 >
B MC Qu. 15-99 (Algo) The Work in Process Inventory account... The Work in Process Inventory account of a manufacturing company has a $7,305 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $2,700 and direct labor cost of $1,500. Therefore, the company's predetermined overhead rate is: Multiple Choice 48% of direct labor cost. 115% of direct labor cost. 207% of direct labor cost. 56% of direct labor cost. 180% of direct labor cost.
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Ee.58.
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How much is the cost of goods manufactured?