XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR63,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR2,000 overapplied O b. OMR2,000 underapplied O c. None of the answers given O d. OMR7,500 overapplied e. OMR8,500 underapplied f.OMR8,500 overapplied

XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR63,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR2,000 overapplied O b. OMR2,000 underapplied O c. None of the answers given O d. OMR7,500 overapplied e. OMR8,500 underapplied f.OMR8,500 overapplied

Name: XYZ Company uses a job costing system and appliesmanufacturing overhe
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Description: XYZ Company uses a job costing system and appliesmanufacturing overhead using a predeterminedoverhead rate based on direct labor hours. Informationfor the current year is as follows: Estimatedmanufacturing overhead OMR65,000; Actualmanufacturing ove

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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The TLX-26383 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $ 90,000 of manufacturing overhead and an estimated allocation base of $60,000 in direct labor cost. The company has provided the following data: Beginning Ending $ 11,000 Raw Materials Inventory (all direct) Work in Process Inventory $ 28,000 $41,000 $ 35,000 Finished Goods Inventory $ 73,000 $ 64,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost $130,000 $120,000 $110,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjusted Cost of Goods Sold? Multiple Choice О $ 453,000 О $462,000 ○ $447,000 О $ 392,000 $532,000
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The JOC-10847 company uses a job-order costing system with a predetermined overhead rate using direct labor hours as the allocation base. The company made the following estimates at the beginning of last year: Direct labor-hours required for the estimated production Fixed manufacturing overhead cost Variable manufácturing overhead cost per direct labor-hour 153,000 $ 654,000 $ 4.60 The JOC-10847 company started and completed Product A989 last year. It recorded the following information for Product A989: Direct materials Direct labor cost Direct labor hours used Number of units produced $ 330 $ 220 34 hours 50 units The JOC-10847 company uses a markup percentage of 110% of its total manufacturing cost in determining selling price. The selling price per unit the company would charge for Product A989 is closest to: (Carry out your calculations up to 2 decimal places) O$ 33.17 O$ 14.19 O$ 31.44 O$ 29.81
Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: manufacturing overhead cost : 200,000 direct material cost: 160,000 Raw materials purchased: $86,000.Raw materials requisitioned for use in production (all direct materials): $98,000.What is the journal entry for"Manufacturing overhead cost was applied to jobs as per company policy."
Refer to the previous question. Give the journal entry to adjust the Manufacturing Overhead account for overallocated or underallocated overhead. Reference Question. If a company incurred $5,250 in actual overhead costs and allocated $5,575 to jobs, was the overhead overallocated or underallocated? By how much?
XYZ industries applies overhead based on direct labor cost. The follawing information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR29,000. What was the estimated manufacturing overhead for the year? Select one: a None of the answers given b. OMR39,600 C OMR34,800 d OMRI9,600 e OMR37.200
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Please answer the last subpart, number 4 (highlighted in red)