Yarra Fabrication estimates that its manufacturing overhead will be $2,240,000 in year 1. It further estimates that direct material costs will amount to $1,400,000. During July, Yarra worked on four jobs with actual direct materials costs of $60,000 for Job 0701, $40,000 for Job 0702, $55,000 for Job 0703, and $35,000 for Job 0704. Actual manufacturing overhead costs for the year were $2,400,000. Actual direct materials costs were $1,550,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. Required: a. How much overhead was applied to each of the four jobs, 0701, 0702, 0703, and 0704? b. What was the over- or underapplied manufacturing overhead for year 1?

Yarra Fabrication estimates that its manufacturing overhead will be $2,240,000 in year 1. It further estimates that direct material costs will amount to $1,400,000. During July, Yarra worked on four jobs with actual direct materials costs of $60,000 for Job 0701, $40,000 for Job 0702, $55,000 for Job 0703, and $35,000 for Job 0704. Actual manufacturing overhead costs for the year were $2,400,000. Actual direct materials costs were $1,550,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. Required: a. How much overhead was applied to each of the four jobs, 0701, 0702, 0703, and 0704? b. What was the over- or underapplied manufacturing overhead for year 1?

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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