FUND.ACCT.PRIN.
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ISBN: 9781260247985
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Chapter 19, Problem 14E
Exercise 19-14 Adjusting factory
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Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2
Fanning Company and Finch 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.
Actual manufacturing overhead
Actual direct labor hours
Underapplied overhead
Overapplied overhead
Required
Fanning
Company
$ 170,900
26,000
$ 21,500
Finch
Company
$ 238,400
24,000
14,000
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 each
company, assuming the amounts are immaterial.
Required A Required B
Complete this question by entering your answers in the tabs below.
Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the
amounts are immaterial.
Adjusting Entry for Fanning Company:
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2…
Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2
Rundle Company and Rooney 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.
Rundle
Actual manufacturing overhead
Aatual direet labor hours
Underapplied overhead
Overapplied overhead
Сoпpany
$119,150
21,000
Rooney
Company
$262,250
25,000
11,000
$ 21,500
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 each
company, assuming the amounts are immaterial.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.)
Per Direct Labor Hour
Rundle Compamy
Rooney Company
Predetermined overhead rate
Required A
Required B>
Multiple choice
Chapter 19 Solutions
FUND.ACCT.PRIN.
Ch. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QS
Ch. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Prob. 16QSCh. 19 - Prob. 17QSCh. 19 - Prob. 18QSCh. 19 - Prob. 19QSCh. 19 - Prob. 20QSCh. 19 - Prob. 21QSCh. 19 - Prob. 22QSCh. 19 - Prob. 23QSCh. 19 - Prob. 24QSCh. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Prob. 21ECh. 19 - Prob. 22ECh. 19 - Prob. 23ECh. 19 - Prob. 24ECh. 19 - Prob. 25ECh. 19 - Prob. 26ECh. 19 - Prob. 27ECh. 19 - Prob. 28ECh. 19 - Prob. 29ECh. 19 - Prob. 30ECh. 19 - Prob. 31ECh. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2PSBCh. 19 - Prob. 3PSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Prob. 15DQCh. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Identifying activity bases in an activity-based cost system Select Foods Inc. uses activity-based costing to determine product costs. For each activity listed in the left column, match an appropriate activity base from the right column. You may use items in the activity-base list more than once or not at all. Activity Activity Base Accounting reports Engineering change orders Customer return processing Kilowatt hours used Electric power Number of accounting reports Human resources Number of customers Inventory control Number of customer orders Invoice and collecting Number of customer returns Machine depreciation Number of employees Materials handling Number of inspections Order shipping Number of inventory transactions Payroll Number of machine hours Production control Number of material moves Production setup Number of payroll checks processed Purchasing Number of production orders Quality control Number of purchase orders Sales order processing Number of sales orders Number of setupsarrow_forwardExercise 5.19Journal Entries, T-AccountsObjective 4 - Describe the cost flows associated with job-order costing, andprepare the joumal entries.Kapoor Company uses job-order costing. During January, the following datawere reported:a. Materials purchased on account: direct materials, $98,500; indirectmaterials, S14,800.b. Materials issued: direct materials, S82,500; indirect materials, S8,800.c. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750.d. Other manufacturing costs incurred ( all payables), S46,200.e, Overhead is applied on the basis of 110 percent of direct labor cost.f. Wark finished and transferred to Finished Goods Inventory cost$230,000.g. Finished goods costing S215,000 were sold on account for 140 percentof cost.h. Any over- or underapplied overhead is closed to Cost of Goods Sold.Required:1, Prepare journal entries to record these transactions.2. Prepare a T-account for Overhead Control. Post all relevant information to thisaccount. What is the ending…arrow_forward17.1arrow_forward
- PR 19-1A Entries for costs in a job order cost system OBJ. 2 Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $225,750 b. Materials requisitioned, $217,600, of which $17,600 was for general factory use C. Factory labor used, $680,000, of which $72,300 was indirect d. Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000 e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250 f. Depreciation of office building was $44,500; of office equipment, $16,800; and of fac- tory equipment, $55,100 g. Factory overhead costs applied to jobs, $548,000 h. Jobs completed, $1,140,000 i. Cost of goods sold, $1,128,000 Instructions Journalize the entries to record the summarized operations.arrow_forwardA7arrow_forwardChapter 5- Practice Problems eBook Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost 1 EX05 11.ALGO On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: 2 EX 05.12 ALGO Job 70 Job 71 Job 72 EX 05.14. ALGO Direct materials $1,700 $2,000 $850 Direct labor 1,900 1,200 900 Applied overhead 1,520 960 720 During August, four more jobs were started, Information on costs added to the seven jobs during the month is as follows: Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76 Direct materials $800 $1,235 $3,500 $5,000 $300 $560 $80 Direct labor 1,000 1,400 2,200 1,800 600 900 170 Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cast. of direct labor cost 2 Caloudate th ending balance fur nach job as of Augunt 31 Ending talancearrow_forward
- need answer for all with all work thanksarrow_forwardQuestion 12 Which of the following statement is CORRECT regarding Job order cost accounting system? O Under the proration approach, if manufacturing overhead had been overallocated, the Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts would be increased. Under the proration approach, if manufacturing overhead had been overallocated, the Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts would be decreased. O Under the adjusted allocation rate approach, the total under- or overallocated manufacturing overhead is included in this year's Cost of Goods Sold. Under the direct write-off method, total under- or overallocated manufacturing overhead is always added to the Cost of Goods Sold. 0000arrow_forwardJournal Entries 1a 1b 1c 1d 1e 1f 1g Computation of the cost of jobs finished: Customers were billed: Cost of Jobs Sold: 2. Work in Progress Inventory Finished Goods Inventory 3. Schedule of Unfinished Jobs 4. Schedule of Completed Jobsarrow_forward
- QUESTION 11 O'Hare Company is a manufacturing firm that uses a job-order cost system to determine the costs of its products. O'Hare Company counted the production supplies on hand at year-end and determined that the amount used was $125. The recognition of this event on the financial statements would include an increase to which of the following accounts? Supply expense. Work in process. Finished goods. Manufacturing overhead.arrow_forwardQUESTION 41 Cost AccountingChoose the answer from the choicesarrow_forwardExercise 16-19 (Static) Recording costs of labor LO P3 Prepare journal entries to record the following production activities. Incurred $42,000 of direct labor in the Roasting department and $33,000 of direct labor in the Blending department. Credit Factory Wages Payable. Incurred $20,000 of indirect labor in production. Credit Factory Wages Payable.arrow_forward
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