Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services. Manufacturing Overhead : Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc. Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base. Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc. The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance. The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance. 1. To Compute: The predetermined overhead allocation rate per direct labor dollar.

Question

Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

Answer 1

Question

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

PLEASE HELP! NOTICE. THERE ARE FIVE CELLS ON THE LEFT SIDE TO FILL. THE DROPDOWN SHOWS THE OPTIONS FOR THESE CELLS.

Calm Ltd has the following data relating tò two investment projects, only one of which mayb e s e l e c t e d :The cost of capital is 10 per cent, and depreciation is calculated using straight line method.a . Calculate for each of the project:i. Average annual accounting rate of return on average capital investedi i . Net Present Valuei l l . I n t e r n a l R a t e o f Returnb. Discuss the relative merits of the methods of evaluation mentioned above in (a).Q.4a . In the context of process costing, discuss the following concepts briefly, i . Equivalent unitsNormal lossill. Abnormal lossi v. Joint productsV . By productsb . Discuss the different types of standard costing and objectives of standard costing.

Answer 2

Question

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

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Answer 3

Question

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

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Answer 4

Question

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

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Answer 5

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Answer 6

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

Answer 7

Chapter 19, Problem E19.19E

To determine

Direct Labor Cost: Direct Labor Cost is a direct manufacturing cost that is incurred in the production of goods or provision of services.

Manufacturing Overhead: Manufacturing overhead refers to indirect costs that are incurred in the factory, other than direct materials costs and direct labor costs. Some of the examples of manufacturing overhead are depreciation on manufacturing plant and equipment, property taxes on plant, plant janitor’s wages etc.

Predetermined Overhead Allocation Rate: A predetermined overhead allocation rate is used to assign the indirect manufacturing overhead costs to the units of production. It is computed by dividing the estimated overhead cost by an estimated quantity of allocation base.

Allocation Base: An allocation base is used to allocate the indirect overhead costs. For example: Direct labor hours, machine hours, direct labor cost etc.

The manufacturing overhead is said to be overallocated when allocated manufacturing overhead costs are more than the actual manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of credit side is more than the total amount of debit side, then the manufacturing overhead is said to be overallocated and the T-account has a credit closing balance.

The manufacturing overhead is said to be underallocated when actual manufacturing overhead costs are more than the allocated manufacturing overhead costs. In the Manufacturing Overhead T-account, if the total amount of debit side is more than the total amount of credit side, then the manufacturing overhead is said to be underallocated and its T-account has a debit closing balance.

1.

To Compute: The predetermined overhead allocation rate per direct labor dollar.

Answer 8

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

Answer 9

To determine

2.

To Prepare: The journal entry to allocate overhead costs for the year.

Answer 10

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

Answer 11

To determine

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

Answer 12

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Answer 13

To determine

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Answer 14

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Ch. 19 - Prob. 1QC Ch. 19 - When a manufacturing company uses direct...Ch. 19 - When a manufacturing company uses indirect...Ch. 19 - When a manufacturing company uses direct labor, it...Ch. 19 - What is Gell's predetermined overhead allocation...Ch. 19 - What is Gell's actual manufacturing overhead cost?...Ch. 19 - How much manufacturing overhead would Gell...Ch. 19 - What entry would Gell make to adjust the...Ch. 19 - A manufacturing company completed work on a job....Ch. 19 - Prob. 10QC

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2.

To Prepare: The journal entry to allocate overhead costs for the year.

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Chapter 19 Solutions

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2. To Prepare: The journal entry to allocate overhead costs for the year.

3. The amount of underallocated or overallocated manufacturing overhead by using a T-account.

4. To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Chapter 19 Solutions

2.

To Prepare: The journal entry to allocate overhead costs for the year.

3.

The amount of underallocated or overallocated manufacturing overhead by using a T-account.

4.

To Prepare: The journal entry to adjust for the underallocated or overallocated manufacturing overhead.