Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity. T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top. Journal Entry : Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names. Requirement1: To Determine 1. Pre-determined Overhead allocation rate of Metal Foundry.

Question

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Answer 1

Question

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

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General Accounting question

Wilson Corporation acquires Greatbatch Company for $80 million cash in a merger. The balance sheets of both companies at the date of acquisition are as follows: Balance Sheet (in millions) Wilson Greatbatch Current assets $96 $8 Property and equipment 800 144 Intangibles 32 4.8 Total assets $928 $156.8 Current liabilities $40 $3.2 Long-term debt 640 104 Capital stock 80 19.2 Retained earnings 192 24 Accumulated other comprehensive income (loss) (24) 6.4 Total liabilities and equity $928 $156.8 Greatbatch's property and equipment is overvalued by $48 million, its reported intangibles are undervalued by $32 million, and it has unreported intangibles, in the form of customer databases and marketing agreements, valued at $11.2 million. Required Prepare Wilson's balance sheet immediately following the merger. Use a negative sign with your answer for AOCI if the balance is a loss.

Answer 2

Question

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Answer 6

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

Answer 7

Chapter 19, Problem E19.20E

To determine

Concept Introduction:

Overhead Cost : Overhead cost is indirect cost. These are the cost which is not directly attributable to the job but essential for manufaturing a commodity.

T Account: A T-account is the graphical representation of a general ledger that records business transactions. T Account looks like the letter T, where Debit entries are recorded at the left side and credit entries recorded at right side and account title will be at the top.

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Requirement1:

To Determine

1. Pre-determined Overhead allocation rate of Metal Foundry.

Answer 8

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

Answer 9

To determine

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

Answer 10

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

Answer 11

To determine

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

Answer 12

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Answer 13

To determine

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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

Concept explainers

Videos

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Want to see the full answer?

Chapter 19 Solutions

Concept explainers

Videos

Requirement 2 To Prepare 1. Journal Entry to allocate manufacturing overhead cost for the year

Requirement 3 To Prepare and Determine: 1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

Requirement 4 To Prepare and Determine 1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold

Want to see the full answer?

Chapter 19 Solutions

Requirement 2

To Prepare

1. Journal Entry to allocate manufacturing overhead cost for the year

Requirement 3

To Prepare and Determine:

1. Manufacturing Overhead Account and Amount of Over Allocated or Under Allocated manufacturing overhead

Requirement 4

To Prepare and Determine

1. Journal Entry to adjust the under allocated or over allocated manufacturing overhead and it increases or decreases the cost of goods sold