Chapter 3, Problem 2E

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What is the cost of goods manufactured?

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Crich Corporation uses direct labor hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor hours were 33,280 hours and the total estimated manufacturing overhead was $634,368. At the end of the year, actual direct labor hours for the year were 31,500 hours and the actual manufacturing overhead for the year was $634,368. Overhead at the end of the year was _. Financial Accounting

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Crowd Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $123,500 and $138,000, respectively. During the year, actual overhead was $114,400, and actual direct labor cost was $133,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include: Answer

X Company has two production departments, 1 and 2. Listed below are budgeted information for the two departments, and actual information for one of its products, Product X: Department 1 All Products Product X Overhead $4,320,000 Direct labor $600,000 $10,800 Direct labor hours 55,000 925 Machine hours 100,000 1,020 Units produced 56,000 650 Department 2 Overhead $2,530,000 - Direct labor $600,000 $3,840 Direct labor hours 55,000 345 Machine hours 133,000 850 Units produced 32,000 650 Using a plant-wide allocation system with direct labor hours as the cost driver, what was the allocation to Product X?

Financial accounting 2.0