Barefoot Running Company's work in process inventory on June 1 has a balance of $22,900 representing...
Barefoot Running Company's work in process inventory on June 1 has a balance of $22,900 representing Job No. 265. During June, $50,700 of direct materials were requisitioned for Job No. 265 and $35,500 of direct labor cost was incurred on Job No. 265. Manufacturing overhead is allocated at 130% of direct labor cost. Actual manufacturing overhead costs incurred in June amounted to $41,300. No new jobs were started during June. Job No. 265 is completed on June 28.
Is manufacturing overhead overallocated or underallocated for the month of June? By how much?
A.
$4,850 overallocated
B.
$4,850 underallocated
C.
$11,530 underallocated
D.
$11,530 overallocated
Homework Answers
Overhead allocated on job 265 = 35500*130% = $46150
Actual overhead in June = $41300
Over allocated overhead = 46150-41300 = $4850
So answer is a) $4850 Over allocated
Add Answer to:
Barefoot Running Company's work in process inventory on June 1
has a balance of $22,900 representing...
Barefoot Running Company's work in process inventory on June 1 has a balance of $22,700 representing...
Barefoot Running Company's work in process inventory on June 1 has a balance of $22,700 representing Job No. 265. During June, $50,100 of direct materials were requisitioned for Job No. 265 and $35,900 of direct labor cost was incurred on Job No. 265. Manufacturing overhead is allocated at 115% of direct labor cost. Actual manufacturing overhead costs incurred in June amounted to $41,300. No new jobs were started during June. Job No. 265 is completed on June 28. What is...
Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Prepare a...
Reconcile the balance in Work in Process Inventory with the
costs of unfinished jobs. Prepare a cost of goods manufactured
schedule for June.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $4,100 $33,800 Raw Materials Inventory Work in Process Inventory Manufacturing Overhead Applied Manufacturing Overhead Incurred $5,675 $28,600 Subsidiary data...
Applying Concepts On June 1, Delman Company's work in process inventory consisted of three jobs with...
Applying Concepts On June 1, Delman Company's work in process inventory consisted of three jobs with the following costs: Job 40 Job 41 Job 42 Direct materials $1,000 $2,000 $700 Direct labor 1,800 1,200 800 Applied overhead 1,260 840 560 During June, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 40 Job 41 Job 42 Job 43 Job 44 Job 45 Job 46 Direct materials $3,000 $5,000 $4,700...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Question Help 0 More Info trial balance on June 1 follows: June transactions are summarized as follo (Click the icon to...
Question Help 0 More Info trial balance on June 1 follows: June transactions are summarized as follo (Click the icon to view the transactions A Data Table • Raw Materials Inventory subsidiary ledger: Paper, $4,600; indirect materials, $1,300 • Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $0 • Finished Goods Inventory subsidiary ledger: Large Stars, $9,600; Small Star $11,900 A Requirements Trial Balance June 1, 2018 0 More Info Account Title Balance Debit Credit 17,000 170,000 Cash $...
On January 1, Biden, Inc.'s Work-in - Process Inventory account had a balance of $30,300. During...
On January 1, Biden, Inc.'s Work-in - Process Inventory account had a balance of $30,300. During the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,500. Jobs costing $220,500 were completed during the year. What is the December 31 balance of Work – in - Process Inventory? O A....
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show...
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $56,000 $38,000 13,000 5, 200 $58,000 41,000 16,400 Direct labor 25,600 10,240 Overhead applied Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,300; and overhead, $1,320. Jobs 103 and 104 were started...
Work in process inventory balance Case Inc. is a construction company specializing in custom patios. The...
Work in process inventory balance
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on June 1 are as follows. ob Cost Sheets Customer Job Cost Element...
Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing...
Journalize the June transactions: (1) for purchase of raw
materials, factory labor costs incurred, and manufacturing overhead
cost incurred; (2) assignment of direct materials, labor, and
overhead to production; and (3) completion of jobs and sale of
goods.
Post the entries to Work in Process Inventory.
Reconcile the balance in Work in Process Inventory with the costs
of unfinished jobs.
Prepare a cost of goods manufactured schedule for June.
Case Inc. is a construction company specializing in custom patios. The...
Reconcile the balance in Work in Process Inventory with the
costs of unfinished jobs. Prepare a cost of goods manufactured
schedule for June.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. $4,100 $33,800 Raw Materials Inventory Work in Process Inventory Manufacturing Overhead Applied Manufacturing Overhead Incurred $5,675 $28,600 Subsidiary data...
Applying Concepts On June 1, Delman Company's work in process inventory consisted of three jobs with the following costs: Job 40 Job 41 Job 42 Direct materials $1,000 $2,000 $700 Direct labor 1,800 1,200 800 Applied overhead 1,260 840 560 During June, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 40 Job 41 Job 42 Job 43 Job 44 Job 45 Job 46 Direct materials $3,000 $5,000 $4,700...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Question Help 0 More Info trial balance on June 1 follows: June transactions are summarized as follo (Click the icon to view the transactions A Data Table • Raw Materials Inventory subsidiary ledger: Paper, $4,600; indirect materials, $1,300 • Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $0 • Finished Goods Inventory subsidiary ledger: Large Stars, $9,600; Small Star $11,900 A Requirements Trial Balance June 1, 2018 0 More Info Account Title Balance Debit Credit 17,000 170,000 Cash $...
On January 1, Biden, Inc.'s Work-in - Process Inventory account had a balance of $30,300. During the year, $58,500 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,500. Jobs costing $220,500 were completed during the year. What is the December 31 balance of Work – in - Process Inventory? O A....
Che As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 Job 103 Job 104 Direct materials $56,000 $38,000 13,000 5, 200 $58,000 41,000 16,400 Direct labor 25,600 10,240 Overhead applied Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,300; and overhead, $1,320. Jobs 103 and 104 were started...
Work in process inventory balance
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on June 1 are as follows. ob Cost Sheets Customer Job Cost Element...
Journalize the June transactions: (1) for purchase of raw
materials, factory labor costs incurred, and manufacturing overhead
cost incurred; (2) assignment of direct materials, labor, and
overhead to production; and (3) completion of jobs and sale of
goods.
Post the entries to Work in Process Inventory.
Reconcile the balance in Work in Process Inventory with the costs
of unfinished jobs.
Prepare a cost of goods manufactured schedule for June.
Case Inc. is a construction company specializing in custom patios. The...
Most questions answered within 3 hours.
-
A coach uses a new technique to train gymnasts. Seven
gymnasts were randomly selected and their...
asked 9 minutes ago -
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 2 hours ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 3 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 4 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 5 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 6 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 6 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 6 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 6 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 6 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 6 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 6 hours ago