Homework Answers
Answer:- it's basically calculated by " an actual allocation rate" i.e the amount of total indirect overhead actually incurred is allocated to jobs
Add Answer to:
during an accounting period, indirect job costs are computed
on an ongoing basis by the use...
Job Order Costing Selected cost data for Vintage Print, Co. are as follows: Estimated manufacturing overhead...
Job Order Costing Selected cost data for Vintage Print, Co. are as follows: Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year $120,000 $100,000 S116,000 $76,000 1. Compute the predetermined overhead allocation rate per direct labor dollar 2. Prepare the journal entry to allocate overhead cost for the year. 3. Use a T-account to determine the amount of underallocated or overallocated...
The chief controller reported that $184,000 of indirect costs related to manufacturing occurred during the fiscal...
The chief controller reported that $184,000 of indirect costs related to manufacturing occurred during the fiscal year. Throughout the year, $179,000 was allocated to jobs using the plantwide allocation method. First, did the company over- or under-allocate MOH? Second, the controller now needs to close out the manufacturing overhead account and adjust Cost of Goods Sold accordingly. What is the journal entry to do so? Overallocated Manufacturing Overhead Manufacturing Overhead 5,000 Cost of Goods Sold 5,000 Overallocated Manufacturing Overhead Cost...
The chief controller reported that $466,000 of indirect costs related to manufacturing occurred during the fiscal...
The chief controller reported that $466,000 of indirect costs related to manufacturing occurred during the fiscal year. Throughout the year, $461,000 was allocated to jobs using the plantwide allocation method. First, did the company over- or under-allocate MOH? Second, the controller now needs to close out the manufacturing overhead account and adjust cost of Goods Sold accordingly. What is the journal entry to do so? Underallocated Manufacturing Overhead Cost of Goods Sold 5,000 Manufacturing Overhead 5,000 Overallocated Manufacturing Overhead Cost...
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect -...
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $15 per direct labor - hour. The following data are obtained from the accounting records for June 2018: Direct materials Direct labor (4,600 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $190,000 50,600 19,000 26,000 23,500 27,000 30,000 For June 2018, manufacturing overhead is O A. overallocated by $29,500 O B....
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect -...
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $19 per direct labor-hour. The following data are obtained from the accounting records for June 2020: Direct materials Direct labor (4,000 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $130,000 44,000 13,000 29,000 21,000 35,000 39,000 For June 2020, manufacturing overhead is OA, underallocated by $26,000 O B. overallocated by $26,000...
The Night Ranger Company uses normal job-order costing with a predetermined overhead rate. The company had...
The Night Ranger Company uses normal
job-order costing with a predetermined overhead rate. The
company
had $7,000 in Materials Control at the beginning of 2019. The
company includes BOTH direct and indirect
materials in the Materials Control account. At the beginning of
2019, the company had two jobs in Work in
Process. These were Job 20, which had $12,000 of product costs
charged to the job last year (2018), and Job
30, which had $4,000 of product cost charged to...
Cosi Company uses a job order costing system and allocates its overhead on the basis of...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Cosi Company uses a job order costing system and allocates its overhead on the basis of...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Pages Corporation uses job costing and has two production departments, Mand A Budgeted manufacturing costs for...
Pages Corporation uses job costing and has two production departments, Mand A Budgeted manufacturing costs for the year are as follow Direct materials Direct labor Factory overhead Dept. M $706, oee 286,000 618,000 Dept. A $106,000 812,000 406,000 The actual direct materials and direct labor costs charged to Job. No. 432 during the year were as follows: $36,000 Direct materials Direct labor: Department M Department A $14,600 18,00 32, eee Pigot applies manufacturing overhead to production orders on the basis...
Classic Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job...
Classic Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Classic Uniforms reports the following cost data for the past year: Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined manufacturing overhead rate, Enter the formula for predetermined manufacturing overhead rate, then compute the rate. Estimated yearly overhead costs / Estimated yearly machine hours = Predetermined overhead rate per machine hour Requirement 2. Calculate the allocated...
Job Order Costing Selected cost data for Vintage Print, Co. are as follows: Estimated manufacturing overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year $120,000 $100,000 S116,000 $76,000 1. Compute the predetermined overhead allocation rate per direct labor dollar 2. Prepare the journal entry to allocate overhead cost for the year. 3. Use a T-account to determine the amount of underallocated or overallocated...
The chief controller reported that $466,000 of indirect costs related to manufacturing occurred during the fiscal year. Throughout the year, $461,000 was allocated to jobs using the plantwide allocation method. First, did the company over- or under-allocate MOH? Second, the controller now needs to close out the manufacturing overhead account and adjust cost of Goods Sold accordingly. What is the journal entry to do so? Underallocated Manufacturing Overhead Cost of Goods Sold 5,000 Manufacturing Overhead 5,000 Overallocated Manufacturing Overhead Cost...
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $15 per direct labor - hour. The following data are obtained from the accounting records for June 2018: Direct materials Direct labor (4,600 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $190,000 50,600 19,000 26,000 23,500 27,000 30,000 For June 2018, manufacturing overhead is O A. overallocated by $29,500 O B....
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $19 per direct labor-hour. The following data are obtained from the accounting records for June 2020: Direct materials Direct labor (4,000 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $130,000 44,000 13,000 29,000 21,000 35,000 39,000 For June 2020, manufacturing overhead is OA, underallocated by $26,000 O B. overallocated by $26,000...
The Night Ranger Company uses normal
job-order costing with a predetermined overhead rate. The
company
had $7,000 in Materials Control at the beginning of 2019. The
company includes BOTH direct and indirect
materials in the Materials Control account. At the beginning of
2019, the company had two jobs in Work in
Process. These were Job 20, which had $12,000 of product costs
charged to the job last year (2018), and Job
30, which had $4,000 of product cost charged to...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Pages Corporation uses job costing and has two production departments, Mand A Budgeted manufacturing costs for the year are as follow Direct materials Direct labor Factory overhead Dept. M $706, oee 286,000 618,000 Dept. A $106,000 812,000 406,000 The actual direct materials and direct labor costs charged to Job. No. 432 during the year were as follows: $36,000 Direct materials Direct labor: Department M Department A $14,600 18,00 32, eee Pigot applies manufacturing overhead to production orders on the basis...
Classic Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Classic Uniforms reports the following cost data for the past year: Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the predetermined manufacturing overhead rate, Enter the formula for predetermined manufacturing overhead rate, then compute the rate. Estimated yearly overhead costs / Estimated yearly machine hours = Predetermined overhead rate per machine hour Requirement 2. Calculate the allocated...
Most questions answered within 3 hours.
-
To get a sample of a certain size, scores are taken one-by-one
from the observed data...
asked 3 minutes ago -
A check-processing center uses exponential smoothing to forecast
the number of incoming checks each month. The...
asked 13 minutes ago -
Teams with high levels of ______ and ______ deal with task
conflict better than those without...
asked 24 minutes ago -
Create a C++ project called lab3b and add the following source
code init_struct.cpp to the project....
asked 35 minutes ago -
12.
A budget that can be easily adjusted to show budgeted revenues,
costs, and cash flows...
asked 43 minutes ago -
________ unemployment changes slowly and depends on
________.
Select one:
a. Frictional; the rate at which...
asked 1 hour ago -
These surveys collect information in low- and
middle-income countries regarding the total fertility rate and the...
asked 1 hour ago -
I need to determine the concentration of hydrogen peroxide in a
solution using titrimetric analysis
25...
asked 1 hour ago -
Your are the Vice-President of operations for a New Orleans food
chain. In the aftermath of...
asked 1 hour ago -
Create a flowchart and a program; test the program. Program
Requirements.
- There are 10 members...
asked 1 hour ago -
Which of the following is not a sensory receptor?
a. a hair cell
b. a rod
c. a...
asked 1 hour ago -
Does the launch speed depend significantly upon the launching
angle? Is it reasonable?
asked 2 hours ago