Overhead costs are overapplied if the amount applied to Work in Process is: Multiple Choice greater...
Overhead costs are overapplied if the amount applied to Work in Process is: Multiple Choice
greater than estimated overhead.
less than estimated overhead.
greater than actual overhead incurred.
less than actual overhead incurred.
Homework Answers
Overhead costs are overapplied if the amount applied to Work in Process is
Answer- greater than actual overhead incurred
Example: Manufacturing overhead was estimated to be $4,00,000 along with 20,000 direct labour hours. Actual manufacturing overhead was $4,15,000 and actual labour hours were 21,000 hours.
Example answer- Predetermined overhead rate= $4,00,000÷20,000= $20.00
Actual manufacturing overhead= $4,15,000÷21,000= $20×21,000= $4,20,000
Overapplied overhead=$4,20,000-$4,15,000= $5,000
Add Answer to:
Overhead costs are overapplied if the amount applied to Work in
Process is: Multiple Choice
greater...
Multiple Choice Question 125 Marigold Corp. applies overhead on the basis of machine hours. Given the...
Multiple Choice Question 125 Marigold Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated annual overhead cost $1600000 Actual annual overhead cost $1575000 Estimated machine hours 200000 Actual machine hours 190000 $1600000 applied and $55000 overapplied $1520000 applied and $55000 underapplied $1575000 applied and neither under nor overapplied $1520000 applied and $55000 overapplied Click if you would like to Show Work for this...
Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the...
Overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference between the actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit. The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was...
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was less than the applied overhead cost O the applied overhead cost was greater than the actual overhead cost O the estimated overhead cost was less than the actual overhead cost. the applied overhead cost was less than the actual overhead cost. QUESTION 23 Jones Company had the following inventory balances for the month of Apri Raw Materials $15,000 $5,000 Work In Process $10,000 $11,000...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
Reith Inc. has provided the following data for the month of November. There were no beginning...
Reith Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Work In Process $1,850 3,510 1,560 $6,920 Finished Goods $10,440 22,620 7,800 $40,860 Cost of Goods Sold $ 58,560 126,880 42,640 $228,080 Total $ 70,850 153,010 52,000 $275,860 Manufacturing overhead for the month was overapplied by $4,000....
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $576,000 b.decrease by $288,000 c.increase by $288,000 d.increase by $576,000 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory (WIP) Direct materials used (DM) Actual overhead (OH) Overhead applied (est OH) Cost of goods manufactured (CGM) Ending work in process (WIP) Hen Hao Lao Shi Mullen, Inc's total manufacturing costs (TMC) for the period is A) $570,000. B) $540,000. C) $390,000. D) cannot be determined from the data provided. Page 5 $270,000 210,000 330,000 240,000 360,000 450,000 22. Hen Hao Professor Mullen, Inc...
HOW WOULD I RESPOND TO THESE? - The predetermined overhead rate is based on the relationship...
HOW WOULD I RESPOND TO THESE? - The predetermined overhead rate is based on the relationship between estimated annual overhead costs and estimated annual operating activity, expressed in terms of a common activity base. The company may state the activity in terms of direct labor costs, direct labor hours, machine hours, or any other measure that provides an equitable basis for applying overhead costs to jobs. Companies establish the predetermined overhead rate at the beginning of the year. The formula...
Exercise # 5-7 Required! 2 Compute the amount of underapplied or overapplied overhead cost IUI I...
Exercise # 5-7
Required! 2 Compute the amount of underapplied or overapplied overhead cost IUI I J Prepare a schedule of cost of goods manufactured for the year. EXERCISE 5-7 Prepare T-Accounts (L04, LO6] Granger Products recorded the following transactions for the just completed month. The company had no beginning inventories: a $75,000 in raw materials was purchased for cash. be $73.000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and...
Multiple Choice Question 125 Marigold Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated annual overhead cost $1600000 Actual annual overhead cost $1575000 Estimated machine hours 200000 Actual machine hours 190000 $1600000 applied and $55000 overapplied $1520000 applied and $55000 underapplied $1575000 applied and neither under nor overapplied $1520000 applied and $55000 overapplied Click if you would like to Show Work for this...
The overhead cost variance is: Multiple Choice The difference between the overhead costs actually incurred and the overhead budgeted at the actual operating level. The difference betweene actual overhead incurred during a period and the standard overhead applied. The difference between actual and budgeted cost caused by the difference between the actual price per unit and the budgeted price per unit The costs that should be incurred under normal conditions to produce a specific product (or component) or to perform...
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was less than the applied overhead cost O the applied overhead cost was greater than the actual overhead cost O the estimated overhead cost was less than the actual overhead cost. the applied overhead cost was less than the actual overhead cost. QUESTION 23 Jones Company had the following inventory balances for the month of Apri Raw Materials $15,000 $5,000 Work In Process $10,000 $11,000...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
Reith Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Work In Process $1,850 3,510 1,560 $6,920 Finished Goods $10,440 22,620 7,800 $40,860 Cost of Goods Sold $ 58,560 126,880 42,640 $228,080 Total $ 70,850 153,010 52,000 $275,860 Manufacturing overhead for the month was overapplied by $4,000....
Exercise # 5-7
Required! 2 Compute the amount of underapplied or overapplied overhead cost IUI I J Prepare a schedule of cost of goods manufactured for the year. EXERCISE 5-7 Prepare T-Accounts (L04, LO6] Granger Products recorded the following transactions for the just completed month. The company had no beginning inventories: a $75,000 in raw materials was purchased for cash. be $73.000 in raw materials was requisitioned for use in production. Of this amount, $67,000 was for direct materials and...
Most questions answered within 3 hours.
-
3. Types of unemployment
The three people described in the following table are
categorized as unemployed...
asked 2 minutes ago -
an
ion with a charge of +1 combines with an ion that holds a charge of...
asked 4 minutes ago -
For the next three problems, refer to the following coordination
compound.
[Co(en)2(H2O)(Cl)]3[Ni(CN)4]2
Name the compound:
asked 8 minutes ago -
1. If L is the complement of a language recognized by a
non-deterministic finite automaton, then...
asked 15 minutes ago -
discuss cloud assisted media sharing with the help of generic
media framework.
asked 18 minutes ago -
This and the following two questions build on the same fact
situation, with new facts added...
asked 19 minutes ago -
CYB 4301-13C-3, Cyber Security and Crime
War driving is a wireless attack. Describe at least four...
asked 21 minutes ago -
14. You just won first place in a CUNY essay writing contest,
and as your prize,...
asked 31 minutes ago -
Q#1:
Write a C++ program to enter a number, compute and print the
following:
- Sum...
asked 35 minutes ago -
What are the steps to find Gross Requirements for lot for lot
ordering MRP schedule? Show...
asked 42 minutes ago -
In a random sample of five microwave ovens, the mean repair
cost was $65.00 and the...
asked 53 minutes ago -
17) what is science ? Explain why is forming and testing
hypothesis at the core of...
asked 51 minutes ago