In which type of companies is overhead applied to jobs? With manufacturing and service companies. Only...
In which type of companies is overhead applied to jobs?
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With manufacturing and service companies. |
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Only companies that have labour costs associated with products. |
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Only manufacturing companies. |
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Primarily with service companies. |
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In which type of companies is overhead applied to jobs?
With manufacturing and service companies.
Only...
Explain how manufacturing overhead is allocated to jobs. Why is manufacturing overhead applied to products when...
Explain how manufacturing overhead is allocated to jobs. Why is manufacturing overhead applied to products when product costs are used in making pricing decisions. Discuss the benefits of using a predetermined overhead rate instead of an actual overhead rate. Discuss one advantage and one disadvantage of prorating over-applied or under-applied overhead.
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
A company uses a job order cost system and applies manufacturing overhead costs to jobs using...
A company uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours. The following data were extracted from the company's accounting records for the previous year: Manufacturing overhead: estimated: $50,000 actual: $55,000 Direct labour hours: estimated: #20,000 hrs actual: #24,000 hrs A job completed during the year incurred the following costs: Direct Materials $4,000 Direct labour $1,500 (at $5 per DLH) What was the under applied or over...
Why is manufacturing overhead applied to jobs (and into Work in Process)? Why aren’t actual costs...
Why is manufacturing overhead applied to jobs (and into Work in Process)? Why aren’t actual costs assigned?
Which of the following is not a difference between job costing for service firms and job...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,600 machine-hours and incur $196,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate - per MH per mH | 2. Assume that during the year the company actually worked only 80,300 machine-hours...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,400 machine-hours and incur $187,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company actually worked only 80,200 machine-hours and incurred $182,000 of...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead costs actual overhead costs O predetermined overhead costs O estimated overhead costs Manufacturing overhead applied is added to direct labour incurred and what other item to equal total manufacturing costs for the period? O Work in process. O Direct materials used. O Goods available for sale. O Raw materials purchased.
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that 85,000 machine-hours would be required for the period's estimated level of production. The company also estimated $106,250 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.75 per machine-hour. Required: Compute the company's predetermined overhead rate. Assume that during the year the company actually works only 80,000 machine-hours...
Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs....
Karvel Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. For the month of August, Karvel estimated total manufacturing overhead costs at £300,000 and total machine-hours at 75,000 hours. Actual results for the period were manufacturing overhead costs of £290,000 and 75,000 machine-hours. As a result, Karvel would have: 1. applied more overhead to Work in Process than the actual amount of overhead cost for the year. 2. applied an amount of overhead to...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,600 machine-hours and incur $196,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate - per MH per mH | 2. Assume that during the year the company actually worked only 80,300 machine-hours...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,400 machine-hours and incur $187,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company actually worked only 80,200 machine-hours and incurred $182,000 of...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead costs actual overhead costs O predetermined overhead costs O estimated overhead costs Manufacturing overhead applied is added to direct labour incurred and what other item to equal total manufacturing costs for the period? O Work in process. O Direct materials used. O Goods available for sale. O Raw materials purchased.
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