Homework Answers
Calculation of Over or Under applied Overhead :-
= Actual Overhead cost - Applied Overhead cost
= $950000 - $900000
= $50000 (Under applied Overhead)
Actual Overhead Cost = $950000
Applied Overhead Cost = Direct Labor Cost * 150%
= $600000 * 150% = $900000
Factory Overhead Account :-
| Particulars | Amount($) | Particulars | Amount($) |
| Actual Overhead Cost | 950000 | Applied Overhead Cost (above) | 900000 |
| Under Applied Overhead Cost | 50000 | ||
| 950000 | 950000 |
Journal Entry ;-
| Particulars | Debit($) | Credit($) |
| Cost of Goods sold | 50000 | |
| Factory Overhead | 50000 | |
| (Being under applied overhead cost transfer to cost of goods sold account) |
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Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 30 May 31 $ $48,000 11,280 68,888 62,000 23,300 45,600 220, 80e 365,000 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead...
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ter 15 Saved Help Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses ajob order costing system. April 301 May 311 Inventories Raw materials Work in process Finished goods $43,000 52,000 21,300 35,600 10,200 63, 000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 210,000 345,000 Indirect materials Indirect labor Other overhead costs 15,000 80,000 120,000 1,400,000...
Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014, Infodeo established its predetermined overhead rate for movies produced during year 2015 by using the following cost predictions: overhead costs, $1,911,000, and direct labor costs, $490,000. At year-end 2015, the company's records show that actual overhead costs for the year are $1,701,400. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released...
Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014, Infodeo established its predetermined overhead rate for movies produced during year 2015 by using the following cost predictions: overhead costs, $2,491,000,and direct labor costs, $470,000. At year-end 2015, the company's records show that actual overhead costs for the year are $2,871,400. Actual direct labor cost had been assigned to jobs as follows. 500,000 $ Movies completed and...
A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $1,000,000, and direct labor cost is $525,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet < A...
A company applies overhead at a rate of 150% of direct labor cost. Actual overhead cost for the current period is $950,000, and direct labor cost is $600,000. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.
Exercise 15-16 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $1,935,000, and direct labor costs, $430,000. At year-end, the company's records show that actual overhead costs for the year are $1,074,500. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct...
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