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) |
Add Answer to:
?
Ch 15 20 QS 15-11 Entry for over- or underapplied overhead LO P4 A company...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows total debits of $610,000 and total credits of $761,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory Overhead...
Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which...
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...
please help me this ework A Saved Exercise 15-13 Adjusting factory overhead LO P4 The following information is avai...
please help me this
ework A Saved 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 $52,000 12,000 72,000 $ May 31 70,000 24,900 53,689 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...
Exercise 15-16 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the...
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, $1,540,000,and direct labor costs, $440,000. At year-end, the company's records show that actual overhead costs for the year are $2,225,200. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct labor...
ter 15 Saved Help Exercise 15-13 Adjusting factory overhead LO P4 The following information is available...
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...
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...
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...
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...
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...
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...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows total debits of $610,000 and total credits of $761,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory Overhead...
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...
please help me this
ework A Saved 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 $52,000 12,000 72,000 $ May 31 70,000 24,900 53,689 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...
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, $1,540,000,and direct labor costs, $440,000. At year-end, the company's records show that actual overhead costs for the year are $2,225,200. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct labor...
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...
Most questions answered within 3 hours.
-
C&A records the following profit figures for the last six
months in Excel for a linear...
asked 28 seconds from now -
This needs to be done in c++11 and be compatible with g++
compiling
Project description:
Write...
asked 1 minute ago -
Table salt contains 39.33 g of sodium per 100 g of salt. The
U.S. Food and...
asked 2 minutes ago -
.
NEED ANSWER ASAP
******NEW ANSWER NEVER USED BEFORE****
Write a page paper on conducting marketing...
asked 2 minutes ago -
Assume that capital markets are competitive and that the
international Fisher hypothesis holds. The one-year interest...
asked 29 minutes ago -
Solid potassium phosphate is slowly added to 150 mL of a 0.0518
M calcium nitrate solution....
asked 43 minutes ago -
(CO 2) A field can be added to a report to
values for two or more...
asked 2 hours ago -
Identify 3 research scenarios that might provide a low,
medium, and high degree of variability in...
asked 2 hours ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 3 hours ago -
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 3 hours ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 4 hours ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 5 hours ago