1) | Predetermined OH rate = | Total Estimated OH cost / Total Estimated Direct Labor Cost | |||
= | $ 900000 / $ 500000 | ||||
= | 1.8 | times |
2 & 3) | Factory OH | ||||
Actual OH costs | $ 894,500.00 | $ 885,600.00 | Applied OH cost | ||
$ 8,900.00 | Underapplied OH cost | ||||
$ 894,500.00 | $ 894,500.00 |
4) | Journal Entry | ||||
Entry to close Underapplied OH cost | |||||
Particulars | Debit | Credit | |||
Cost of Goods sold | $ 8,900.00 | ||||
To Factory OH | $ 8,900.00 |
Exercise 15-14 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to...
Exercise 15-14 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014, Custom Mfg. established its predetermined overhead rate for jobs produced during year 2015 by using the following cost predictions: overhead costs, $230,000, and direct labor costs, $100,000. At year-end 2015, the company's records show that actual overhead costs for the year are $1,205,600. Actual direct labor cost had been assigned to jobs as follows. Jobs completed and...
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...
Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $390,000, and direct materials costs, $300,000. At year-end, the company's records show that actual overhead costs for the year are $663,700. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total...
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...
I need help with my assignment please. Exercise 2-14 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014. Custom Mfg, established its predetermined overhead rate for jobs produced during year 2015 by using the following cost predictions: overhead costs, $720,000, and direct labor costs, $300,000. At year-end 2015, the company's records show that actual overhead costs for the year are $1,317,900. Actual direct labor cost had been assigned...
Help Save Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions overhead costs, $180,000, and direct materials costs, $100,000. At year-end, the company's records show that actual overhead costs for the year are $920,400. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process...
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...
12 Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year Custom Maig established its predetermined overhead rate by using the following cost predictions overhead costs $900.000, and direct materials costs, $400,000. At year-end, the company's records show that actual overhead cost for the year are $124800. Actual direct materials cost had been assigned to jobs as follows. - ર completed and sold in work in process inventory Total sal dit materials coat...
Exercise 15-16 Factory overhead computed, applied, and adjusted LO P3, P4 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $2,142,000,and direct labor costs, $420,000. At year-end 2017, the company's records show that actual overhead costs for the year are $2,278,000. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production $400,000 49,000 Total actual direct labor cost...