Homework Answers
| A) | Predetermined overhead rate = Total estimated overhead/number of hours | ||||
| =$350000/50000 hours | |||||
| =$7 per machine hour | |||||
| B) | Overhead applied = actual machine hours * predetermined overhead rate | ||||
| =49000 hours *$7 | |||||
| =$343000 | |||||
| C) | Overhead applied | $ 3,43,000 | |||
| Less: | |||||
| Actual overhead | $ 3,52,000 | ||||
| Underapplied | $ 9,000 | ||||
| D) | Date | Account Title | Debit | Credit | |
| Work in progress | $ 9,000 | ||||
| Factory overhead | $ 9,000 | ||||
| ( to record underapplied overhead) | |||||
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3. Mountain Peaks applies overhead on the basis of machine hours and reports the following information:...
Show Me How Calculator Print item Mountain Peaks applies overhead on the basis of machine hours...
Show Me How Calculator Print item Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $270,000 $252,000 Machine hours 30,000 27,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over or underapplied...
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of...
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. Compute the predetermined overhead rate. Predetermined Overhead Rate per Machine Hour 2. Compute applied manufacturing overhead. Applied Manufacturing Overhead 3. Compute over- or underapplied manufacturing overhead. Manufacturing Overhead
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of...
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. Compute the predetermined overhead rate. per Machine Hour Predetermined Overhead Rate 2. Compute applied manufacturing overhead. Ma Overhe 3. Compute over-or underapplied manufacturing overhead.
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Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. (If no entry is required for a transaction/event, select...
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Show Me How Calculator Print item Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $270,000 $252,000 Machine hours 30,000 27,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over or underapplied...
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. Compute the predetermined overhead rate. Predetermined Overhead Rate per Machine Hour 2. Compute applied manufacturing overhead. Applied Manufacturing Overhead 3. Compute over- or underapplied manufacturing overhead. Manufacturing Overhead
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively. Required: 1. Compute the predetermined overhead rate. per Machine Hour Predetermined Overhead Rate 2. Compute applied manufacturing overhead. Ma Overhe 3. Compute over-or underapplied manufacturing overhead.
lkerd Company applies overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs are incurred and 130,000 hours are used. Instructions (a) Compute the manufacturing overhead rate for the year (b) What is the amount of under-or overapplied overhead at December 31? (c) Prepare the adjusting entry to assign the under- or overapplied overhead for...
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