Homework Answers
16) Whenever the manufacturing overheads are incurred , the manufacturing overhead account is debited.
When the manufacturing overheads are applied to individual jobs, the manufacturing overhead account is credited.
Now when the manufacturing overhead account has a debit balance at the end of the period, it means that the overheads incurred are more than the overheads applied i.e. overhead has been underapplied.
Hence, the correct answer is A) overhead has been underapplied.
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16.) of Manufacturing Overhead has a debit balance at the end of the period, then A)...
skip 23,24,26 22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours....
skip 23,24,26
22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated SS annual overhead cost $1,200,000 Actual SS annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 A) $1,140,000 applied and $15,000 overapplied B) $1,200,000 applied and $15,000 overapplied C) $1,140,000 applied and $15,000 underapplied D) $1,145,000 applied and neither under- nor overapplied 23. If...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory (WIP) Direct materials used (DM) Actual overhead (OH) Overhead applied (est OH) Cost of goods manufactured (CGM) Ending work in process (WIP) Hen Hao Lao Shi Mullen, Inc's total manufacturing costs (TMC) for the period is A) $570,000. B) $540,000. C) $390,000. D) cannot be determined from the data provided. Page 5 $270,000 210,000 330,000 240,000 360,000 450,000 22. Hen Hao Professor Mullen, Inc...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 5) If manufacturing overhead is underapplied, then:...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 5) If manufacturing overhead is underapplied, then: A) actual manufacturing overhead cost is less than estimated manufacturing overhead cost B) the amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. C) the predetermined overhead rate is too high D) the Manufacturing Overhead account will have a credit balance at the end of the year. 6) Gullett Corporation had $26,000 of raw...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month,...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
"At the end of the year, all manufacturing overhead transactions are complete. There is no further...
"At the end of the year, all manufacturing overhead transactions are complete. There is no further opportunity for offsetting events to occur. At this point, Wallace Company eliminates any balance in Manufacturing Overhead by an adjusting entry. It considers under‐ or overapplied overhead to be an adjustment to cost of goods sold. Thus, Wallace debits underapplied overhead to Cost of Goods Sold. It credits overapplied overhead to Cost of Goods Sold. After Wallace posts this entry, Manufacturing Overhead has a...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
118. Serritella Manufacturing Corporation uses a job-order costing system. At the beginning of the year, Serritella...
118. Serritella Manufacturing Corporation uses a job-order costing system. At the beginning of the year, Serritella had $38,000 in its Work in Process inventory account. The following information relates to Serritella's operations for the year: S114,000 $78,000 Direct materials cost assigned to production ........ Direct labor cost assigned to production... Selling, general, and administrative expenses incurred. Manufacturing overhead cost incurred. Underapplied manufacturing overhead cost...... Cost of goods manufactured ....... Cost of goods sold............... S296.000 $11,000 $502,000 $509,000 What is the...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $576,000 b.decrease by $288,000 c.increase by $288,000 d.increase by $576,000 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and...
If the amount of underapplied overhead is immaterial, companies will debit underapplied overhead to O manufacturing...
If the amount of underapplied overhead is immaterial, companies will debit underapplied overhead to O manufacturing overhead. o work in process inventory. O cost of goods sold. O finished goods inventory.
skip 23,24,26
22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated SS annual overhead cost $1,200,000 Actual SS annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 A) $1,140,000 applied and $15,000 overapplied B) $1,200,000 applied and $15,000 overapplied C) $1,140,000 applied and $15,000 underapplied D) $1,145,000 applied and neither under- nor overapplied 23. If...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 5) If manufacturing overhead is underapplied, then: A) actual manufacturing overhead cost is less than estimated manufacturing overhead cost B) the amount of manufacturing overhead cost applied to Work in Process is less than the actual manufacturing overhead cost incurred. C) the predetermined overhead rate is too high D) the Manufacturing Overhead account will have a credit balance at the end of the year. 6) Gullett Corporation had $26,000 of raw...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
114. Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a A. debit to Raw Materials of $101.000 B. credit to Raw Materials of $75,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $101.000 115. In October, Raddatz Inc. incurred $73,000 of direct labor costs and S6,000 of...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
118. Serritella Manufacturing Corporation uses a job-order costing system. At the beginning of the year, Serritella had $38,000 in its Work in Process inventory account. The following information relates to Serritella's operations for the year: S114,000 $78,000 Direct materials cost assigned to production ........ Direct labor cost assigned to production... Selling, general, and administrative expenses incurred. Manufacturing overhead cost incurred. Underapplied manufacturing overhead cost...... Cost of goods manufactured ....... Cost of goods sold............... S296.000 $11,000 $502,000 $509,000 What is the...
If the amount of underapplied overhead is immaterial, companies will debit underapplied overhead to O manufacturing overhead. o work in process inventory. O cost of goods sold. O finished goods inventory.
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