If a company uses normal costing and has overallocated manufacturing overhead, what account(s) is debited and...
If a company uses normal costing and has overallocated manufacturing overhead, what account(s) is debited and what account(s) is credited to write-off the overallocated manufacturing overhead to cost of goods sold? (One sentence maximum.)
Homework Answers
If there is Overallocation of Manufacturing overheads,
the adjusting entry to write off over allocated manufacturing overheads shall be Debit Manufacturing Overheads and credit Cost of Goods Sold..
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If a company uses normal costing and has overallocated
manufacturing overhead, what account(s) is debited and...
The Wamth Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and...
The Wamth Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements. i Data Table X Requirements Budgeted manufacturing overhead costs $ 4,900,000 Overhead allocation base Machine-hours Budgeted machine-hours 70,000 Manufacturing overhead costs incurred $ 5,100,000 Actual machine-hours 65,000 Machine-hours data and the ending balances (before proration of under-or overallocated overhead) are as follows:...
The Zero Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and...
The Zero Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the rements. Data Table Requirement 1. Compute the budgeted manufacturing overhead rate for 2017. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing overhead 5,850,000 Budgeted machine-hours 90,000 Budgeted manufacturing overhead rate = $ 65...
The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and...
The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: Requirements1. Compute the budgeted manufacturing overhead rate for 2017 .2. Compute the under- or overallocated manufacturing overhead of Zaf Radiator in 2017 . Dispose of this amount using the following:a. Write-off to Cost of Goods Soldb. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Soldc....
3 The Hauty Radiator Company uses a normal costing system with a single manufacturing overhead cost...
3 The Hauty Radiator Company uses a normal costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base The following data are for 2017 Click the icon to view the following data) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate Budgeted manufacturing overhead rate (1) (2) - Requirement 2. Compute the under or overallocated...
4-28 Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates man ufacturing overhead to...
4-28 Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates man ufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor hours. Under or overal located overhead, it immaterial, is written off to Cost of Goods Sold. During 2017, Creative recorded the following Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours S4,140,000 180,000 54.337,000 189.000 Required 1. Compute the budgeted manufacturing overhead rate 2. Prepare the summary journal...
The Hazy Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and...
The Hazy Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Cost of Goods Sold Finished Goods Control Work-in-Process Control After Proration 11,028,750 1,297,500 648,750 c. Dispose of the amount using a proration based on the overhead allocated in 2017 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control, and...
1. Compute the budgeted manufacturing overhead rate for 2017. 2. Compute the under- or overallocated manufacturing...
1.
Compute the budgeted manufacturing overhead rate
for
2017.
2.
Compute the under- or overallocated manufacturing
overhead of
Home
Radiator in
2017.
Dispose of this amount using the following:
a.
Write-off to Cost of Goods Sold
b.
Proration based on ending balances (before proration) in
Work-in-Process Control, Finished Goods Control, and Cost of Goods
Sold
c.
Proration based on the overhead allocated in
2017
(before proration) in the ending balances of Work-in-Process
Control, Finished Goods Control, and Cost of Goods...
4. The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool...
4. The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing overhead 5,100,000 Budgeted machine-hours Budgeted manufacturing overhead rate $ 1 85,000 60 Requirement...
The Zef Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and...
The Zef Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing Overhead rate 1. Compute the budgeted manufacturing overhead rate for 2017. 2. Compute...
1) Orpa Company produces non-motorized boats. Orpa uses a normal costing system and allocates manufacturing overhead...
1) Orpa Company produces non-motorized boats. Orpa uses a normal costing system and allocates manufacturing overhead costs using direct labor cost. The following data is for 2020:
Budgeted manufacturing overhead cost
$157,500
Budgeted direct manufacturing labor cost
$225,000
Actual manufacturing overhead cost
$172,000
Actual direct manufacturing labor cost
$250,000
Inventory balances on December 31, 2020 were:
Account
Ending Balance
2020 Direct Labor Hours used in ending balance
Work in Process
$70,000
3,000
Finished Goods
$235,000
7,500
Cost of Goods...
The Wamth Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements. i Data Table X Requirements Budgeted manufacturing overhead costs $ 4,900,000 Overhead allocation base Machine-hours Budgeted machine-hours 70,000 Manufacturing overhead costs incurred $ 5,100,000 Actual machine-hours 65,000 Machine-hours data and the ending balances (before proration of under-or overallocated overhead) are as follows:...
The Zero Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the rements. Data Table Requirement 1. Compute the budgeted manufacturing overhead rate for 2017. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing overhead 5,850,000 Budgeted machine-hours 90,000 Budgeted manufacturing overhead rate = $ 65...
The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: Requirements1. Compute the budgeted manufacturing overhead rate for 2017 .2. Compute the under- or overallocated manufacturing overhead of Zaf Radiator in 2017 . Dispose of this amount using the following:a. Write-off to Cost of Goods Soldb. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Soldc....
3 The Hauty Radiator Company uses a normal costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base The following data are for 2017 Click the icon to view the following data) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate Budgeted manufacturing overhead rate (1) (2) - Requirement 2. Compute the under or overallocated...
4-28 Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates man ufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor hours. Under or overal located overhead, it immaterial, is written off to Cost of Goods Sold. During 2017, Creative recorded the following Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours S4,140,000 180,000 54.337,000 189.000 Required 1. Compute the budgeted manufacturing overhead rate 2. Prepare the summary journal...
The Hazy Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Cost of Goods Sold Finished Goods Control Work-in-Process Control After Proration 11,028,750 1,297,500 648,750 c. Dispose of the amount using a proration based on the overhead allocated in 2017 (before proration) in the ending balances of Work-in-Process Control, Finished Goods Control, and...
1.
Compute the budgeted manufacturing overhead rate
for
2017.
2.
Compute the under- or overallocated manufacturing
overhead of
Home
Radiator in
2017.
Dispose of this amount using the following:
a.
Write-off to Cost of Goods Sold
b.
Proration based on ending balances (before proration) in
Work-in-Process Control, Finished Goods Control, and Cost of Goods
Sold
c.
Proration based on the overhead allocated in
2017
(before proration) in the ending balances of Work-in-Process
Control, Finished Goods Control, and Cost of Goods...
4. The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing overhead 5,100,000 Budgeted machine-hours Budgeted manufacturing overhead rate $ 1 85,000 60 Requirement...
The Zef Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine hours as the cost-allocation base. The following data are for 2017: (Click the icon to view the following data.) Read the requirements Requirement 1. Compute the budgeted manufacturing overhead rate for 2017 Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing Overhead rate 1. Compute the budgeted manufacturing overhead rate for 2017. 2. Compute...
1) Orpa Company produces non-motorized boats. Orpa uses a normal costing system and allocates manufacturing overhead costs using direct labor cost. The following data is for 2020:
Budgeted manufacturing overhead cost
$157,500
Budgeted direct manufacturing labor cost
$225,000
Actual manufacturing overhead cost
$172,000
Actual direct manufacturing labor cost
$250,000
Inventory balances on December 31, 2020 were:
Account
Ending Balance
2020 Direct Labor Hours used in ending balance
Work in Process
$70,000
3,000
Finished Goods
$235,000
7,500
Cost of Goods...
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