Homework Answers
| Predetermined overhead rate [Refer working note] | 131% |
.
| Calculation of over or under applied manufacturing overhead | ||
| Actual manufacturing overhead (a) | $219,000 | |
| Applied manufacturing overhead [Actual labor cost x 131% = $170,800 x 131%] (b) | $223,748 | |
| Manufacturing overhead (a - b) | $4,748 | over-applied |
.
.
| Account Titles and Explanation | Debit | Credit |
| Manufacturing overhead | $4,748 | |
| Cost of Goods Sold | $4,748 |
.
.
| Working note - Calculation of Predetermined overhead rate | |
| Estimated Overhead (a) | $221,652 |
| Estimated direct labor cost (b) | $169,200 |
| Predetermined Overhead rate (a / b) | 131% |
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During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $221,652 2....
During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $222,045 2....
During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $222,045 2. Actual overhead $220,760 3. Estimated labour costs $169,500 4. Actual labour costs $175,600 The company allocates its overhead on the basis of direct labour cost. Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.) Predetermined overhead rate LINK TO TEXT LINK TO TEXT Calculate the over- or under-applied manufacturing overhead. (Round answers to the nearest whole dollar, e.g. 5,275.)...
Question 32 During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead...
Question 32 During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $221,914 2. Actual overhead $220,370 3. Estimated labour costs $169,400 4. Actual labour costs $175,800 The company allocates its overhead on the basis of direct labour cost. Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.) Predetermined overhead rate LINK TO TEXT LINK TO TEXT Calculate the over- or under-applied manufacturing overhead. (Round answers to the nearest whole dollar,...
Question 12 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During...
Question 12
For Kiqui Company, the predetermined overhead rate is 120% of
direct labour cost.
During the month of June 2020, Kiqui incurred $55,640 of factory
labour costs, of which $48,830 was direct labour and $6,810 was
indirect labour.
Actual overhead incurred in June 2020 was $69,760.
Calculate the amount of manufacturing overhead applied during
the month.
Manufacturing overhead applied
$
LINK TO TEXT
Determine the amount of under- or over-applied manufacturing
overhead.
Manufacturing overhead
$
Over-appliedUnder-applied
LINK TO TEXT...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During the month of June 2020, Kiqui incurred $54,320 of factory labour costs, of which $48,300 was direct labour and $6,020 was indirect labour. Actual overhead incurred in June 2020 was $72,470. Calculate the amount of manufacturing overhead applied during the month. Manufacturing overhead applied LINK TO TEXT Determine the amount of under- or over-applied manufacturing overhead. Manufacturing overheads LINK TO TEXT Prepare the adjusting...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During the month of June 2020, Kiqui incurred $54,180 of factory labour costs, of which $49,200 was Actual overhead incurred in June 2020 was $70,740. Calculate the amount of manufacturing overhead applied during the month. Manufacturing overhead applied $ LINK TO TEXT Determine the amount of under- or over-applied manufacturing overhead. Manufacturing overheads LINK TO TEXT Prepare the adjusting entry for the under- or over-applied...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,000, and manufacturing overhead $20,000. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There...
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for...
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year 150,000 $ Estimated direct labor cost for the year 92,000 Actual manufacturing overhead cost for the year 163,000 Actual direct labor cost for the year 79,000 Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied...
Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs...
Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $275,000 for the year, and machine usage is estimated at 125,000 hours For the year, $296,000 of overhead costs are incurred and 130,000 hours are used. Compute the manufactunng overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS What is the...
Exercise 17.25 Skysong Co. made 4,000 units of a product during its first year of operations...
Exercise 17.25 Skysong Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $586,100. There was no ending work-in-process inventory. Total costs were $576,000, consisting of the following: Direct materials and direct labour Manufacturing overhead (45% fixed) Selling and administrative $250,000 170,000 156,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Nicole Limited is a company that produces machinery to customer orders, using a normal job-order cost...
Nicole Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each fiscal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2020 was as follows: Direct labour Manufacturing overhead $1,800,000 900,000 As at the end of the year, two jobs were incomplete. These were 1768B, with total...
During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $222,045 2. Actual overhead $220,760 3. Estimated labour costs $169,500 4. Actual labour costs $175,600 The company allocates its overhead on the basis of direct labour cost. Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.) Predetermined overhead rate LINK TO TEXT LINK TO TEXT Calculate the over- or under-applied manufacturing overhead. (Round answers to the nearest whole dollar, e.g. 5,275.)...
Question 32 During the first quarter of 2020, Frenchie Company reports the following: 1. Estimated overhead $221,914 2. Actual overhead $220,370 3. Estimated labour costs $169,400 4. Actual labour costs $175,800 The company allocates its overhead on the basis of direct labour cost. Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.) Predetermined overhead rate LINK TO TEXT LINK TO TEXT Calculate the over- or under-applied manufacturing overhead. (Round answers to the nearest whole dollar,...
Question 12
For Kiqui Company, the predetermined overhead rate is 120% of
direct labour cost.
During the month of June 2020, Kiqui incurred $55,640 of factory
labour costs, of which $48,830 was direct labour and $6,810 was
indirect labour.
Actual overhead incurred in June 2020 was $69,760.
Calculate the amount of manufacturing overhead applied during
the month.
Manufacturing overhead applied
$
LINK TO TEXT
Determine the amount of under- or over-applied manufacturing
overhead.
Manufacturing overhead
$
Over-appliedUnder-applied
LINK TO TEXT...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During the month of June 2020, Kiqui incurred $54,320 of factory labour costs, of which $48,300 was direct labour and $6,020 was indirect labour. Actual overhead incurred in June 2020 was $72,470. Calculate the amount of manufacturing overhead applied during the month. Manufacturing overhead applied LINK TO TEXT Determine the amount of under- or over-applied manufacturing overhead. Manufacturing overheads LINK TO TEXT Prepare the adjusting...
Question 31 For Kiqui Company, the predetermined overhead rate is 120% of direct labour cost. During the month of June 2020, Kiqui incurred $54,180 of factory labour costs, of which $49,200 was Actual overhead incurred in June 2020 was $70,740. Calculate the amount of manufacturing overhead applied during the month. Manufacturing overhead applied $ LINK TO TEXT Determine the amount of under- or over-applied manufacturing overhead. Manufacturing overheads LINK TO TEXT Prepare the adjusting entry for the under- or over-applied...
Question 5 Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,000, direct labour $15,000, and manufacturing overhead $20,000. As of January 1, Job No. 49 had been completed at a cost of $120,000 and was part of finished goods inventory. There...
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year 150,000 $ Estimated direct labor cost for the year 92,000 Actual manufacturing overhead cost for the year 163,000 Actual direct labor cost for the year 79,000 Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied...
Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $275,000 for the year, and machine usage is estimated at 125,000 hours For the year, $296,000 of overhead costs are incurred and 130,000 hours are used. Compute the manufactunng overhead rate for the year. (Round answer to 2 decimal places, e.g. 1.52.) Manufacturing overhead rate per machine hour LINK TO TEXT LINK TO TEXT VIDEO: APPLIED SKILLS What is the...
Exercise 17.25 Skysong Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $586,100. There was no ending work-in-process inventory. Total costs were $576,000, consisting of the following: Direct materials and direct labour Manufacturing overhead (45% fixed) Selling and administrative $250,000 170,000 156,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Nicole Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each fiscal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2020 was as follows: Direct labour Manufacturing overhead $1,800,000 900,000 As at the end of the year, two jobs were incomplete. These were 1768B, with total...
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