Homework Answers
Solution 1:
Applied overhead = Total cost of WIP - Direct materials - Direct labor = $3,500 - $1,580 - $860 = $1,060
Hence 3rd option is correct.
Solution 2:
Predetermined overhead rate = Estimated overhead / Estimated direct labor cost = $276,900 / $213,000 = 130% of direct labor cost
Hence first option is correct.
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The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $404,700; materials of $403,000 and direct labor of $213,000. During the year Adams incurred $428,100 in materials costs, $424,000 in overhead costs and $217,000 in direct labor costs. Compute the amount of under-or overapplied overhead for the year. Multiple Choice 0 $11,700 overapplied. 0 $19,300 overapplied. 0 $11,700 underapplied. 0 $19,300 underapplied. 0 $4,100 underapplied.
The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The...
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The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,400 at the end...
The Work-in-Process Inventory account of a manufacturing firm has a balance of $3,400 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $450 and $250 for materials used, and charges of $450 and $750 for direct labor used. Overhead is applied as a percentage of direct labor costs. The predetermined rate is: Multiple Choice 44.1%. 125.0%. 80.0%. 226.7%.
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The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Beginning WIP Direct materials Direct labor Applied overhead Total Mfg. costs To finished goods Ending WIP Work in Process Inventory 5,600 48,200 30,700 16,900 101,400 11,100 The cost of jobs transferred to finished goods is: Multiple Choice O $101,400
The Work in Process inventory account of a manufacturing Corporation shows a balance of $18,000 at...
The Work in Process inventory account of a
manufacturing Corporation shows a balance of $18,000 at the end of
an accounting period.
The job cost sheets of the two uncompleted jobs show
charges of $6,000 and $3,000 for materials, and charges of $4,000
and $2,000 for direct labor.
From this information, it appears that the Corporation
is using a predetermined overhead rate, as a percentage of direct
labor costs. Find the percentage.
Question No. 2: What is underapplied overhead and...
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit...
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird's job cost sheets reported these amounts: Geller $ 7,300 Direct materials Direct labor Manufacturing overhead Totals Customer Job Thomas $ 4,100 3,600 4,400 $ 12,100 5,500 Easton $ 400 250 450 $ 1,100 6,500 $ 19,300 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $355,200; materials of 412,000 and direct labor of $222,000. During the year Adams incurred $420,000 in materials costs, $413,400 in overhead costs and $226,000 in direct labor costs. Compute the amount of overhead applied to jobs during the year. Multiple Choice 0 $355,200. 0 $413,400. 0 $361,600. 0 $413,390. 0 $424,650.
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000...
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000 at the end of an accounting period. The job cost sheet of the two uncompleted jobs shows charges of $700 and $1,300 for materials used and charges of $400 and $600 for direct labor used. From this information, it appears that the company is using a predetermined factory overhead rate (as a percentage of direct labor cost) of: a 100%. b 200%. C 33%...
The following accounts are from last year's books of Sharp Manufacturing: Bal 156,600 Bal Materia (b)...
The following accounts are from last year's books of Sharp Manufacturing: Bal 156,600 Bal Materia (b) 170,500 13,900 (a) 216,500 (8) Manufacturing Overhead 23,300 (e) 27,300 158, 600 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based or Multiple Choice $156,600 0 $170.600 0 $199.300 O $170.500 Bal Work In Process (f) 520,400 Bal (b) 473,000 133,300 (f) Finished Goods () 520,400 47,400 170,600 (c) (e) 216,500 0 1 Cost of Goods Sold 473,000 ead to jobs...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $404,700; materials of $403,000 and direct labor of $213,000. During the year Adams incurred $428,100 in materials costs, $424,000 in overhead costs and $217,000 in direct labor costs. Compute the amount of under-or overapplied overhead for the year. Multiple Choice 0 $11,700 overapplied. 0 $19,300 overapplied. 0 $11,700 underapplied. 0 $19,300 underapplied. 0 $4,100 underapplied.
The Work in Process Inventory account of a manufacturing company has a $3.200 debit balance. The company applies overhead using direct labor costThe cost sheet of the only job still in process shows direct material cost of $1,400 and direct labor cost of $800. Therefore, the amount of applied overhead is: Multiple Choice
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Beginning WIP Direct materials Direct labor Applied overhead Total Mfg. costs To finished goods Ending WIP Work in Process Inventory 5,600 48,200 30,700 16,900 101,400 11,100 The cost of jobs transferred to finished goods is: Multiple Choice O $101,400
The Work in Process inventory account of a
manufacturing Corporation shows a balance of $18,000 at the end of
an accounting period.
The job cost sheets of the two uncompleted jobs show
charges of $6,000 and $3,000 for materials, and charges of $4,000
and $2,000 for direct labor.
From this information, it appears that the Corporation
is using a predetermined overhead rate, as a percentage of direct
labor costs. Find the percentage.
Question No. 2: What is underapplied overhead and...
Starbird Manufacturing makes accessories for kitchens and home offices. Their Work-in-Process Inventory account had a debit balance of $32,500 on February 1. Also on February 1, Starbird's job cost sheets reported these amounts: Geller $ 7,300 Direct materials Direct labor Manufacturing overhead Totals Customer Job Thomas $ 4,100 3,600 4,400 $ 12,100 5,500 Easton $ 400 250 450 $ 1,100 6,500 $ 19,300 During the month of February, Starbird purchased $13,000 of raw materials on account, and on February 29...
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $355,200; materials of 412,000 and direct labor of $222,000. During the year Adams incurred $420,000 in materials costs, $413,400 in overhead costs and $226,000 in direct labor costs. Compute the amount of overhead applied to jobs during the year. Multiple Choice 0 $355,200. 0 $413,400. 0 $361,600. 0 $413,390. 0 $424,650.
The Work in Process controlling account of a manufacturing firm shows a debit balance of $5,000 at the end of an accounting period. The job cost sheet of the two uncompleted jobs shows charges of $700 and $1,300 for materials used and charges of $400 and $600 for direct labor used. From this information, it appears that the company is using a predetermined factory overhead rate (as a percentage of direct labor cost) of: a 100%. b 200%. C 33%...
The following accounts are from last year's books of Sharp Manufacturing: Bal 156,600 Bal Materia (b) 170,500 13,900 (a) 216,500 (8) Manufacturing Overhead 23,300 (e) 27,300 158, 600 7,300 Sharp uses job-order costing and applies manufacturing overhead to jobs based or Multiple Choice $156,600 0 $170.600 0 $199.300 O $170.500 Bal Work In Process (f) 520,400 Bal (b) 473,000 133,300 (f) Finished Goods () 520,400 47,400 170,600 (c) (e) 216,500 0 1 Cost of Goods Sold 473,000 ead to jobs...
Work in Process Inventory $5,350 Manufacturing Overhead Incurred $32,100 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Direct materials $600 $700 Direct labor 300 500 Manufacturing overhead 375 625 $1.275 $1.825 Linton $900 600 750 $2.250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead depreciation on equipment $1,000 and miscellaneous costs of $400 incurred on account. A summary...
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