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Owl Water Bottles hired you to analyze its overhead account and sees the following information: $200,000...
2. You angered Anonymous and they deleted some of your accounting records. You remember a few...
2. You angered Anonymous and they deleted some of your accounting records. You remember a few things though: overhead was $5,000 underapplied, direct materials were twice the direct labor Based on what is left, can you replace the numbers to determine the direct materials? Goods in Process Finished Goods Beginnin Beginnin 50,000 9 40.000 DM COGM DL COGS 50.000 FOH Ending 45,000 COGM Ending 50,000 a. Overhead 30,000 20,000 100002000 b. 30,000 c. 10,000 d. We are Legion. We do...
6. Owl Water Bottles was impressed with your work on the previous question and has given...
6. Owl Water Bottles was impressed with your work on the previous question and has given you a new ( PCOS task. Its water cooler sells for $9 and uses $2 of direct labor, $3 of direct materials. Overhead is applied as 50% of direct labor dollars. How much gross profit do we make when we sell a cooler? a. $3.00 b. $4.00 C. $5.00 d. Can I get transferred to management so I can hire someone to do this?...
The company you work for uses machine hours as an allocation base to allocate overhead to jobs. You also collect the following information:
The company you work for uses machine hours as an allocation base to allocate overhead to jobs. You also collect the following information:Estimated use 47,500m-hPractical capacity 50,000m-hActual usage 46,850m-hFixed manufacturing overhead* $ 1,258,400 *All manufacturing overhead is fixedMachine hours required for Job X55m-h1) Using estimated amount of the allocation base, calculate:a) predetermined overhead rateb) overhead would be applied to Job Xc) underapplied or overapplied overhead2) Using practical capacity amount of the allocation base, calculate:a) predetermined overhead rateb) overhead would be applied to ...
could you complete the t-account and answer questions 15-20 please. Analyze the following January activity for...
could you complete the t-account and answer questions 15-20
please.
Analyze the following January activity for the T-accounts below. Wood's company's predetermined overhead rate is 200% of direct labor cost. Using the following, complete the accounts. Work in Process Inventory Beginning WIP 50,000 Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 60,000 Factory Overhead 138,000 140,000 Beginning FG Finished Goods Inventory 40,000 265.000 35,000 270,000 Ending FG 15. Direct Materials = 16. Direct Labor = 17. Applied...
The Eagles Corporation uses a normal job-order costing system in its only production department. Overhead is...
The Eagles Corporation uses a normal job-order costing system in its only production department. Overhead is applied to jobs by a plant-wide overhead rate based on direct labor hours. The first year of operation began on December 1, 2017. During the month of December, Eagles Corporation purchased direct material with a total cost of $5,000. Of the $5,000, Eagles Corporation used $750 on Job 100. Job 100 was the only job worked during the month of December. Eagles Corporation also...
The Detroit Gear Corporation uses Normal Job-Order Costing in its only production department. Overhead is applied...
The Detroit Gear Corporation uses Normal Job-Order Costing in its only production department. Overhead is applied to jobs by a predetermined rate, which is based on direct labor hours. The Company began business on December 1, 2018. The only job started into process during December was Job 460. During December me Company purchased direct materials with a total cost of $45,000 $2,500 of these direct materials were used on Job 460. The Company also charged a total of $7,650 in...
Required information (The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate...
Required information (The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 c. Paid $15,000 cash...
A company has two departments within its production facility. You have the following information for both...
A company has two departments within its production facility. You have the following information for both departments: Total Estimated Manufacturing Overhead Total Estimated Direct Labor Hours Total Estimated Machine Hours Department 1 $450,000 225,000 10,000 Department 2 $550.000 10,000 40,000 Total $1,000,000 235,000 50,000 If a plant-wide rate is used based on machine hours, and product A used a total of 21 machine hours, the total overhead applied to product A would be: $288.75 $340.00 $420.00 $331.00 A company has...
Need E-J...help? thank you Required information [The following information applies to the questions displayed below.) Marcelino...
Need E-J...help? thank you
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash...
Cornwell Products has adopted an ABC costing system to allocate its overhead costs. The following manufacturing...
Cornwell Products has adopted an ABC costing system to allocate its overhead costs. The following manufacturing activities and cost drivers have been identified: Activity Machine setup Machining Polishing Quality control Facility-level costs Total overhead costs Estimated OH Costs $180,000 $1,050,000 $100,000 $320,000 $150,000 $1,800,000 Esimated amount of allocation base 2,000 setups 12,000 machine hours 5,000 polishing cloths 4,000 test runs 50,000 DL hours The job cost record for Job #804 revealed the following Direct material costs: $1,250 Direct labor 12...
2. You angered Anonymous and they deleted some of your accounting records. You remember a few things though: overhead was $5,000 underapplied, direct materials were twice the direct labor Based on what is left, can you replace the numbers to determine the direct materials? Goods in Process Finished Goods Beginnin Beginnin 50,000 9 40.000 DM COGM DL COGS 50.000 FOH Ending 45,000 COGM Ending 50,000 a. Overhead 30,000 20,000 100002000 b. 30,000 c. 10,000 d. We are Legion. We do...
6. Owl Water Bottles was impressed with your work on the previous question and has given you a new ( PCOS task. Its water cooler sells for $9 and uses $2 of direct labor, $3 of direct materials. Overhead is applied as 50% of direct labor dollars. How much gross profit do we make when we sell a cooler? a. $3.00 b. $4.00 C. $5.00 d. Can I get transferred to management so I can hire someone to do this?...
could you complete the t-account and answer questions 15-20
please.
Analyze the following January activity for the T-accounts below. Wood's company's predetermined overhead rate is 200% of direct labor cost. Using the following, complete the accounts. Work in Process Inventory Beginning WIP 50,000 Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 60,000 Factory Overhead 138,000 140,000 Beginning FG Finished Goods Inventory 40,000 265.000 35,000 270,000 Ending FG 15. Direct Materials = 16. Direct Labor = 17. Applied...
The Detroit Gear Corporation uses Normal Job-Order Costing in its only production department. Overhead is applied to jobs by a predetermined rate, which is based on direct labor hours. The Company began business on December 1, 2018. The only job started into process during December was Job 460. During December me Company purchased direct materials with a total cost of $45,000 $2,500 of these direct materials were used on Job 460. The Company also charged a total of $7,650 in...
Required information (The following information applies to the questions displayed below.) Widmer Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $200,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials Total materials used $ 50,000 33,500 20,200 22,400 6,800 132,900 20,000 $152,900 c. Paid $15,000 cash...
A company has two departments within its production facility. You have the following information for both departments: Total Estimated Manufacturing Overhead Total Estimated Direct Labor Hours Total Estimated Machine Hours Department 1 $450,000 225,000 10,000 Department 2 $550.000 10,000 40,000 Total $1,000,000 235,000 50,000 If a plant-wide rate is used based on machine hours, and product A used a total of 21 machine hours, the total overhead applied to product A would be: $288.75 $340.00 $420.00 $331.00 A company has...
Need E-J...help? thank you
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash...
Cornwell Products has adopted an ABC costing system to allocate its overhead costs. The following manufacturing activities and cost drivers have been identified: Activity Machine setup Machining Polishing Quality control Facility-level costs Total overhead costs Estimated OH Costs $180,000 $1,050,000 $100,000 $320,000 $150,000 $1,800,000 Esimated amount of allocation base 2,000 setups 12,000 machine hours 5,000 polishing cloths 4,000 test runs 50,000 DL hours The job cost record for Job #804 revealed the following Direct material costs: $1,250 Direct labor 12...
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