Homework Answers
Correct answer-----------Credit to manufacturing overhead for $26200.
Both the Work in process accounts will be debited with the applied overheads not credited. Manufacturing overhead on the other hand will be credited.
| Milling | Cutting | Total | ||
| (A) | Actual Machine Hours | 2,400 | 4150 | |
| (B) | Overhead rate for fixed overhead | $ 4.00 | $ 4.00 | |
| (AxB) | Allocated Overheads | $ 9,600 | $ 16,600 | $ 26,200 |
WIP-Milling department will be debited for $9600 and WIP-Cutting department will be debited for $16600.
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hours.
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hours are used.
Manufacturing overhead rate
$
per machine hour
Manufacturing Overhead
$
repare the adjusting entry to assign the under- or overapplied
overhead for the year to cost of goods sold. (Credit
account titles are automatically...
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Ikerd Company applies manufacturing overhead to jobs on the
basis of machine hours used. Overhead costs are expected to total
$300,000 for the year, and machine usage is estimated at 125,000
hours.
For the year, $322,000 of overhead costs are incurred and 130,000
hours are used.
Manufacturing overhead rate
$
per machine hour
Manufacturing Overhead
$
repare the adjusting entry to assign the under- or overapplied
overhead for the year to cost of goods sold. (Credit
account titles are automatically...
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