Homework Answers
1) Actual overhead = 237000
Applied overhead = 240000
Over applied overhead = 240000-237000 = 3000
2) Journal entry
| Date | account and explanation | Debit | Credit |
| Cost of goods sold | 47000 | ||
| Manufacturing overhead | 47000 | ||
| (To record under applied overhead) |
1. In a Job order costing, direct labor costs usually are recorded initially with a debit to : Work in process inventory
Add Answer to:
1& 2
For hapter 3: Job-Order Costing: Cost Flows and Financial Reporting nt Company had actual...
Heathcote Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or...
Heathcote Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year $ 546,000 Estimated direct labor-hours at the beginning of the year 42,000 direct labor-hours Results of operations: Actual direct labor-hours 47,000 direct labor-hours Manufacturing overhead: Indirect labor cost $...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.60 per machine-hour was based on a cost formula that estimates $260,000 of total manufacturing overhead for an estimated activity level of 100,000 machine-hours. Required: 1. Assume that during the year the company works only 95,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Job Order Costing To keep records of the actual cost of a special order job, a...
Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,200...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...
Harwood Company uses a job-order costing system that applies
overhead cost to jobs on the basis of machine-hours. The company's
predetermined overhead rate of $2.70 per machine-hour was based on
a cost formula that estimates $243,000 of total manufacturing
overhead for an estimated activity level of 90,000
machine-hours.
Required:
1. Assume that during the year the company works only 85,000
machine-hours and incurs the following costs in the Manufacturing
Overhead and Work in Process accounts: Compute the amount of
overhead...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.80 per machine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine-hours. Required: 1. Assume that during the year the company works only 78,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system....
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 54,500 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: 0.62 points Job Alpha eBook Direct materials Direct labor Hint Manufacturing...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $201.600 of total manufacturing overhead for an estimated activity level of 84,000 machine-hours. Required: 1. Assume that during the year the company works only 79,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system....
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 64,400 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system....
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $12.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 68,200 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 (Algo) Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing...
Exercise 2-7 (Algo) Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $20.50 per hour. During the year, the company started and completed only two jobs—Job Alpha, which used 69,900 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total...
Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,200...
Harwood Company uses a job-order costing system that applies
overhead cost to jobs on the basis of machine-hours. The company's
predetermined overhead rate of $2.70 per machine-hour was based on
a cost formula that estimates $243,000 of total manufacturing
overhead for an estimated activity level of 90,000
machine-hours.
Required:
1. Assume that during the year the company works only 85,000
machine-hours and incurs the following costs in the Manufacturing
Overhead and Work in Process accounts: Compute the amount of
overhead...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.80 per machine-hour was based on a cost formula that estimates $232,400 of total manufacturing overhead for an estimated activity level of 83,000 machine-hours. Required: 1. Assume that during the year the company works only 78,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 54,500 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: 0.62 points Job Alpha eBook Direct materials Direct labor Hint Manufacturing...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $201.600 of total manufacturing overhead for an estimated activity level of 84,000 machine-hours. Required: 1. Assume that during the year the company works only 79,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 64,400 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 Job-Order Costing; Working Backwards [LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $12.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 68,200 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job...
Exercise 2-7 (Algo) Job-Order Costing; Working Backwards (LO2-1, LO2-2, LO2-3] Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $20.50 per hour. During the year, the company started and completed only two jobs—Job Alpha, which used 69,900 direct labor-hours, and Job Omega. The job cost sheets for the these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total...
Most questions answered within 3 hours.
-
What is the net ionic equation for the reaction that would occur
when an aqueous solution...
asked 1 hour ago -
A
student bought $1000 worth of furniture. What is the equivalent
annual cost if it is...
asked 1 hour ago -
What taboo subject did Ida B. Wells suggest was consensual
between black men and white women?...
asked 3 hours ago -
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 4 hours ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 4 hours ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 6 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 7 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 7 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 7 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 7 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 8 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 8 hours ago