Homework Answers
1) Predetermined overhead rate= Total budgeted manufacturing overhead/Total budgeted machine hours
= $235000/47000= $5 per machine hour
2) Actual total machine hours= 1000+2500+500= 4000 hours
Applied manufacturing overhead= 4000*$5= $20000
3) Overapplied or underapplied overhead= Actual manufacturing overhead-Applied manufacturing overhead
= $26000-20000= $6000 underapplied
Underapplied overhead= $6000
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(The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses normal costing,...
Required information The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses...
Required information The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in-process on the basis of machine hours. On January 1 of the current year, there were no balances in work-in-process or finished goods Inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 235,000 47,000 During January, the firm began the following production jobs: A79: 1,000...
! Required information [The following information applies to the questions displayed below.] Midnight Sun Apparel Company...
! Required information [The following information applies to the questions displayed below.] Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in- process on the basis of machine hours. On January 1 of the current year, there were no balances in work- in-process or finished-goods inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 282,000 47,000 During January, the firm began the following production jobs:...
Required information [The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses...
Required information [The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in-process on the basis of machine hours. On January 1 of the current year, there were no balances in work-in-process or finished-goods Inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 235,000 47,000 During January, the firm began the following production Jobs: A79: 1,000 machine...
Required information 5 [The following information applies to the questions displayed below.] Midnight Sun Apparel Company...
Required information 5 [The following information applies to the questions displayed below.] Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in- process on the basis of machine hours. On January 1 of the current year, there were no balances in work- in-process or finished-goods inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 282,000 47,000 During January, the firm began the following production jobs:...
[The following information applies to the questions displayed below. Delph Company uses a job-order costing system...
[The following information applies to the questions displayed below. Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Total Molding Fabrication 36,000 26,000 Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour 62,000 280,000 $760,000 $ $1,040,000 $5.40 $ 5.40 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
[The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses...
[The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.25 per direct labor-hour was based on a cost formula that estimated $490,000 of total manufacturing...
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system...
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Total Fabrication Molding 26,000 Machine-hours 36,000 62,000 230,000 $ 700,000 $ 930,000 Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour 6.00 6.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
[The following information applies to the questions displayed below.) Delph Company uses a job-order costing system...
[The following information applies to the questions displayed below.) Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Fabrication 36,000 Molding Machine-hours 26,000 Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour $ 6.00 Total 62,000 $ 930,000 230,000 $ 700.000 $ 6.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job...
[The following information applies to the questions displayed below) Delph Company uses a job-order costing system...
[The following information applies to the questions displayed below) Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginn the year Molding Fabrication Total 26,000 36,092 62,090 $748,092 240,000 $988,888 Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour 5 5.50 $ 5.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
Required information The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in-process on the basis of machine hours. On January 1 of the current year, there were no balances in work-in-process or finished goods Inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 235,000 47,000 During January, the firm began the following production jobs: A79: 1,000...
! Required information [The following information applies to the questions displayed below.] Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in- process on the basis of machine hours. On January 1 of the current year, there were no balances in work- in-process or finished-goods inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 282,000 47,000 During January, the firm began the following production jobs:...
Required information [The following information applies to the questions displayed below.) Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in-process on the basis of machine hours. On January 1 of the current year, there were no balances in work-in-process or finished-goods Inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 235,000 47,000 During January, the firm began the following production Jobs: A79: 1,000 machine...
Required information 5 [The following information applies to the questions displayed below.] Midnight Sun Apparel Company uses normal costing, and manufacturing overhead is applied to work-in- process on the basis of machine hours. On January 1 of the current year, there were no balances in work- in-process or finished-goods inventories. The following estimates were included in the current year's budget. Total budgeted manufacturing overhead Total budgeted machine hours $ 282,000 47,000 During January, the firm began the following production jobs:...
[The following information applies to the questions displayed below. Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Total Molding Fabrication 36,000 26,000 Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour 62,000 280,000 $760,000 $ $1,040,000 $5.40 $ 5.40 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
[The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.25 per direct labor-hour was based on a cost formula that estimated $490,000 of total manufacturing...
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Total Fabrication Molding 26,000 Machine-hours 36,000 62,000 230,000 $ 700,000 $ 930,000 Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour 6.00 6.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
[The following information applies to the questions displayed below.) Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Fabrication 36,000 Molding Machine-hours 26,000 Fixed manufacturing overhead costs Variable manufacturing overhead per machine-hour $ 6.00 Total 62,000 $ 930,000 230,000 $ 700.000 $ 6.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job...
[The following information applies to the questions displayed below) Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginn the year Molding Fabrication Total 26,000 36,092 62,090 $748,092 240,000 $988,888 Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour 5 5.50 $ 5.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
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