Homework Answers
| No | General Journal | Debit | Credit |
| 1 | Work in process inventory | 364,000 | |
| Manufacturing overhead | 364,000 | ||
| 2 | Work in Process Inventory | 185,900 | |
| Manufacturing overhead | 185,900 | ||
| (338,000/20,000)*11,000 |
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The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 210,000 364,000 20,000 20,000 $ 13 $338,000 11,000 18,000 $ 16 Required: Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year,...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $ 210,000 Actual manufacturing overhead 364,000 Budgeted machine hours (based on practical capacity) 20,000 Budgeted direct-labor hours (based on practical capacity) 20,000 Budgeted direct-labor rate $ 14 Budgeted manufacturing overhead $ 340,000 Actual machine hours 11,000 Actual direct-labor hours 18,000 Actual direct-labor rate $ 16 Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year,...
The following data pertain to the Oneida Restaurant SupplyCompany for the year just ended.Budgeted...
The following data pertain to the Oneida Restaurant Supply
Company for the year just ended.Budgeted sales revenue$200,000Actual manufacturing overhead338,000Budgeted machine hours (based on practical capacity)8,000Budgeted direct-labor hours (based on practical capacity)20,000Budgeted direct-labor rate$13Budgeted manufacturing overhead$364,000Actual machine hours11,000Actual direct-labor hours18,000Actual direct-labor rate$15Exercise 3-35 Part 1Required:1. Compute the firm’s predetermined overhead
rate for the year using each of the following common cost drivers:
(a) machine hours, (b) direct-labor hours, and
(c) direct-labor dollars. (Round your answers to 2
decimal place.)2. Calculate the...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 10,000 20,000 $364,000 11,000 18,000 12 Required: 1. Compute the firm's predetermined overhead rate for the year using...
Crystal Glassware Company has the following standards and flexible-budget data. $ 6.00 per direct-labor hour 2 hours pe...
Crystal Glassware Company has the following standards and flexible-budget data. $ 6.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $100,000 25,000 units Actual results for April are as follows: Actual output 20,000 units $320,000 97,000 50,000 hours Actual variable overhead Actual fixed overhead Actual direct labor Required: Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal...
Required Information (The following Information applies to the questions displayed below) The following data pertain to...
Required Information (The following Information applies to the questions displayed below) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. $280,00 336,000 8,888 20,880 14 Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-Labor hours Actual direct-Labor rate $364,000 11,00 18,000 $ 15 Required 1. Compute the firm's predetermined overhead rate...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Required information [The following information applies to the questions displayed below.] The following data pertain to...
Required information [The following information applies to the questions displayed below.] The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $ 205,000 Actual manufacturing overhead 338,000 Budgeted machine hours (based on practical capacity) 8,000 Budgeted direct-labor hours (based on practical capacity) 20,000 Budgeted direct-labor rate $ 13 Budgeted manufacturing overhead $ 364,000 Actual machine hours 11,000 Actual direct-labor hours 18,000 Actual direct-labor rate $ 17 Required: 1. Compute the firm’s predetermined...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...
! 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:...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 210,000 364,000 20,000 20,000 $ 13 $338,000 11,000 18,000 $ 16 Required: Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year,...
The following data pertain to the Oneida Restaurant Supply
Company for the year just ended.Budgeted sales revenue$200,000Actual manufacturing overhead338,000Budgeted machine hours (based on practical capacity)8,000Budgeted direct-labor hours (based on practical capacity)20,000Budgeted direct-labor rate$13Budgeted manufacturing overhead$364,000Actual machine hours11,000Actual direct-labor hours18,000Actual direct-labor rate$15Exercise 3-35 Part 1Required:1. Compute the firm’s predetermined overhead
rate for the year using each of the following common cost drivers:
(a) machine hours, (b) direct-labor hours, and
(c) direct-labor dollars. (Round your answers to 2
decimal place.)2. Calculate the...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 10,000 20,000 $364,000 11,000 18,000 12 Required: 1. Compute the firm's predetermined overhead rate for the year using...
Crystal Glassware Company has the following standards and flexible-budget data. $ 6.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $100,000 25,000 units Actual results for April are as follows: Actual output 20,000 units $320,000 97,000 50,000 hours Actual variable overhead Actual fixed overhead Actual direct labor Required: Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal...
Required Information (The following Information applies to the questions displayed below) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. $280,00 336,000 8,888 20,880 14 Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-Labor hours Actual direct-Labor rate $364,000 11,00 18,000 $ 15 Required 1. Compute the firm's predetermined overhead rate...
The following information applies to the questions displayed below. Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...
! 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:...
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