Homework Answers
| Factory overhead is over applied by $300 as factory overhead applied is $1,500 and actual factory overhead costs incurred is $1,200 | |||||||||||
| The difference is immaterial and thus would be adjusted against cost of goods sold | |||||||||||
| The factory overhead applied to product is higher by $300 and thus there would be credit to cost of goods sold to reduce the cost. | |||||||||||
| Thus, adjustment would require credit to cost of goods sold of $300 | |||||||||||
Add Answer to:
Multiple Select Question Select all that apply A company incurs factory overhead costs of $1,200 and...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $3,150,000, and total direct labor costs would be $1,800,000. During February, the actual direct labor cost totaled $160,000, and factory overhead cost incurred totaled $283,900. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
PLEASE HELP....READ THE INFORMATION CAREFULLY A company’s Factory Overhead T-account shows total debits of $624,000 and...
PLEASE HELP....READ THE INFORMATION CAREFULLY
A company’s Factory Overhead T-account shows total debits of
$624,000 and total credits of $646,000 at the end of the
year.
Determine whether there is over- or underapplied overhead
using the T-account below
Factory Overhead 624,000 Actual overhead Applied overhead 624,000 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory...
Warner Company has the following data for the past year: Actual overhead $470,000 Applied overhead: Work-in-process...
Warner Company has the following data for the past year: Actual overhead $470,000 Applied overhead: Work-in-process inventory $100,000 Finished goods inventory 200,000 Cost of goods sold 200,000 Total $500,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. 2. Assume the variance calculated is material. After prorating, close the variances to...
Cornerstone Exercise 4.2 (Algorithmic) Overhead Variances and Their Disposal Warner Company has the following data for...
Cornerstone Exercise 4.2 (Algorithmic)
Overhead Variances and Their Disposal
Warner Company has the following data for the past year:
Actual overhead
$240,500
Applied overhead:
Work-in-process
inventory
$56,000
Finished goods
inventory
112,000
Cost of goods sold
112,000
Total
$280,000
Warner uses the overhead control account to accumulate both
actual and applied overhead.
Required:
1. Calculate the overhead variance for the
year.
$ - Select your answer -UnderappliedOverappliedCorrect 2 of Item
1
Hide
Provide the appropriate adjusting journal entry to close the...
Almo Company operates two factories: Plant M applies factory overhead to jobs on the basis of...
Almo Company operates two factories: Plant M applies factory overhead to jobs on the basis of machine hours. Plant M Plant D Pre-determined factory overhead rate $10 per machine hour $4 per direct labor hour Actual factory overhead costs for current month $152,000 $93,000 Actual machine hours for current month 16,000 20,000 The entry to apply factory overhead to production for Plant M is Group of answer choices debit Work in process inventory and credit Factory overhead for $160,000 debit...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $489,500 Applied overhead: Work-in-process inventory $104,000 Finished goods inventory 208,000 Cost of goods sold 208,000 Total $520,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. $ Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. 2. Assume the variance calculated is material....
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual...
Overhead Variances and Their Disposal
Warner Company has the following data for the past year: Actual
overhead $660,500 Applied overhead: Work-in-process inventory
$140,000 Finished goods inventory 280,000 Cost of goods sold
280,000 Total $700,000
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $660,500 Applied overhead: Work-in-process inventory $140,000 280,000 Finished goods inventory Cost of goods sold 280,000 Total $700,000 Warner uses the overhead control account to accumulate both actual and applied...
question Question: Company A had the following transactions in January. All went to one job. Company...
question
Question: Company A had the following transactions in January. All
went to one job.
Company A had the following transactions in January. All went to one job. 1. Purchased Raw Materials on account for 46,300 2. 36.000 of Raw materials were issued from the stockroom to manufacturing, Of this total 8,800 was indirect material and 27.200 was direct material 3. Salaries paid to factory workers was 55,000. All was paid in cash, ignore payroll taxes. 4. Labor was charged...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows total debits of $610,000 and total credits of $761,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory Overhead...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
PLEASE HELP....READ THE INFORMATION CAREFULLY
A company’s Factory Overhead T-account shows total debits of
$624,000 and total credits of $646,000 at the end of the
year.
Determine whether there is over- or underapplied overhead
using the T-account below
Factory Overhead 624,000 Actual overhead Applied overhead 624,000 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory...
Warner Company has the following data for the past year: Actual overhead $470,000 Applied overhead: Work-in-process inventory $100,000 Finished goods inventory 200,000 Cost of goods sold 200,000 Total $500,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. 2. Assume the variance calculated is material. After prorating, close the variances to...
Overhead Variances and Their Disposal
Warner Company has the following data for the past year: Actual
overhead $660,500 Applied overhead: Work-in-process inventory
$140,000 Finished goods inventory 280,000 Cost of goods sold
280,000 Total $700,000
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $660,500 Applied overhead: Work-in-process inventory $140,000 280,000 Finished goods inventory Cost of goods sold 280,000 Total $700,000 Warner uses the overhead control account to accumulate both actual and applied...
question
Question: Company A had the following transactions in January. All
went to one job.
Company A had the following transactions in January. All went to one job. 1. Purchased Raw Materials on account for 46,300 2. 36.000 of Raw materials were issued from the stockroom to manufacturing, Of this total 8,800 was indirect material and 27.200 was direct material 3. Salaries paid to factory workers was 55,000. All was paid in cash, ignore payroll taxes. 4. Labor was charged...
QS 2-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead T-account shows total debits of $610,000 and total credits of $761,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet Record the entry to close the balance in the Factory Overhead...
Most questions answered within 3 hours.
-
What Volume (in mL) of KBr solution must be taken so it will
contain 2.83x10^-5 moles...
asked 16 minutes ago -
Dr Johnson invests $9,000 at the rate of 6% annual interest
compounded semi annually for 4...
asked 17 minutes ago -
The contribution format income statement for Huerra Company for
last year is given below:
Total
Unit...
asked 25 minutes ago -
How do I write a program in MIPs assembly that will take 2 words
from the...
asked 25 minutes ago -
two identical cars approach an intersection, one is traveling east
at 18n/s. the second is traveling...
asked 31 minutes ago -
When an X-ray beam with a wavelength of 133 pm is incident on
the surface to...
asked 40 minutes ago -
Compare and contrast the internal and external organization of
Congress and the President.
"2 paragraph"
asked 48 minutes ago -
Suppose that the average waiting time for a patient at a
physician's office is just over...
asked 1 hour ago -
C++
Can somebody help me with this
2 integer right triangles
There are right-angled triangles (i.e.,...
asked 1 hour ago -
A researcher at Lund University is interested in studying the
biological role of a so-called type...
asked 1 hour ago -
Consider where you currently work, where you have previously
worked, or a well-known company where you...
asked 1 hour ago -
For college physics discussion post. Be sure to have
examples.
Respond to the following:
Explain conservation...
asked 1 hour ago