Homework Answers
The Statement is True that application of manufacturing overhead that is being applied to various job can also be referred as transfer of Manufacturing overhead account to work in process inventory account.
Correct answer is option 1 ( i.e. True ).
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The application of $60,000 of manufacturing overhead to various jobs during the period can be described...
During December, Moulding Corporation incurred $79,000 of actual Manufacturing Overhead costs. During the same period, the...
During December, Moulding Corporation incurred $79,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $77,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for incurrence of manufacturing overhead...
During March, Pendergraph Corporation incurred $66,000 of actual Manufacturing Overhead costs. During the same period, the...
During March, Pendergraph Corporation incurred $66,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $68,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:
20. During February, Irving Corporation incurred $84,000 of actual Manufacturing Overhead costs. During the same period,...
20. During February, Irving Corporation incurred $84,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $80,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a:
You are examining the application of overhead for the month of July and preparing to close...
You are examining the application of overhead for the month of July and preparing to close the MOH account. According to the company data, manufacturing overhead has been debited $125,000 and the credits total $130,000. Which of the following is true? a. The manufacturing overhead applied to Work in Process was $125,000 b. Manufacturing overhead was over applied by $5,000 c. The actual overhead for the company was $130,000 d. Manufacturing overhead was under applied by $5,000 oed for the...
During March, Pendergraph Corporation incurred $77,000 of actual Manufacturing Overhead costs. During the same period, the...
During March, Pendergraph Corporation incurred $77,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $79,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: Multiple Choice credit to Manufacturing Overhead of $77,000 credit to Work in Process of $79,000 debit to Work in Process of $79,000 debit to Manufacturing Overhead of $77,000
Muldorf, Inc. has two manufacturing departments, Forming and Assembly. The company applies manufacturing overhead to jobs...
Muldorf, Inc. has two manufacturing departments, Forming and Assembly. The company applies manufacturing overhead to jobs using a predetermined rate based on machine hours in the Forming Department and on direct labor hours in the Assembly Department. Information used to compute predetermined rates is given below: Estimated total manufacturing overhead cost Estimated machine hours Estimated direct labor hours Forming Assembly $325,000 $200,000 100,000 60,000 25,000 80,000 Job 99 required 400 machine hours in the Forming Department and 200 direct labor...
Closing Manufacturing Overhead: Two Approaches. Olympia Company incurred actual manufacturing ove...
Closing Manufacturing Overhead: Two Approaches. Olympia Company incurred actual manufacturing overhead costs of $630,000 during the year ended December 31, 2012. A total of $570,000 in overhead was applied to jobs. At December 31, 2012, work-in-process inventory totals $200,000, and finished goods inventory totals $400,000. Cost of goods sold before adjustments totals $1,400,000 for the year. 1. Is overhead underapplied or overapplied? 2. Create the journal entry to close the manufacturing overhead account, assuming the balance is immaterial. 3. Create...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
What is the journal entry for the application of Factory Overhead to Work in Process if...
What is the journal entry for the application of Factory Overhead to Work in Process if the driver is imprints, the rate is $1.80 per imprint, and the imprint meter reads 1,780 at the start of the day and 2,890 at the end of the day? a. Work in Process 1.80 Factory Overhead 1.80 O b. Work in Process 1,998 Depreciation Expense 1,998 OC. Work in Process 1,998 Cash 1,998 d. Work in Process 1,998 Factory Overhead 1,998 Carmel Company...
14. Bretthauer Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of...
14. Bretthauer Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of July. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $60,000 and the total of the credits to the account was $72,000. Which of the following statements is true? A. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $60,000. B....
During December, Moulding Corporation incurred $79,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $77,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for incurrence of manufacturing overhead...
You are examining the application of overhead for the month of July and preparing to close the MOH account. According to the company data, manufacturing overhead has been debited $125,000 and the credits total $130,000. Which of the following is true? a. The manufacturing overhead applied to Work in Process was $125,000 b. Manufacturing overhead was over applied by $5,000 c. The actual overhead for the company was $130,000 d. Manufacturing overhead was under applied by $5,000 oed for the...
During March, Pendergraph Corporation incurred $77,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $79,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a: Multiple Choice credit to Manufacturing Overhead of $77,000 credit to Work in Process of $79,000 debit to Work in Process of $79,000 debit to Manufacturing Overhead of $77,000
Muldorf, Inc. has two manufacturing departments, Forming and Assembly. The company applies manufacturing overhead to jobs using a predetermined rate based on machine hours in the Forming Department and on direct labor hours in the Assembly Department. Information used to compute predetermined rates is given below: Estimated total manufacturing overhead cost Estimated machine hours Estimated direct labor hours Forming Assembly $325,000 $200,000 100,000 60,000 25,000 80,000 Job 99 required 400 machine hours in the Forming Department and 200 direct labor...
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June. Debits to account: Balance, June 1 Direct naterials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) $ 5,e8e 18,888 12,eee 15,8ee $ 58,800 Total debits to account Credits to account: Transferred to...
What is the journal entry for the application of Factory Overhead to Work in Process if the driver is imprints, the rate is $1.80 per imprint, and the imprint meter reads 1,780 at the start of the day and 2,890 at the end of the day? a. Work in Process 1.80 Factory Overhead 1.80 O b. Work in Process 1,998 Depreciation Expense 1,998 OC. Work in Process 1,998 Cash 1,998 d. Work in Process 1,998 Factory Overhead 1,998 Carmel Company...
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