OH rate as % of DLC; | |||||||
Estimated Mfg overheads | 97500 | ||||||
Divide: Estimated DLC | 75000 | ||||||
OH rate as % of DLC; | 130% | ||||||
Overheads applied: | |||||||
Direct labour cost incurrd | 6300 | ||||||
Multiply: OH rate as % of DLC | 130% | ||||||
Overheads applied | 8190 | ||||||
Journal entry | |||||||
S.no. | Accounts title nd explanations | Debit $ | Credit $ | ||||
a. | Work in process inventory | 8190 | |||||
Manufacturing overheads | 8190 | ||||||
(for overheads applied) | |||||||
Manufacturing Overheads | |||||||
Other accounts | 8250 | 8190 | Work in process inventory | ||||
Ending balance | 60 | ||||||
Thus, the balance of Overheads account is $ 60-Debit | |||||||
It represents the under-applied Overheads | |||||||
(as the balance is debit balance) | |||||||
OBJ. 1,3 EX 20-4 Factory overhead rate, entry for applying factory overhead, and factory overhead account...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $588,000, and total direct labor costs would be $490,000. During May, the actual direct labor cost totaled $42,000, and factory overhead cost incurred totaled $52,400. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $592,500, and total direct labor costs would be $474,000. During May, the actual direct labor cost totaled $41,000, and factory overhead cost incurred totaled $53,300. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The chief cost accountant for Mountain Glade Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning April 1 would be $537,500, and total direct labor costs would be $430,000. During April, the actual direct labor cost totaled $37,000, and factory overhead cost incurred totaled $48,100. a. What is the predetermined factory overhead rate based on direct labor cost?...
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 $602,600, and total direct labor costs would be $524,000. During February, the actual direct labor cost totaled $45,000, and factory overhead cost incurred totaled $53,800. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
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 $549,600, and total direct labor costs would be $458,000. During February, the actual direct labor cost totaled $39,000, and factory overhead cost incurred totaled $48,650. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $469,300, and total direct labor costs would be $361,000. During May, the actual direct labor cost totaled $31,000, and factory overhead cost incurred totaled $41,900. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The chief cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $600,300, and total direct labor costs would be $522,000. During May, the actual direct labor cost totaled $45,000, and factory overhead cost incurred totaled $53,800. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
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 $624,800, and total direct labor costs would be $568,000. During February, the actual direct labor cost totaled $49,000, and factory overhead cost incurred totaled $56,050. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
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 fisca year beginning February 1 would be $601,900, and total direct labor costs would be $463,000. During February, the actual direct labor cost totaled $40,000, and factory overhead cost incurred totaled $54,100. a. What is the predetermined factory overhead rate based on direct labor cost? Enter...
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account balance The chief cost accountant for Kenner Beverage Co estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May I would be $723,600, and to labor costs would be $603,000. During May, the actual direct labor cost totaled 552,000, and factory overhead cost incurred totaled $64,900 direct .. What is the predetermined factory overhead rate based on direct labor cost Enter...