In its first year of operation, Montreal Printing Shop estimated manufacturing overhead costs and activity in...
In its first year of operation, Montreal Printing Shop estimated manufacturing overhead costs and activity in order to determine a predetermined overhead rate. At year end, overhead was over-applied by $4,700. It has been decided this over-applied overhead is material at the end of the year and the amount should be allocated among work in process 10%, finished goods 28%, and the rest to the cost of goods sold. Prepare the adjusting entry to close out the over-applied overhead.
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| Statementshowing Computations | ||
| Paticulars | Dr | Cr |
| Manufacturing Overhead DR | 4,700.00 | |
| To Work in process | 470.00 | |
| To Finished Goods | 1,316.00 | |
| To cost of goods sold | 2,914.00 | |
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In its first year of operation, Montreal Printing Shop estimated
manufacturing overhead costs and activity in...
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"At the end of the year, all manufacturing overhead transactions are complete. There is no further opportunity for offsetting events to occur. At this point, Wallace Company eliminates any balance in Manufacturing Overhead by an adjusting entry. It considers under‐ or overapplied overhead to be an adjustment to cost of goods sold. Thus, Wallace debits underapplied overhead to Cost of Goods Sold. It credits overapplied overhead to Cost of Goods Sold. After Wallace posts this entry, Manufacturing Overhead has a...
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Please explain in detail
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Please help with the following problem. Yarra Fabrication estimates that its manufacturing overhead will be $2,348,800...
Please help with the following problem.
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Southern Rim Parts estimates its manufacturing overhead to be
$436,000 and its direct labor costs to be $1,090,000 for year 1.
The first three jobs that Southern Rim worked on had actual direct
labor costs of $68,000 for Job 301, $93,000 for Job 302, and
$190,000 for Job 303. For the year, actual manufacturing overhead
was $384,000 and total direct labor cost was $831,000.
Manufacturing overhead is applied to jobs on the basis of direct
labor costs using predetermined rates....
Please explain in detail
including the math
Yarra Fabrication estimates that its manufacturing overhead will be $2,240,000 in year 1. It further estimates that direct material costs will amount to $1,400,000. Actual manufacturing overhead costs for the year were $2,400,000. Actual direct materials costs were $1,550,000. Manufacturing overhead is applied to jobs based direct materials cost using predetermined rates. Overhead applied in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $...
Please help with the following problem.
Yarra Fabrication estimates that its manufacturing overhead will be $2,348,800 in year 1. It further estimates that direct material costs will amount to $1,468,000. Actual manufacturing overhead costs for the year were $2,485,000. Actual direct materials costs were $1,635.000. Manufacturing overhead is applied to jobs based direct materials cost using predetermined rates. Overhead applied in each of the inventory accounts is as follows. Work-in-process inventory Finished goods inventory Cost of goods sold $ 497,750...
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