An equipment repairer estimates overhead for the year at $175,000; estimates labor for the year as 6,000 hours. Prepare the following journal entries:
a. Purchased materials on account, $126,000
b. Traced materials to repair jobs $110,880
c. Labor traced to repair jobs $165,000
d. Overhead incurred (indirect labor): $171,300.
e. Overhead is applied to repair jobs based on labor hours. Actual labor hours were 5,500.
f. Ending work-in-process consisted of one repair job with a cost of $1,976. There was no beginning work-in-process.
g. Write-off the over- or underapplied overhead to the cost of repair jobs at the end of the year
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An equipment repairer estimates overhead for the year at $175,000; estimates labor for the year as 6,000 hours. Prepare the following journal entries:
The Maryland Company is a computer repair shop and had the following transactions and events during...
The Maryland Company is a computer repair shop and had the following transactions and events during the year. Estimated overhead for the year was $175,000; estimated labor for the year was 6,000 hours. 1. Purchased materials on account, $126,000. 2. Traced materials to repair jobs $110,880; general shop materials used $9,500. 3. Labor traced to repair jobs $165,000, untraced labor was $22,200. 4. Overhead incurred (not including materials or labor): $139,600. 5. Overhead is applied to repair jobs based on...
An equipment repairer estimates overhead for the year at $175,000; estimates labor for the year as 6,000 hours. Prepare the following journal entries:
An equipment repairer estimates overhead for the year at $175,000; estimates labor for the year as 6,000 hours. Prepare the following journal entries:
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current...
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $13.00 per direct labor-hour was based on a cost
formula that estimated $520,000 of total manufacturing overhead for
an estimated activity level of 40,000 direct labor-hours. The
following transactions were recorded for the year:
Raw materials were purchased on account, $584,000.
Raw materials use in production, $537,600. All of of the raw
materials were used as direct...
1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a...
1. Compute the amount of underapplied or
overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year
using the indirect method. (Enter all deductions as a
negative.)
The following cost data relate to the manufacturing activities of Black Company during the just completed year: $ 2,800 5,000 9,800 23,900 5,800 $47,300 Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs Other...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $400,000 Direct labor cost $60,000 Inventories: Raw materials, beginning $20,000 Raw materials, ending $30,000 Work in process, beginning $20,000 Work in process, ending $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead...
2. Prepare journal entries for the month of April to record the above transactions Need helf...
2.
Prepare journal entries for the month of April to record the above
transactions
Need helf with f2,f3,f4
(The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is...
18) Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour, based...
18) Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour, based on an estimate of 24,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred 34,000 Actual direct labor-hours worked 127,000 The overapplied or underapplied manufacturing overhead for the year was: A) $3,000 underapplied B) $3,000 overapplied C) $12,000 underapplied D) $12,000 overapplied 19) Boursaw Corporation has provided the following data concerning last...
If overhead is applied to production on the basis of direct labor cost, what predetermined overhead...
If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? he predetermined overhead rate was % of direct labor cost Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $9,250 of this balance is direct labor cost, how much of it is direct...
juattoleE year Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation,...
juattoleE year Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories Raw materials, beginning Raw materlals, ending work in process, beginning Work in process, ending $ 16,6e8 146,eee 9,600 86,eee 252,700 11,6e0 $522,5e0 $ 416,000 $76,e00 $ 21,600 $ 31,6e0 $ 41.6ee $ 71.600 The company uses a predetermined overhead rate...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
The Maryland Company is a computer repair shop and had the following transactions and events during the year. Estimated overhead for the year was $175,000; estimated labor for the year was 6,000 hours. 1. Purchased materials on account, $126,000. 2. Traced materials to repair jobs $110,880; general shop materials used $9,500. 3. Labor traced to repair jobs $165,000, untraced labor was $22,200. 4. Overhead incurred (not including materials or labor): $139,600. 5. Overhead is applied to repair jobs based on...
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $13.00 per direct labor-hour was based on a cost
formula that estimated $520,000 of total manufacturing overhead for
an estimated activity level of 40,000 direct labor-hours. The
following transactions were recorded for the year:
Raw materials were purchased on account, $584,000.
Raw materials use in production, $537,600. All of of the raw
materials were used as direct...
1. Compute the amount of underapplied or
overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year
using the indirect method. (Enter all deductions as a
negative.)
The following cost data relate to the manufacturing activities of Black Company during the just completed year: $ 2,800 5,000 9,800 23,900 5,800 $47,300 Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs Other...
2.
Prepare journal entries for the month of April to record the above
transactions
Need helf with f2,f3,f4
(The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is...
18) Precision Corporation used a predetermined overhead rate last year of $3 per direct labor-hour, based on an estimate of 24,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred 34,000 Actual direct labor-hours worked 127,000 The overapplied or underapplied manufacturing overhead for the year was: A) $3,000 underapplied B) $3,000 overapplied C) $12,000 underapplied D) $12,000 overapplied 19) Boursaw Corporation has provided the following data concerning last...
If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? he predetermined overhead rate was % of direct labor cost Was manufacturing overhead underapplied or overapplied? By how much? Manufacturing overhead was Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $9,250 of this balance is direct labor cost, how much of it is direct...
juattoleE year Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories Raw materials, beginning Raw materlals, ending work in process, beginning Work in process, ending $ 16,6e8 146,eee 9,600 86,eee 252,700 11,6e0 $522,5e0 $ 416,000 $76,e00 $ 21,600 $ 31,6e0 $ 41.6ee $ 71.600 The company uses a predetermined overhead rate...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244.500 and 9,500 estimated direct labor hours. Actual manufacturing overhead for the year amounted to $245,200 and actual direct labor-hours were 6,200. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 0 $84.912 underapplied O o $85,612 underapplied O o $84,912 overapplied...
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