Homework Answers
| OH rate per DLH | ||||||
| Estimated Overheads | 850000 | |||||
| Divide: Estimted DLH | 50000 | |||||
| OH rate per DLH | 17 | per DLH | ||||
| Overheads applied: | ||||||
| DLH used | 49500 | |||||
| Multiply: Oh rate per DLH | 17 | |||||
| Overheads applied: | 841500 | |||||
| Under/Over-applied overheads: | ||||||
| Overheads incurred | 843000 | |||||
| Overheads applied | 841500 | |||||
| Under-applied overheads | 1500 | |||||
| Overheads are | Under-applied | |||||
| By: | 1500 | |||||
| Journal entries | ||||||
| S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
| a. | Cost of goods sold | 1500 | ||||
| Manufacturing overheads | 1500 | |||||
| (for under-applied overheads closed) | ||||||
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Crain Company budgeted 35,000 direct labor hours and incurred 40,000 of actual direct labor hours. It...
Crain Company budgeted 35,000 direct labor hours and incurred 40,000 of actual direct labor hours. It estimated overhead of $735,000 and incurred $780,000 of actual overhead. What is Crain's predetermined overhead rate? per direct labor hour Was overhead overapplied or underapplied for the year? By how much? overhead $
If estimated annual factory overhead is $546,000; overhead is applied using direct labor hours; estimated annual...
If estimated annual factory overhead is $546,000; overhead is applied using direct labor hours; estimated annual direct labor hours are 210,000; actual March factory overhead is $48,100; and actual March direct labor hours are 18,000; then overhead is: Multiple Choice $300 underapplied $300 overapplied $1,300 underapplied 900 overapplied $900 underapplied
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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $367,308 and direct labor hours would be 40,812. Actual factory overhead costs incurred were $439,214, and actual direct labor hours were 50,835. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$18,301 underapplied b.$457,515 overapplied c.$90,207 underapplied d.$18,301 overapplied
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A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $426,870 and direct labor hours would be 47,430. Actual factory overhead costs incurred were $462,974, and actual direct labor hours were 53,585. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a.$55,395 underapplied b.$482,265 overapplied c.$19,291 underapplied d.$19,291 overapplied
QUESTION 9 A manufacturing company applies factory overhead based on direct labor hours. At the beginning...
QUESTION 9 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a. $6,000 underapplied b.$54,800 overapplied c. $6,000 overapplied d. $54,800 underapplied
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted...
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours Actual factory overhead Actual direct labor hours Actual machine hours $1,505,000 86,000 43,000 1,402,000 88,300 41,400 If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $49,059 overapplied. $47,000 underapplied. $47,000 overapplied. $49,059 underapplied.
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied...
At the end of the year, overhead applied was $3,706,000. Actual overhead was $3,418,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $576,000 b.decrease by $288,000 c.increase by $288,000 d.increase by $576,000 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $345,800 and direct labor hours would be 42,600. Actual manufacturing overhead costs incurred were $320,800, and...
Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factorie...
Factory Overhead Rates, Entries, and Account Balance Sundance Solar Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Factory 2 Estimated factory overhead cost for fiscal year beginning March 1 $1,018,350 $889,600 Estimated direct labor hours for year 13,900 Estimated machine hours for...
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted...
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours Actual factory overhead Actual direct labor hours Actual machine hours $1,260,000 75,000 42,000 1,040,300 87,600 40,700 If overhead is applied based on direct labor hours, overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice O $431,380 overapplied $316,255 overapplied.
Crain Company budgeted 35,000 direct labor hours and incurred 40,000 of actual direct labor hours. It estimated overhead of $735,000 and incurred $780,000 of actual overhead. What is Crain's predetermined overhead rate? per direct labor hour Was overhead overapplied or underapplied for the year? By how much? overhead $
If estimated annual factory overhead is $546,000; overhead is applied using direct labor hours; estimated annual direct labor hours are 210,000; actual March factory overhead is $48,100; and actual March direct labor hours are 18,000; then overhead is: Multiple Choice $300 underapplied $300 overapplied $1,300 underapplied 900 overapplied $900 underapplied
QUESTION 9 A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual factory overhead costs incurred were $377,200, and actual direct labor hours were 36,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? a. $6,000 underapplied b.$54,800 overapplied c. $6,000 overapplied d. $54,800 underapplied
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours Actual factory overhead Actual direct labor hours Actual machine hours $1,505,000 86,000 43,000 1,402,000 88,300 41,400 If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $49,059 overapplied. $47,000 underapplied. $47,000 overapplied. $49,059 underapplied.
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours Actual factory overhead Actual direct labor hours Actual machine hours $1,260,000 75,000 42,000 1,040,300 87,600 40,700 If overhead is applied based on direct labor hours, overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice O $431,380 overapplied $316,255 overapplied.
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