Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 17, Problem 21E
1.
To determine
Determine the machine hours used by Company SK in 2018.
2.
To determine
Determine whether the manufacturing overhead is over allocated or under allocated for the year 2018.
3.
To determine
Prepare the
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(a) Compute Elite’s predetermined manufacturing overhead rate for 2020. (b) Calculate the total manufacturing costs for each job. (c) Using the total figures, record the above transactions in the general journal.
i)Compute Fielder’s predetermined manufacturing overhead rate for 2020.
ii)State the journal entries necessary to record the above transactions in the general journal:
a)For direct materials used in February
b)For indirect material issued to production in February
c)For total manufacturing labour incurred in February
d)To assign manufacturing labour to the appropriate accounts
e)For other manufacturing overhead incurred
f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours.
g)To move the completed jobs into finished goods inventory
h)To sell the two completed jobs on account
Accounting for overheadOak Outdoor Furniture manufactures wood patio furniture. If the company reports the following costs for June 2018, what is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Assume that the labor has been incurred, but not yet paid. Prepare journal entries for overhead costs incurred in June.
Chapter 17 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Would the following companies most likely use a...Ch. 17 - Prob. 6TICh. 17 - Record the following journal entries for Smith...Ch. 17 - Prob. 8TICh. 17 - Prob. 9TICh. 17 - Prob. 10TI
Ch. 17 - Prob. 11TICh. 17 - Prob. 12TICh. 17 - The following information pertains to Smith...Ch. 17 - Prob. 14TICh. 17 - Prob. 15TICh. 17 - Prob. 16TICh. 17 - Wesson Company is a consulting firm. The firm...Ch. 17 - Prob. 18TICh. 17 - Would an advertising agency use job order or...Ch. 17 - Prob. 2QCCh. 17 - When a manufacturing company uses indirect...Ch. 17 - When a manufacturing company uses direct labor, it...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - Gell Corporation manufactures computers. Assume...Ch. 17 - A manufacturing company completed work on a job....Ch. 17 - For which of the following reasons would David...Ch. 17 - Why do managers need to know the cost of their...Ch. 17 - What types of companies use job order costing...Ch. 17 - What types of companies use process costing...Ch. 17 - What is the purpose of a job cost record?Ch. 17 - Explain the difference between cost of goods...Ch. 17 - A job was started on May 15, completed on June 27,...Ch. 17 - Give the journal entry for raw materials purchased...Ch. 17 - What is the purpose of the raw materials...Ch. 17 - How does the use of direct and indirect materials...Ch. 17 - Prob. 10RQCh. 17 - Give five examples of manufacturing overhead...Ch. 17 - What is the predetermined overhead allocation...Ch. 17 - What is an allocation base? Give some examples.Ch. 17 - How is manufacturing overhead allocated to jobs?Ch. 17 - A completed job cost record shows the unit cost of...Ch. 17 - Prob. 16RQCh. 17 - Give the journal entry for the completion of a...Ch. 17 - Prob. 18RQCh. 17 - Explain the difference between underallocated...Ch. 17 - If a company incurred 5,250 in actual overhead...Ch. 17 - Prob. 21RQCh. 17 - Explain the terms accumulate, assign, allocate,...Ch. 17 - Prob. 23RQCh. 17 - Prob. 24RQCh. 17 - Would the following companies most likely use job...Ch. 17 - Prob. 2SECh. 17 - Analyze the following T-accounts to determine the...Ch. 17 - Prob. 4SECh. 17 - Oak Outdoor Furniture manufactures wood patio...Ch. 17 - Job 303 includes direct materials costs of 550 and...Ch. 17 - Calculating predetermined overhead allocation...Ch. 17 - Lincoln Company completed jobs that cost 38,000 to...Ch. 17 - Columbus Enterprises reports the following...Ch. 17 - The T-account showing the manufacturing overhead...Ch. 17 - Adjusting Manufacturing Overhead Justice Companys...Ch. 17 - Prob. 12SECh. 17 - Prob. 13SECh. 17 - Prob. 14SECh. 17 - Prob. 15ECh. 17 - Defining terminology Match the following terms to...Ch. 17 - Prob. 17ECh. 17 - Goldenrod Company makes artificial flowers and...Ch. 17 - Selected cost data for Classic Print Co. are as...Ch. 17 - Prob. 20ECh. 17 - Prob. 21ECh. 17 - Prob. 22ECh. 17 - Jordan Company has the following information for...Ch. 17 - Journalize the following transactions for Marges...Ch. 17 - Prob. 25ECh. 17 - Analyze the following T-accounts, and determine...Ch. 17 - Prob. 27ECh. 17 - Clement Manufacturing makes carrying cases for...Ch. 17 - Ki Technology Co. manufactures DVDs for computer...Ch. 17 - Superior Construction, Inc. is a home builder in...Ch. 17 - Accounting for manufacturing overhead Prestige...Ch. 17 - Mighty Stars produces stars for elementary...Ch. 17 - Bluebird Design, Inc. is a Web site design and...Ch. 17 - Sutherland Manufacturing makes carrying cases for...Ch. 17 - Ye Technology Co. manufactures DVDs for computer...Ch. 17 - Meadow Construction, Inc. is a home builder in...Ch. 17 - Accounting for manufacturing overhead Elegant...Ch. 17 - Hero Stars produces stars for elementary teachers...Ch. 17 - Skylark Design, Inc. is a Web site design and...Ch. 17 - Accounting for manufacturing overhead This problem...Ch. 17 - Granite Construction Incorporated is a major...Ch. 17 - Hiebert Chocolate, Ltd. is located in Memphis. The...Ch. 17 - Prob. 1FC
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- Required: 1. Compute Harriott’s predetermined manufacturing overhead rate for 2020. 2. State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriott manufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account. 3. Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.arrow_forwardi) Compute Harriott’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record the above transactions in the general journal: For direct materials used in November For indirect material issued to production in November For total manufacturing labour incurred in November To assign manufacturing labour to the appropriate accounts For other manufacturing overhead incurred For manufacturing overhead applied to production for November, given that Harriottmanufacturing company worked 2,860 machine hours. To move the completed jobs into finished goods inventory To sell the two completed jobs on account iii) Calculate the manufacturing overhead variance for Harriott and state the journal entries necessary to dispose of the variance.arrow_forwardTeak Outdoor Furniture manufactures wood patio furniture. If the company reports the following costs for June 2024, what is the balance in the Manufacturing Overhead account before Overhead is allocated to jobs? Assume that the labor has been incurred, but not yet paid. Prepare journal entries for overhead costs incurred in June. (Click the icon to view the costs.) What is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Enter the costs and calculate the balance ("Bal.") of the Manufacturing Overhead T-account. Manufacturing Overhead pages Get more help - Data Table Wood Nails, glue, stain Depreciation on saws Indirect manufacturing labor Depreciation on delivery truck Assembly-line workers' wages Print (...) $ 280,000 19,000 4,500 39,000 2,500 57,000 Done - X Save Clear all ROAS Check answerarrow_forward
- Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine, justify and put the formula of the total amount of Manufacturing overhead Product costs Period costsarrow_forwardMountain Tops applies overhead on the basis of direct labor hours and reports the following information: A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied or under applied, and by what amount? D. What is the journal entry to dispose of the over applied or under applied overhead?arrow_forwardMountaIn Peaks applies overhead on the basis of machine hours and reports the following information: A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over- or under applied, and by what amount? D. What is the journal entry to dispose of the over- or under applied overhead?arrow_forward
- a) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal.(i) Total materials issued to production(ii) Manufacturing labour incurred(iii) Assign manufacturing labour to the appropriate accounts(iv) Other manufacturing overhead incurred(v) Manufacturing overhead applied to production(vi) Move completed jobs to finished goods(vii) Account for jobs completed and sold c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. What is the balance on the account before performing end of period closing entries? Is manufacturing overhead under- or over- absorbed? State the journal entries necessary to dispose of the variance.Assume that the manufacturing overhead variance is immaterial.arrow_forwardc) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021.List the non-manufacturing overheads in order of size starting with the largest.arrow_forwardAllocating and adjusting manufacturing overhead Young Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. At the beginning of 2018, the company expected to incur the following: Requirements Compute Young’s predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold?arrow_forward
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