The $10,000 balance in the T-account below represents overapplied manufacturing overhead for the period. Manufacturing Overhead Debit (2) (3) (4) (5) (6) Balance True False Credit 4,000 (7) 180,000 30,000 80,000 40,000 36,000 190,000 10,000 180,000
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- E CE 林 7 Exam Saved Help Save & The following information has been gathered for the Harrell Manufacturing Company for its fiscal year ending December 31: Actual manufacturing overhead costs $218,500 Actual direct labor hours Actual direct labor costs $451,000 Estimated manufacturing overhead costs $209,420 Estimated direct labor 000'ott$ Estimated direct labor hours 009 What is the predetermined manufacturing overhead rate per direct labor hour? raw LI .....Y Education Search Windows 自己(ゆv PRIVATE HINDO MIGHL IGHTEO FORAY- AP HB N To CLASSIC Esc F1 F2 F3 F4 F5 & 4. i #3 24 1. 4. 2. 8. Tab (D) p dob segned view Caps Lock ShiftM Thu Sep 8 t 14 of 15 AA Period Ce b Home | bartl... 23 my.post.edu... X 14 Unit 1-... 14 rint ezto.mheducation.com A Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense 5 Total direct manufacturing cost Total indirect manufacturing cost Okay C Required information [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: G what is the h. Average Cost per Unit $ 7.00 $4.50 $ 1.40 $ 4.00 $4.00 $ 2.10 $ 1.10 $ 0.55 14. If 12,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production? (Do not round intermediate calculations.) @ 29% 4 + 88 Init 1-C... You ademic Calendar 1y MBS Libray Englishot -> If Manufacturing Overhead has a debit balance at the end of the period, then a. overhead has been overapplied b. the overhead assigned to Work in Process Inventory is more than the overhead incurred c. overhead has been underapplied d. managemnent must take corrective action The following is Alli Corp's contribution format income statement for last month: $800,000 Sales
- a b. C d. e. f 9. h 1. k Raw Materials Inventory 50,000 29,500 11,800 8,700 Work in Process Inventory 29,500 88,500 132,750 49,750 40,000 201,000 Finished Goods Inventory 201,000 161,000 Factory Wages Payable 137,500 0 Factory Overhead 11,800 49,000 74,950 3,000 Required: Enter a valid formula to compute the amount for each of the following. Direct materials used Indirect materials used Direct labor used Indirect labor used Cost of goods manufactured Cost of goods sold (before closing over-or underapplied overhead) Actual overhead incurred Overhead applied The amount of over-or underapplied overhead Use dropdown button to indicate whether overhead is over- or underapplied. Cost of goods sold (after closing over-or underapplied overhead) 88,500 49,000 132,750Refer to the T-account below: Manufacturing Overhead (2) 9,000 (2) 167,000 (3) 15,000 (4) 80,000 (5) 30,000 (6) 25,000 159,000 167,000 Bal. 8,000 The ending credit balance of $8,000 represents which of the following? Manufacturing overhead that will be carried over to the next period. Overapplied overhead. Underapplied overhead. O A bookkeeping error.Account Earnings (rev.) Cost of Const. Labor Material Total Direct Cost Gross Profit Overhead Var. Op. Exp. Fixed Op. Exp. Total Op. Exp Net Profit (BT) New Work Division $ 300,000 500,000 100,000 50,000 1,000,000 800,000 200,000 150,000 50,000 Use the data provided above to answer the following questions. 1. Gross Profit Method 1.1. Overhead and Profit Rate = Gross Profit/Total Direct Cost 1.2. What is the problem with this technique?
- No. Date Account Titles and Explanation (a) Jan. 31 (b) Jan. 31 Factory Labor Salaries and Wages Payable Work in Process Inventory Manufacturing Overhead Salaries and Wages Payable |||||| Debit 108000 97200 10800 Credit 108000 108000when the company purchases raw materials for $60,000 on account, the entry should include: * A debit to Raw Materials Inventory O $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory O $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the aboveManufacturing Overhead Debit Credit 3,380 50,880 15,780 37,320 5,600
- compute overhead applied and the under-or overapplication of overhead for the period: Estimated annual overhead cost OMR 3,000,000 Actual annual overhead cost OMR 2,970,000 Estimated machine hours 300,000 Actual machine hours 295,000 compute overhead applied and the under-or overapplication of overhead for the period: Select one: O a. OMR 3,000,000 applied and OMR 20,000 overapplied O b. None of the answers are correct O c. OMR 2,970,000 applied and neither under- nor overapplied O d. OMR 2,950,000 applied and OMR 20,000 overapplied O e. OMR 2,950,000 applied and OMR 20,000 underapplied ENG INTE8.11 Latta Company provided the following T-accounts for this year. (a) Balance Manufacturing Overhead 486,144 (b) 81,024 Debit Cost of Goods Sold Debit Credit 662,000 Credit 405,120 Entry (a) (b) (c) (d) $ 24,480 62,880 317,760 $ 405,120 Debit Required 1 Required 2 Required 3 Balance Identify reasons for entries (a) through (d). (b) Balance Work in Process Reason 10,880 (c) 298,500 90,500 405, 120 51,000 Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $51,000 ending balance in work in process, $24.480 was applied overhead. Complete this question by entering your answers in the tabs below. Credit 754,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Balance (c) Balance Debit Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the…QUESTION 3 A company absorbs overheads based on machine hours. Machine hours were budgeced co be 11,250 and budgeted overheads were £258,750. The actual results were 10,980 machine hours with averheads of £254,692. Were overheads over or under absorbed and by how much? Oa Under absorbed by £2.152 Ob.Over absorbed by £4,058 O. Under absorbed by E4,058 Od. Over absorbed by £2,152 QUESTION 4 A firm has a high level of inventory turnover and uses the Firar in First Out (FIFO) inventory valuation method. In a period of rising purchase prices what would the value of the dosing inventory units be? Oa Based on the pnces of the first inems recerved Ob. Much iower than current purchase prices Oc The average of all goods purchased in the period O d. Close to current purchase prices