1) The NBA company sub-assigned (“Not Applied”) manufacturing overhead during 2020. Which of the following statements describes the effect on the financial statements of the closing of the sub-allocation? A. Administrative and selling expenses for the period increased. b. Increase the cost of items sold. c. Decrease the balance of Articles in process (“Work-in-process”). d. Decreases the balance of Finished Good
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A: Cost of Goods Sold :- Cost of products sold (COGS) includes all of the prices and expenses…
Q: Madelon Lee Company's general ledger included the following items related to its manufacturing…
A: Overhead is a cost which isn't directly identified with the creation of the item or administration.…
Q: At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had…
A: Since the balance in the manufacturing overhead control account is debit balance, thus it is the…
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A: Calculate the value of opening balance for the period:::: cost of finished goods…
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A: Adjusting entries are journal entries usually made at the end of an accounting period to allocate…
Q: 3. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and…
A: Cost of goods sold exhibits direct cost incurred by company for producing goods and services.
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A: Predetermined overheads rate It is the ratio of estimated overhead cost to the estimated units to be…
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A: Solution: Job costing is accounting which tracks the costs and revenues by "job" and enables…
Q: At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by…
A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…
Q: Please show the solution in good accounting form For the year ended December 31, 2020, UA Inc.…
A: The amount of money spent by a corporation over a period of time to produce a single unit of a…
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Lagmay incurred the following manufacturing costs: Direct Materials - P60, Direct Labor - P80,000,…
A: Solution Beginning work in process inventory is the inventory which was in process at the beginning…
Q: Before disposing of its year-end manufacturing overhead balance, Puppovich Enterprises had the…
A: Manufacturing overhead: Manufacturing overhead is commonly referred to as factory overhead or work…
Q: hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 7,850…
A: Predetermined overhead manufacturing rate is calculated on the basis of estimated overhead costs.
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A: Solution 1: Adjusted balance cost of goods sold after disposing of the under-or over-applied…
Q: The following calendar year-end information is taken from the December 31, 2019, adjusted trial…
A: LEONE COMPANY Schedule of cost of goods manufactured For the year ended December 31, 2019…
Q: 4. Assume that the company allocates any underapplied or overapplied overhead to Work in Pro- cess,…
A: Since you have asked only requirement 4, I am answering it alone. If you want any specific question…
Q: The following calendar year-end information is taken from the December 31, 2019, adjusted trial…
A: Schedule of cost of goods manufactured shows total costs incurred for the manufacturing and…
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A: Manufacturing accounting refers to statements that is used through the manufacturing companies into…
Q: At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had…
A: Note: Credit balance of Manufacturing overhead control means overheads are overapplied.
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A: Balance in COGS after adjustment = COGS before adjustment + Under allocated manufacturing overhead
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Direct labor is the labor used for direct production. Factory…
Q: At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had…
A: Manufacturing overhead control has a debit balance of P20,000 which means that actual overhead cost…
Q: At the end of its current year, a company learned that its overhead was underapplied by $1,500 and…
A:
Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to…
A: IV. CALCULATION OF COST OF GOODS SOLD : COST SHEET FOR THE MONTH ENDING OF FEBRUARY(amount in $)…
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A: Unfinished inventory refers to all raw materials, work-in-progress, parts, supplies, returned…
Q: Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and…
A: Over applied overhead = Applied Manufacturing Overhead - Actual Manufacturing Overhead = $94,000 -…
Q: During March 2020, Polaro Corporation recorded P40,200 of costs related to factory overhead.…
A: Overheads which was estimated=P40,900 Estimated direct labor hours=5,000 hours Actual hours worked…
Q: At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had…
A: Solution 20: If under or overapplied overhead is considered as immaterial, same will be closed to…
Q: On the basis of this information, the 2018 predetermined overhead rate was:
A: Given information is: Strong Company applies overhead based on machine hours. At the beginning of…
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A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…
A: Over-applied overhead = Overhead applied - Actual overhead or, Actual Overhead = Overhead applied -…
Q: Polar Corp during March 2019, recorded P42,400 of costs related to factory overhead. overhead…
A: Overheads are the expenses incurred during manufacturing and consist of fixed, variable and…
Q: Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual…
A: Manufacturing Overhead Control T-account is debited fro Actual Overheads incurred and Credited for…
Q: ctie Company reports the following costs and expenses in January 2020. Required: From the…
A: solution calculation of total manufacturing overhead , period cost and product cost Period…
Q: At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had…
A: Factory overhead or manufacturing overhead: The manufacturing overhead has a debit balance of…
Q: By the end of the period, Company X had the following unadjusted balances: work in process inventory…
A: Underapplied overhead to be applied to Work in process = Total underapplied overhead * Work in…
Q: At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had…
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…
Q: Required: i) Compute Fielder's predetermined manufacturing overhead rate for 2020. ii) State the…
A: Factory overheads (manufacturing overheads) are the fixed costs that don’t change with the…
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A: Adjusted Finished Goods inventory=(Direct Materials+Direct Labor+Factory Overhead)+Under applied…
Q: At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had…
A: Solution a: As under or over applied overhead is considered as immaterial, therefore same will be…
Q: he following data summarizes in part the results of operations for 2021 of Place Company. Of the…
A: COST OF GOODS SOLD MEANS cost of producing goods and services and it includes materials , labour and…
Q: please answer Q(c)
A: Cost of goods manufactured: The cost incurred to produce goods in a period is called cost of goods…
Q: What is the adjusted balance of work in process inventory after disposing of the under-or…
A: Material under or over applied overhead: when the under or over applied overhead is material to the…
Q: Madelon Lee Company's general ledger included the following items related to its manufacturing…
A: The following computations are done for Madelon Lee Company.
Q: Do you agree with the following statements? Check only those with which you agree. Choose All That…
A: 1. Yes i agree, Work in process means the goods from raw material to finished goods not finished. so…
Q: The following data summarizes in part the results of operations for 2021 of Place Company. Of the…
A: Prime cost = Direct material consumed + Direct expenses + Direct labor cost Working note - 1:…
Q: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or…
A: Absorption or application of overheads is to be done either on the basis of the actual rate or the…
1) The NBA company sub-assigned (“Not Applied”) manufacturing
A. Administrative and selling expenses for the period increased.
b. Increase the cost of items sold.
c. Decrease the balance of Articles in process (“Work-in-process”).
d. Decreases the balance of Finished Goods.
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- Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.Nathan Industries had a remaining debit balance of $20,000 in its under- and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Required: Prepare the closing entry for the $20,000 of underapplied overhead, assuming that the balance is not considered to be material. Prepare the closing entry for the $20,000 of underapplied overhead, assuming that the balance is considered to be material.Phillips Products, Inc. had a remaining credit balance of $10,000 in its under- and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Required: Prepare the closing entry for the $10,000 of overapplied overhead, assuming that the balance is not considered to be material. Prepare the closing entry for the $10,000 of overapplied overhead, assuming that the balance is considered to be material.
- Renfro, Inc. was franchised on January 1, 2016. At the end of its third year of operations, December 31, 2018, management requested a study to determine what effect different materials inventory costing methods would have had on its reported net income over the three-year period. The materials inventory account, using LIFO, FIFO, and weighted average, would have had the following ending balances: a. Assuming the same number of units in ending inventory at the end of each year, were material costs rising or falling from 2016 to 2018? b. Which costing method would show the highest net income for 2017? c. Which method would show the lowest net income for 2018? d. Which method would show the highest net income for the three years combined?Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59,000 and $35,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $89,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,000 at the end of 2020. If the under or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be allocated to the Finished Goods Inventory? (Rounded to the nearest whole dollar.)Prior to 2020, Heberling Inc. excluded manufacturing overhead costs from work in process and finished goods inventory. These costs have been expensed as incurred. In 2020, the company decided to change its accounting methods for manufacturing inventories to full costing by including these costs as product costs. Assuming that these costs are material, how should this change be reflected in the financial statements for 2019 and 2020?
- Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual labour-hours were 182,000 and 168,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $24.40 per direct labour-hour. The manufacturing overhead control T-account showed a credit balance of $184,600 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold. Required: 1. Was manufacturing overhead under- or overapplied? multiple choice 1 Underapplied Overapplied 2. Compute the actual overhead amount incurred over the year. Actual Overhead 3. How will end-of-period disposal of this amount impact net income? multiple choice 2 Increase DecreaseIn January 2023, Spartans Inc. allocated $30,700 and manufacturing overhead to job 167. in December when actual cost were known the actual amount for job 167 was $32,750. Overhead was ( overapplied-under applied- or correctly applied) by ( $3400-$1750-$2450-$0-$2050-$3800-$1550)2. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual labour-hours were 182,000 and 168,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $24.40 per direct labour-hour. The manufacturing overhead control T-account showed a credit balance of $184,600 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold. Required: 1. Was manufacturing overhead under- or overapplied? 2. Compute the actual overhead amount incurred over the year. 3. How will end-of-period disposal of this amount impact net income?
- During the month of March 2019, Lagmay incurred the following manufacturing costs: Direct Materials - P60, Direct Labor - P80,000, and Factory Overhead - P40,000. The Cost of Goods Manufactured was P190,000 and ending Work in Process Inventory was P30,000. How much is the beginning Work in Process Inventory?At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?At the end of its current year, a company learned that its overhead was underapplied by $1,500 and that this amount is not considered material. Based on this information, the company should a. Credit the $1,500 to Finished Goods Inventory. b. Credit the $1,500 to Cost of Goods Sold. c. Debit the $1,500 to Cost of Goods Sold. d. Do nothing about the $1,500 because it is not material and it is likely that overhead will be overapplied by the same amount next year. e. Include the $1,500 on the income statement as “Other Expense.”