Determining overhead rates, using direct labor cost, direct labor hour, and machine hour methods; determining job cost; computing underapplied and overapplied overhead. MaterialsCostDirectLaborDirectMachineHoursDate JobsJobLabor CostCompletedHours6,00012,00014,5002,0003,0003,5004,0004,2005,0004,4007,5002,500 In process10-Nov14-Nov20-Nov1016,0008,0009,00010210310410,00016,600In process3,6005,50010511,00030,00026-Nov10612,0003,400500Abbey Products Company is studying the results of applying factory overhead toproduction. The following data have been used:a. Estimated factory overhead, $70,000.b. Estimated materials costs,c. Estimated direct labor costs,d. Estimated direct labor hours,e. Estimated machine hours,f. Work in process at the beginning of the month, none.$60,000.$70,000.20,00035,000The actual factory overhead incurred for November was $80,000, and theproduction statistics on November 30 are as follows:

Overhead rates refer to the rate determined by dividing the total overheads by the total units of…

Direct Labor Hours Machine Hours Date Jobs Completed Materials Direct Labor Cost Job Cost 6,000 8.000 9.000 10,000 11,000 12,000 6,000 12,000 14,500 16,600 30,000 3.400 4,000 4,200 5,000 4,400 In process 101 2,000 3,000 3,500 3,600 5,500 500 10-Nov 14-Nov 102 103 20-Nov 104 105 26-Nov 2,500 In process 7,500 106 Abbey Products Company is studying the results of applying factory overhead to production. The following data have been used: a. Estimated factory overhead, $70,000. b. Estimated materials costs, c. Estimated direct labor costs, d. Estimated direct labor hours, e. Estimated machine hours, f. Work in process at the beginning of the month, none. $60,000. S70,000. 20,000 35,000 The actual factory overhead incurred for November was $80,000, and the production statistics on November 30 are as follows:

Direct Labor Hours Machine Hours Date Jobs Completed Materials Direct Labor Cost Job Cost 6,000 8.000 9.000 10,000 11,000 12,000 6,000 12,000 14,500 16,600 30,000 3.400 4,000 4,200 5,000 4,400 In process 101 2,000 3,000 3,500 3,600 5,500 500 10-Nov 14-Nov 102 103 20-Nov 104 105 26-Nov 2,500 In process 7,500 106 Abbey Products Company is studying the results of applying factory overhead to production. The following data have been used: a. Estimated factory overhead, $70,000. b. Estimated materials costs, c. Estimated direct labor costs, d. Estimated direct labor hours, e. Estimated machine hours, f. Work in process at the beginning of the month, none. $60,000. S70,000. 20,000 35,000 The actual factory overhead incurred for November was $80,000, and the production statistics on November 30 are as follows:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.25E: Activity-based costing in an insurance company Umbrella Insurance Company carries three major lines...

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