Instructions Chart of Accounts ASSETS REVENUE Lockmiller Company estimates that total factory Factory Overhead 110 Cash 410 Sales overhead costs will be $1,494,500 for the year. Direct 121 Accounts Receivable 610 Interest Revenue labor hours are estimated to be 427,000. a. For Lockmiller Company, determine the predetermined factory overhead rate using 125 Notes Receivable Required: 126 Interest Receivable EXPENSES direct labor hours as the activity base. Round your answer to the nearest cent. a. For Lockmiller Company, determine the 131 Materials 510 Cost of Goods Sold ] per direct labor hour predetermined factory overhead rate 132 Work in Process 520 Wages Expense using direct labor hours as the activity 133 Factory Overhead 531 Selling Expenses base. Round your answer to the D. During May, Lockmiller Company accumulated 21,000 hours of direct labor costs 134 Finished Goods 532 Insurance Expense nearest cent. on Job 275 and 25,300 hours on Job 310. Determine the amount of factory overhead 141 Supplies 533 Utilities Expense b. During May, Lockmiller Company applied to Jobs 275 and 310 in May. 142 Prepaid Insurance 534 Office Supplies Expense accumulated 21,000 hours of direct labor 143 Prepaid Expenses 540 Administrative Expenses costs on Job 275 and 25,300 hours on 181 Land 560 Depreciation Expense-Factory Job 310. Determine the amount of factory overhead applied to Jobs 275 191 Factory 590 Miscellaneous Expense and 310 in May. 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES 210 Accounts Payable Journal 221 Utilities Payable JOURNAL 231 Notes Payable DATE DESCRIPTION POST. REF. DEBIT CREDIT 236 Interest Payable 1 241 Lease Payable 2 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends

a. Incurred $105,000 of direct labor in its Mixing department and $90,000 of direct labor in its Shaping department. Hint. Credit Factory Wages Payable. b. Incurred indirect labor of $23,000. Hint. Credit Factory Wages Payable. View transaction list Journal entry worksheet

During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $39,000; indirect labor, $89,200; utilities cost, $18,400; and factory depreciation, $50,800. Journalize the entry on May 30 to record the factory overhead incurred during May. Refer to the Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Bergan Company General Ledger   ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory   LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable   EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary…

McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $299,610 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows: Annual Salary Billable Hours Debbie $ 126,480 1,700 Tara $ 73,260 1,650 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie's and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 25 percent markup. Required: 1. Compute the predetermined overhead rate.. 2. Compute the hourly billing rates for Debbie and Tara.

Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Total Machine Month Overhead Hours Jan. $6, 288 1,980 Feb. 6,460 2,090 Mar. 5,987 1,745 Apr. 5,559 1,560 Мay 6,032 1,865 June 6,341 2,012 Using the high-low method, total monthly fixed overhead cost is calculated to be:

Applying Factory Overhead Jernigan Company estimates that total factory overhead costs will be $378,000 for the year. Direct labor hours are estimated to be 27,000. a.  For Jernigan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. If required, round your answer to two decimal places.$fill in the blank fb95c2fa601df9b_1 per direct labor hour b.  During August, Jernigan Company accumulated 550 hours of direct labor costs on Job 40 and 520 hours on Job 42. Determine the amount of factory overhead applied to Jobs 40 and 42 in August.$fill in the blank fb95c2fa601df9b_2   c.  Prepare the journal entry to apply factory overhead to both jobs in August according to the predetermined overhead rate.

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Walter Company has the following information for the month of March: Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor Selling and administrative expenses $ 17,220 39,450 22,900 6,700 8,550 4,800 Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $1,500 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $7,600 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $11,000. Required: Prepare Walter's cash budget for the month of March. Beginning Cash Balance Budgeted Cash Receipts Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed Ending cash balance

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