Jackson Inc. listed the following data for 2019:Budgeted factory overheadBudgeted direct labor hoursBudgeted machine hours$1,505,000৪6,00043,000Actual factory overheadActual direct labor hours1,402,000৪৪,30041,400Actual machine hoursIf overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significantdigits):Multiple Choice$49,059 overapplied.$47000 underapplied.O s-0-$47000 overapplied.$49.059 underapplied.

Name: Jackson Inc. listed the following data for 2019:Budgeted factory over
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Jackson Inc. listed the following data for 2019:Budgeted factory overheadBudgeted direct labor hoursBudgeted machine hours$1,505,000৪6,00043,000Actual factory overheadActual direct labor hours1,402,000৪৪,30041,400Actual machine hoursIf overhead is a

Given the following information: Budgeted factory overhead: $1,505,000 Budgeted direct labor hours:…

Business

Accounting

Jackson Inc. listed the following data for 2019: $1,505,000 Budgeted factory overhead Budgeted direct labor hours ৪6,000 Budgeted machine hours Actual factory overhead Actual direct labor hours 43,000 1,402,000 88,300 Actual machine hours 41,400 If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $49,059 overapplied. $47.000 underapplied. S-0-. $47,000 overapplied. $49,059 underapplied.

Jackson Inc. listed the following data for 2019: $1,505,000 Budgeted factory overhead Budgeted direct labor hours ৪6,000 Budgeted machine hours Actual factory overhead Actual direct labor hours 43,000 1,402,000 88,300 Actual machine hours 41,400 If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $49,059 overapplied. $47.000 underapplied. S-0-. $47,000 overapplied. $49,059 underapplied.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate...

See similar textbooks

Similar questions

Professional labor cost budget Based on the data in Exercise 13-5 and assuming that the average compensation per hour for staff is $36 and for partners is $300. prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31. 20Y6. Use the following column headings:
Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and 2,300 in Quarter 4. Prepare a manufacturing overhead budget using the information provided.
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings:
When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.
When setting its predetermined overhead application race, Tasty Box Meals estimated its overhead would be $100,000 and would require 25,000 machine hours in the next year. At the end of the year. It found that actual overhead was $102,000 and required 26,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under applied or over applied overhead.
Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
Adam Corporation manufactures computer tables and has the following budgeted indirect manufacturing cost information for the next year: If Adam uses the step-down (sequential) method, beginning with the Maintenance Department, to allocate support department costs to production departments, the total overhead (rounded to the nearest dollar) for the Machining Department to allocate to its products would be: a. 407,500. b. 422,750. c. 442,053. d. 445,000.
If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?