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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- Q.1.(b) For Karim Company, the predetermined overhead rate is 145% of direct labor cost. During the month, Karim incurred OMR90,000 of factory labor costs, of which OMR82,000 is direct labor and OMR8,000 is indirect labor. Actual overhead incurred was OMR109,000. (i) Compute the amount of manufacturing overhead applied during the month. (ii) Determine the amount of under- or overapplied manufacturing overhead. (iii) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statementQuestion Content Area At the end of the year, overhead applied was $3,772,000. Actual overhead was $3,472,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $300,000 b. increase by $300,000 c. decrease by $600,000 d. increase by $600,000
- 1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 204. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…EXERCISE 3–2 Apply Overhead [LO3–2]Lexter Company uses a predetermined overhead rate of $23.40 per direct labor-hour. This predetermined rate wasbased on a cost formula that estimated $257,400 of total manufacturing overhead for an estimated activity level of11,000 direct labor-hours. The company incurred actual total manufacturing overhead costs of $249,000 and 10,800total direct labor-hours during the period.Required:Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.
- Exercise 15-26 (Algo) Computing applied overhead and closing over- or underapplied overhead LO P4 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $960,000, and direct materials costs, $400,000.At year-end, the company reports that actual overhead costs for the year are $969,300 and actual direct materials costs for the year are $400,000. 1. Determine the predetermined overhead rate using estimated direct materials costs2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year.3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.Problem 3-11 (Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: Raw Materials Bal. 1/1 35,000 Credits ? Debits 160,000 Bal. 12/31 45,000 Manufacturing Overhead Debits 188,400 Credits ? Work in Process Bal. 1/1 40,000 Credits 530,000 Direct materials 110,000 Direct labor 210,000 Overhead 218,400 Bal. 12/31 ? Factory Wages Payable Debits 225,000 Bal. 1/1 19,000 Credits 220,000 Bal. 12/31 14,000 Finished Goods Bal. 1/1 60,000 Credits ? Debits ? Bal. 12/31 90,000 Cost of Goods Sold Debits ? Required: 1. What was the cost of raw materials used in production during the year? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost for the year consisted of indirect labor? 4. What was the cost of…Q. The following data were taken from the records of a company. Period 1 Period 2 Period 3 Production(units) 30,000 38000 27000 Sales 30,000 27000 38000 Opening stock 11,000 Closing stock ------ 11,000 ------- Per unit cost are as follows: Direct material $ 1.5 Direct labor 1.0 Production overhead 3.0 Selling price per unit $ 9…
