Winston Company estimates that the factory overhead for the following year will be $1,168,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 36,500 hours. The total machine hours for the year were 54,400 hours. The actual factory overhead for the year was $1,765,000. Enter the amount as a positive number. a.  Determine the total factory overhead amount applied. Round to the nearest dollar. $fill in the blank f3300e016fa0008_1 b.  Compute the over- or underapplied amount for the year. $fill in the blank f3300e016fa0008_2      c.   Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -

Q: XYZ Inc. Presented the following data for the first quarter of 2021: Prime Costs P560,000 Factory…

A: Solution 1:   For external reporting purposes, the amount of inventoriable costs must be = Prime…

Q: Cavy Company estimates that the factory overhead for the following year will be $1,229,600. The…

A: The overhead rate is calculated as estimated overhead cost divided by estimated base activity units.…

Q: At the begging of the year, Crane Company estimates annual overhead costs to be 2400000 and that…

A: Calculate overhead cost per machine hour:

Q: Winston Company estimates that the factory overhead for the following year will be $1,233,800. The…

A: Predetermined overhead rate=Estimated overheadMachine hours=$1,233,80039,800=$31

Q: As production manager, Mr. B is asked to track the manufacturing cost per unit on the factory floor.…

A:

Q: Winston Company estimates that the factory overhead for the following year will be $675,400. The…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The Denmark Company estimates its factory overhead for the next period at 425,000. It is estimated…

A: solution given estimated factory overhead  425,000  Units that will be produced  500,000…

Q: Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it…

A: Predetermined allocation rate = Expected overhead / anticipated direct labor hours  = $900,000 /…

Q: Before the start of the year a company estimated the following costs: $540,000 for factory overhead,…

A: $6.00

Q: Winston Company estimates that the factory overhead for the following year will be $675,400. The…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: During the coming accounting year, Ester Manufacturing, Inc., anticipates the following costs,…

A: Budgeted manufacturing overheads= 28000 Predetermined overhead rate Direct labour hours basis =…

Q: A company estimated the manufacturing overhead costs for the coming year at $420,000. The total…

A: Predetermined Overhead Rate: Predetermined overhead rate is a measure used to allocate the…

Q: Assume that actual overhead is $613,000 in a given year, the overhead rate is $10 per unit,…

A: Overhead cost: The costs other than the direct costs such as insurance, interest, repairs, taxes…

Q: A company estimates its manufacturing overhead will be $1,080,000 for the next year. What is the…

A: Activity based costing with the help of cost drivers, allocates overheads to cost pools before…

Q: Winston Company estimates that the factory overhead for the following year will be $1,225,600. The…

A: 1 ) Calculation of Total factory overhead amount applied:   Total factory overhead amount applied…

Q: At the beginning of the year, Concord Corporation estimates annual overhead costs to be $2400000 and…

A: Overhead rate is computed by dividing the estimated overhead by the estimated machine hours.…

Q: Winston Company estimates that the factory overhead for the following year will be $967,500. The…

A: Predetermined  overhead rate  = Estimated  factory  overhead/ Estimated factory  overhead

Q: The Thomlin Company forecasts that total overhead for the current year will be $11,132,000 with…

A: Variance is the difference between expected results and actual results. It can be calculated by…

Q: Rooney Corporation estimated its overhead costs would be $23,600 per month except for January when…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Gibson Corporation estimated its overhead costs would be $23,600 per month except for January when…

A: Since multiple sub-parts have been posted, only the first three sub-parts will be solved as per the…

Q: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the…

A: Formula: Predetermined overhead rate = ( Estimated factory overhead / Estimated direct labor costs )…

Q: A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of…

A: Direct labor: Direct labor includes workers engaged in making the product whose physical effort…

Q: Zephyros Corporation had estimated manufacturing overhead costs for the coming year to be $316,000.…

A: Overheads are the product costs that are not directly involved in the production process, and cannot…

Q: The estimated factory overhead is P600,000, and the hours usage of machinery is expected to be…

A: Overheads are considered as fixed and common expenses that should be allocated to the products on…

Q: Thomlin Company forecasts that total overhead for the current year will be $11,661,000 with 181,000…

A: Manufacturing overhead means the expense incurred in factory which is not directly linked with…

Q: XYZ Inc. Presented the following data for the first quarter of 2021: Prime Costs P560,000 Factory…

A: Period Cost are costs charged as an expense in the profit and loss account  of the period in which…

Q: Cavy Company estimates that the factory overhead for the following year will be $1,699,200. The…

A: Predetermined Overhead rate = Estimated overhead / Estimated machine hours Predetermined Overhead…

Q: During the coming accounting year, Baker Manufacturing, Inc., anticipates the following costs,…

A: Predetermined overhead rates are used for allocating the indirect overhead cost. It can be allocated…

Q: over/underapplied factory overhead

A: Overhead application rate = Estimated factory overhead/Normal direct labor hours Estimated…

Q: Cavy Company estimates that the factory overhead for the following year will be $2,829,000. The…

A: The predetermined overhead rate allocates the manufacturing overhead to the products. It is used…

Q: Baird Manufacturing Co. expects to make 30,500 chairs during the year 1 accounting period. The…

A: Overhead recovery rate can be computed by dividing the Total overhead cost by the Total number of…

Q: brahim Corporation has the following estimated costs for the year: Direct Materials Rs. 20,000…

A: Formula used to calculate overhead rate per hour is as follow:

Q: At the beginning of the year, Vaughn Manufacturing estimates annual overhead costs to be $2400000…

A: The question is based on the concept of Cost Accounting.

Q: The Thomlin Company forecasts that total overhead for the current year will be $11,628,000 with…

A: Overhead costs refers to all indirect expenses required to run a business. It helps in determining…

Q: he Thomlin Company forecasts that total overhead for the current year will be $11,385,000 with…

A: Formula: Predetermined overhead rate = Estimated overheads / Estimated labor hours Division of…

Q: Custom Engines Company has the following estimated costs for the upcoming year: Direct labor costs…

A: Introduction Predetermined manufacturing overhead rate: Manufacturing overhead is the predetermined…

Q: Arrow Manufacturing Co. expects to make 50,000 chairs during the year 1 accounting period. The…

A: Introduction: Manufacturing costs include all resources utilized in the creation of the product.…

Q: Murry, Inc. produced 1,000 units of company's product in 2024. The standard quantity of direct…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: In the coming year, Kalling Company expects to sell 28,700 units at $32 each. Kalling’s controller…

A: Absorption costing and variable costing are two important methods of costing. In variable costing…

Q: The Thomlin Company forecasts that total overhead for the current year will be $11,089,000 with…

A: Under or over applied overhead rate is to be determined based on predetermined overhead rate.…

Q: Cavy Company estimates that the factory overhead for the following year will be $2,034,500. The…

A: Predetermined overhead rate = $2,034,50031,300 hours = $65 per hour  Applied overhead = 2,830 hours…

Q: The Thomlin Company forecasts that total overhead for the current year will be $11,764,000 with…

A: Variance is the difference between the expected value and the actual results. It can be calculated…

Q: At the beginning of the year, Monroe Company estimates annual overhead costs to be $1,600,000 and…

A: overhead cost alludes to a progressing cost of working a business. Overheads are the consumption…

Q: Calculate the predetermined manufacturing overhead rate for the coming year using direct labor hour…

A: Solution Formula used the predetermined manufacturing overhead rate is the overhead rate that is…

Q: A company expected its annual overhead costs to be $1,000,000 and direct labor costs to be $500,000.…

A: Predetermined overhead rate:   Predetermined overhead rate is a measure used to allocate the…

Q: Superior, Inc. produced 1,000 units of the company's product in 2024. The standard quantity of…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: Al-Can Products, Inc. estimates that it will build 5,000 benches next year. For this amount of…

A: This question asks for the overhead application rate for next year. Overhead Application Rate =…

Q: Cavy Company estimates that the factory overhead for the following year will be $927,200. The…

A: Estimated factory overhead $9,27,200   Estimated machine hours 24400 hours Predetermined…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.