Required: (1) Based upon above given information, determine under-applied or over-applied factory overhead. (ii) (iii) Pass general journal entry to close factory overhead applied account at the end of year. Pass general journal entries to dispose off under applied or over applied factory overhead in the following cases: (a) The variance is considered as a significant amount (b) The variance is considered as an insignificant amount (c) The variance is considered as cause by poor scheduling of production and excessive spending

Required: (1) Based upon above given information, determine under-applied or over-applied factory overhead. (ii) (iii) Pass general journal entry to close factory overhead applied account at the end of year. Pass general journal entries to dispose off under applied or over applied factory overhead in the following cases: (a) The variance is considered as a significant amount (b) The variance is considered as an insignificant amount (c) The variance is considered as cause by poor scheduling of production and excessive spending

Name: Vinubhai XYZ Enterprises applies factory overhead @ 60% of direct labo
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Description: Vinubhai XYZ Enterprises applies factory overhead @ 60% of direct labour cost. During the year 2016following actual costs were recorded:(Rs.)580000Direct Labour costFactory Overhead cost428000At the end of the year following balances appear in the so

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
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