Please do not give solution in image format thanku 1. Compute the under- or overapplied overhead.2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.View transaction listJournal entry worksheetARecord the entry to close over- or underapplied overhead.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit> A company applies overhead at a rate of 200% of direct labor cost. Actual overhead cost for the current period is $1,291,100, and directlabor cost is $636,000.1. Compute the under- or overapplied overhead.2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the under- or overapplied overhead.Total actual overhead costTotal applied overhead costFiguresRequired 2 >

Name: Please do not give solution in image format thanku 1. Compute the unde
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Description: Please do not give solution in image format thanku 1. Compute the under- or overapplied overhead.2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs be

Overheads are the indirect costs or indirect expenses related to production or manufacturing of…

Business

Accounting

A company applies overhead at a rate of 200% of direct labor cost. Actual overhead cost for the current period is $1,291,100, and direct labor cost is $636,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost Ares 1 Required 2 >

A company applies overhead at a rate of 200% of direct labor cost. Actual overhead cost for the current period is $1,291,100, and direct labor cost is $636,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost Ares 1 Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The T-account showing the manufacturing overhead activity for Kenneth Corp. for 2018 is as follows: Manufacturing Overhead 210,000 196,000 Read the requirements. Requirement 1. What is the actual manufacturing overhead? Actual manufacturing overhead: S Requirement 2. What is the allocated manufacturing overhead? Allocated manufacturing overhead: S Requirement 3. Is manufacturing overhead underallocated or overallocated? By how much? Manufacturing overhead is by $
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[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding 22,000 $ 720,000 $ 4.00 Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 32,000 $ 220,000 $ 1.50 54,000 $ 940,000 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Molding $ 370,000 $ 220,000 13,000 Job D-70 Direct materials cost Fabrication Total Direct labor cost Machine-hours $ 320,000 $ 180,000 $ 690,000 $ 400,000 22,000 9,000 Molding $ 300,000 $ 140,000 Job C-200 Fabrication Total $ 280,000 $ 240,000 23,000 $ 580,000 $ 380,000 32, 00ө Direct materials cost Direct labor cost Machine-hours 9,000 Delph…
ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
eBook Show Me How E Print Item Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $162,750 4,200 Machine Hours 381,051 14,113 Inspections 110,550 3,300
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The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost. Required: 1. Prepare journal entries to record the transactions given…