Compute the firm’s predetermined overhead rate, which is based on direct-labour hours. b) Calculate the over-applied or under-applied overhead for 2021. c) Prepare a journal entry to close out the Manufacturing Overhead Account into Cost of Goods Sold. d) Activity based costing (ABC) is an alte
Q: Provide examples of how a company can conceal financial fraud from an auditing firm through the use ...
A: The answer is stated below:
Q: Dusiness enterprise pays weekly salaries of $20,000 on Friday for a five-day week riod ending on Wed...
A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to t...
Q: Iniwan had P600,000 in cash basis pre-tax income for 2020. The following information pertains to Ini...
A: Cash basis is the method of accounting in which which records expenses and income only on the basis ...
Q: Green Mountain Power Company obtained authorization to issue 20-year bonds with a face value of $10 ...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Which of the following is correct regarding accrual basis of accounting? a. No bad debts are ...
A: 1. Accrual Basis of Accounting - a. Under the Accrual basis of accounting, revenue is recognized whe...
Q: Calculate the amount of overhead allocated to the products of a company that has a predetermined ove...
A: Amount of overhead allocated to the product = Actual machine-hours x Predetermined overhead rate whe...
Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...
A: GIVEN To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying bala...
Q: The Cumberland Company provides the olowing Information: Sales (250,000 units) Manufacturing costs: ...
A: Answer - Part 1 - Calculation of the break-even point in units for Cumberland - Break-even Point =...
Q: percentage tax? *
A: Percentage tax is applicable to any message or call transmitted from the philliphines to abroad cons...
Q: The normal production capacity of a company is 10,000 units per month. On this basis, the fixed cost...
A: This question is, basically, asking for a decision whether the company should shut down or continue ...
Q: 00, Direct labor usage (efficiency) variance—unfavorable P4,200. What were the actual hours worked, ...
A: Actual hours worked refers to all hours worked by the employee and excludes any paid or unpaid leave...
Q: Mr Zoo is planning to set up a mini Zoo in Howick. The following relates to different pricing pl...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Cash flow may be represented as being determined from: -receivables -operating income -revenue an...
A: Cash flows include the net amount of cash and cash equivalent of the business that shows the in and ...
Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in...
A: Information given in the given case are as follows: Sales Revenue for year 2 of S Corporation is $17...
Q: Which of the following statements about intuitive approaches is/are false? -Ignoring or discounting...
A: The intuitive approach is the way people think or make decisions naturally and without any use of fo...
Q: engaged in renting out 250 apartment units to small families for P13,000 per month. All units are oc...
A: Tax refers to the percentile charges levied by the government over the income gained by an entity.
Q: 2. A company is contemplating whether to accept a new project which requires the following three typ...
A: Answer to Question: A relevant cost is those cost which have influence on the decision of decision m...
Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...
A: Calculation of Annual rental payment = $406000 - ($36300 x 0.70496*) 4.91732** = ...
Q: Question #1: Triple Creek Hardware Store currently uses a periodic inventory system. Kevin Carlton,...
A: note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Sweeny Corporation owns 60 percent of Bitner Company's shares. Partial 20X2 financial data for the c...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: 5. Regarding the Board of accountancy, provide the following information: 1. Composition 2. Nomi...
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...
Q: the amount allocated to automobile loans. a. Formulate a linear programming model that can be used ...
A: *As per Bartleby guidelines, we are supposed to answer only three subparts. Kindly repost the remain...
Q: 3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corpo...
A: (a) Paid in capital in excess of par per share = 20 - 5 = 15 per shares
Q: unfavorable volume variance
A: Volume variance is the difference between actual sales or production and budgeted sales or productio...
Q: Blanco, Inc. provides computer processing services and relevant data set up by the firm's management...
A: In accounting standard cost is based on a prior estimation for a pre-decided level of production act...
Q: Production Data June Beginning work in process units 0 Units started into production 25,960...
A: Solution 1: Equivalent units of production (EUP) Units % material EUP-Materials % Conversion...
Q: A U.S. Based company has a short-term cash balance of USD 10 million. The company intends to invest ...
A: Implied rate is the difference between the current spot rate and future exchange rate. Therefore, as...
Q: Walter owns a whole-life insurance policy worth $55,800 that directs the insurance company to pay th...
A: Net Value of Insurance policy which will be included upon death is the amount that will be received ...
Q: An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2...
A: Withholding refers to the portion of an employee's wages that is excluded from the paychecks of e...
Q: Wages Payable were P3,500 at the end of September and P2,800 at the end of October. Wages Expense fo...
A: Wages expense is the amount of expense incurred for the payment of labor.
Q: Under the capital maintenance concept, which of the following items should be deducted from the incr...
A: Capital maintenance is an accounting concept based on the principle that a company's income should o...
Q: .Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. Th...
A: Credit terms of 3/10,net 35 means that the customer is eligible for discount of 3%,if payment is m...
Q: Weighted Average Cost Flow Method Under Perpetual Inventory SystemThe following units of a particula...
A: A perpetual inventory system is an inventory management system that records the inflow and outflow o...
Q: Record the purchase on account of $500 of office supplies and $5,400 of merchandise for resale in th...
A: Office supplies. Dr. $500 To Cash. $500
Q: e was not fairly treated and therefore not promoted. He has secured a similar job in XYZ Limited, on...
A: Fraud refers to the situation either employee uses the information of a company into wrongdoings.
Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x...
A: Total unemployment taxes=Net Futa tax+Net suta tax
Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are allow...
Q: Based on the bank reconciliation THAT IS ATTACHED, journalize the entry or entries to be made by Kor...
A: Journal is the records of any transactions either economic or non-economic. The logic behind a journ...
Q: Which of the following statements is correct? O a. NAFTA Rules of Origin determine which goods will ...
A: The NAFTA free trade agreement was initiated eliminate to the trade barriers between the countrie...
Q: Banzon and Borja are partners in B&B Enterprises. Partnership profits and losses are allocated as fo...
A: Answer) Calculation of Bojra’s share in Net Profits Banzon Bojra Total Salaries ...
Q: in financial assets, discuss the following: Explain what your investment portfolio would look like. ...
A: My portfolio would consist of 30% risk-free assets, 50% index funds, and 20% high-return equity. The...
Q: On September 1, 2020, Kayo Na Consulting. began a service proprietorship with an initial investment ...
A: Under the cash basis method of accounting, the revenues as well as the expenses are recorded at the ...
Q: 2. M. Knight owns a business called "Accounting Done Right" which has the following account balances...
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balan...
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions list...
A: Given : Total Income = $ 475000 January 1 to March 1 is $ 125000 March 2 to December 31 is $ 350000
Q: value of each of the following streams of payments? c. $35 a year for 7 years compounded annually at...
A: Here future value can be calculated as follows = P x (1+Rn-1)/R
Q: Why do we need to pass the consolidation elimination entry everytime we prepare a consolidated finan...
A: In order to present financial statements for the group in a consolidated format, the effect of tran...
Q: The following information relates to Kay's Beauty Salon for 202 $8,448 $22,356 $6,555 $35,000 $99,11...
A: An income statement is a statement that shows a company's income and expenses. It also indicates whe...
Q: Vita Water purchased a used machine for $122,000 on January 2, 2020. It was repaired the next day at...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: A $300,000, ten year, 8% bond issue was sold to yield 9% interest payable annually. Actuarial inform...
A: Lets understand the basics. When bond is issued at the face value then it is called as issued at par...
Q: Porter Corporation holds 10,000 shares of its $10 par common stock as treasury stock, which was purc...
A: Treasury stocks are reacquired own stocks of the company. Sale of treasury stock in excess of cost...
a) Compute the firm’s predetermined overhead rate, which is based on direct-labour hours.
b) Calculate the over-applied or under-applied overhead for 2021.
c) Prepare a
d) Activity based costing (ABC) is an alternative method of allocating
Step by step
Solved in 3 steps
- Jackson Inc. listed the following data for 2019: Budgeted factory overhead $1,155,000 Budgeted direct labor hours 70,000 Budgeted machine hours 42,000 Actual factory overhead 1,100,900 Actual direct labor hours 87,500 Actual machine hours 40,600 Assuming Jackson Inc. applied overhead based on direct labor hours, the firm's predetermined overhead rate for 2019 is (round calculations to 2 significant digits): Multiple Choice $15.34 per direct labor hour. $13.05 per direct labor hour. $16.39 per direct labor hour. $16.50 per direct labor hour. $17.02 per direct labor hour.The balance sheet of Barangay Manufacturing Company showed the following balances on December 31, 2021:Finished goods - P2,100,000Work in process - 1,680,000Raw materials - 2,800,000During the first quarter of 2022, prime costs amounted to P19,152,000 while conversion costs amounted to P11,088,000. The average direct labor rate was P53.90 and overhead was applied at P43.12 per direct labor hour. Purchases of raw materials were P14,000,000 while costs of goods manufactured were P24,360,000. The company continue its policy to maintain a gross profit rate of 30%. At the end of the quarter, costs of sales amounted to P23,520,000.The change in Work in Process inventory for the first quarter is a. Increase of P280,000 b. Decrease of P7,560,000 c. Increase of P7,560,000 d. Decrease of P280,000Oriole Company provided the following information from its accounting records for 2019: Expected production 100000 labor hours Actual production 96000 labor hours Budgeted overhead $2100000 Actual overhead $1840000 How much is the overhead application rate if Oriole Company bases it on direct labor hours? $21.00 per hour $19.17 per hour $21.88 per hour $18.40 per hour
- Oriole Company provided the following information from its accounting records for 2019. Expected production 100000 labor hours Actual production 96000 labor hours Budgeted overhead $900000 Actual overhead $860000 How much is the overhead application rate if Oriole Company bases the rate on direct labor hours? $9.00 per hour $9.38 per hour $8.96 per hour $8.60 per hourSwifty Corporation provided the following information from its accounting records for 2019: Expected production 50000 labor hours Actual production 46000 labor hours Budgeted overhead $1600000 Actual overhead $1540000 How much is the overhead application rate if Swifty Corporation bases it on direct labor hours? $34.78 per hour $33.48 per hour $32.00 per hour $30.80 per hour3. Better Products Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for October 2022: Direct materials $370,000 Direct labor (3,300 hours @ $17/hour) 56,100 Indirect labor 22,000 Plant facility rent 53,000 Depreciation on plant machinery and equipment 41,000 Sales commissions 17,000 Administrative expenses 29,000 The actual amount of manufacturing overhead costs incurred in October 2022 totals ________. A) $277,500 B) $116,000 C) $162,000 D) $123,000
- The following information pertains to Trenton Glass Works for the year just ended.Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hourActual direct-labor cost: 80,000 hours at $17.50 per hourBudgeted manufacturing overhead: $997,500Actual selling and administrative expenses: 435,000Actual manufacturing overhead:Depreciation ................................................................................................ $231,000Property taxes ............................................................................................. 21,000Indirect labor ............................................................................................... 82,000Supervisory salaries .................................................................................... 200,000Utilities........................................................................................................ 59,000Insurance…The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hourActual direct-labor cost: 80,000 hours at $17.50 per hourBudgeted manufacturing overhead: $997,500Actual selling and administrative expenses: 435,000Actual manufacturing overhead:Depreciation ..................................................................................................$231,000Property taxes ...................................................................................................21,000Indirect labor .....................................................................................................82,000Supervisory salaries ...................................................................................... 200,000Utilities ...................................................................................................................59,000Insurance…1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
- 1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %241. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: b. Prepare an Income Statement for the year ended 2021! %24The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz