Need answer the question don't use ai Before prorating the manufacturing overhead costs at the end of2016, the Cost of Goods Sold and Finished Goods Inventory hadapplied overhead costs of $58,900 and $34,000 in them,respectively. There was no Work-in-Process at the beginning orend of 2016. During the year, manufacturing overhead costs of$88,000 were actually incurred. The balance in the AppliedManufacturing Overhead was $92,900 at the end of 2016. If theunder-or overapplied overhead is prorated between the Cost ofGoods Sold and the inventory accounts, how much will be the Costof Goods Sold after the proration?a. $60,693.b. $57,107.c. $59,417.d. $55,793.

Step 1: Define Manufacturing overheadManufacturers' overheads are indirect; hence they are a settled…

Answered: Before prorating the manufacturing…

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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Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59,000 and $35,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $89,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,000 at the end of 2020. If the under or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be allocated to the Finished Goods Inventory? (Rounded to the nearest whole dollar.)
In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $750,000, and direct materials costs, $625,000. At year-end 2017, the company's records show that actual overhead costs for the year are $830,000. Actual direct material cost had been assigned to jobs as follows. Jobs completed and soldi Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost 1. Determine the predetermined overhead rate for 2017. 2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. View transaction list Req 1 Req 2 and 3 Prepare the adjusting entry to allocate any over- or…
HONDA Inc, is using Just-in-Time Production System and Backflush Cost Accounting System for the year ended December 31, 2016. The following information was provided for the year 2016:a. Raw materials purchased for year 2016 totaled P1,000,000.b. Direct labor for the year 2016 totaled P500,000.c. Actual overhead for the year 2016 totaled P300,000 and the standard overhead rate is 50% of direct labor cost.d. The production report for year 2016 showed that the Finished Goods Inventory at December 31 was P200,000 consisting of:Direct Materials 110,000 Direct Labor 60,000 Factory Overhead 30,000Req: What is the Cost of Goods Sold for the year ended December 31, 2016?
he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the total direct labor cost in 2014?a. P1,800,000b. P1,500,000c. P1,700,000d. P3,600,000
what is tha final answer and computation for this?
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Please solve this MCQs At the beginning of the year, manufacturing overhead for the year was estimated to be $267,500. At the end of the year, actual direct labor-hours for the year were 22,100 hours, the actual manufacturing overhead for the year was $262,500, and manufacturing overhead for the year was overapplied by $13,750. If the predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used to calculate the predetermined overhead rate was: 22,100 direct labor-hours. 21,000 direct labor-hours. 21,400 direct labor-hours. 19,900 direct labor-hours.
XYZ Company had the following information available for the last year: manufacturing overhead for the year was estimated to be OMR265,000; actual manufacturing overhead for the year was OMR250,000; actual direct labor-hours for the year were 13,010 hours; manufacturing overhead for the year was overapplied by OMR10,200. Predetermined overhead rate is based on direct labor- hours. What was the estimated direct labor-hours for the year? Select one Oa None of the answers given Ob13.250 OC 13,750 O d. 14.250
Calculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $907,200, direct labor costs of $756,000, and direct labor hours of 21,600 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000
During March 2020, Polaro Corporation recorded P40,200 of costs related to factory overhead. overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that P40,900 would be incurred, and 5,000 direct labor hours would be worked. During March, 5,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied. (Round answers to the nearest whole dollar. Enter as a positive number if under applied. Enter as a negative number if over applied.)

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