Bradbeer Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor- hours were 17,500 hours. At the end of the year, actual direct labor-hours for the year were 16,000 hours, the actual manufacturing overhead for the year was P233,000, and manufacturing overhead for the year was underapplied by P15,400. How much is the estimated manufacturing overhead at the beginning of the year which was used in the predetermined overhead rate *

Bradbeer Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor- hours were 17,500 hours. At the end of the year, actual direct labor-hours for the year were 16,000 hours, the actual manufacturing overhead for the year was P233,000, and manufacturing overhead for the year was underapplied by P15,400. How much is the estimated manufacturing overhead at the beginning of the year which was used in the predetermined overhead rate *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is the journal entry to record the labor costs incurred during the year?
Royalty on production is classified as? a. Selling overheads O b. Factory overheads C.Office heads Od. Direct expense
dont answer give in image format
Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year.
The salary paid to the president of a company would be classified on the income statement as a(n): Multiple Choice direct labor cost. O selling expense. administrative expense. manufacturing overhead cost.
Electricity Costs that were incurred by a company’s production processes should be debited to: Utilities Expense Accounts payable Cash Manufacturing overhead
If the company records revenue over time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000
Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor hours. At the beginning of the year, the company estimated that total manufacturing overhead costs would be $300,000 and that 20,000 direct labor hours would be worked. At year-end, Anthony, the company's founder and CEO, gives you the following information regarding Oberti's operations. 1. The beginning balances in the inventory accounts were: Raw Materials Inventory $8,000 Work in Process Inventory $26,000 Finished Goods Inventory $32,000 2. During the year, the company purchased raw materials costing $97,000. All purchases were made on account. 3. The production department requisitioned $100,000 of raw materials for use in production. Of those, 70% were direct materials and 30% were indirect materials. 4. The company used 21,000 direct labor hours at a cost of $14 per hour during the year (credit…
An example of a period cost isa. the salary of a production supervisor.b. the raw materials used in production.c. the property taxes on a factory building.d. advertising and promotion expenditures.e. none of the above.
What were the costs of the units in process, October 31?
i)Compute Fielder’s predetermined manufacturing overhead rate for 2020. ii)State the journal entries necessary to record the above transactions in the general journal: a)For direct materials used in February b)For indirect material issued to production in February c)For total manufacturing labour incurred in February d)To assign manufacturing labour to the appropriate accounts e)For other manufacturing overhead incurred f)For manufacturing overhead applied to production for February, given thatFieldermanufacturing company worked 2,750 machine hours. g)To move the completed jobs into finished goods inventory h)To sell the two completed jobs on account
The plant manager's salary * Product Cost Period Cost