Cao Inc. has worked on the following jobs during the first quarter of the year.  The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. Compute the ending balance of finished goods inventory.  Group of answer choices $2,650 $4,200 $1,270 $2,930

Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. It further estimates that direct labor costs will amount to $750,000. During March, Linzee worked on four jobs with actual direct labor costs of $35,000 for Job 0301, $22,500 for Job 0302, $32,000 for Job 0303, and $16,000 for Job 0304. Actual manufacturing overhead costs for the year were $1, 710,000. Actual direct labor costs for the year were $735,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows: Work-in-process inventory $ 33,810 Finished goods inventory $ 270,480 Cost of goods sold $ 1,386, 210 Required: Prepare an entry to allocate the over- or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Cavy Company estimates that the factory overhead for the following year will be $1,699,200. The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 28,800 hours. There are 1,660 machine hours for all of the jobs in the month of April. What amount will be applied to all of the jobs for the month of April?

Southern Rim Parts estimates its manufacturing overhead to be $495,000 and its direct labor costs to be $900,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $20,000 for Job 301, $30,000 for Job 302, and $40,000 for Job 303. For the year, actual manufacturing overhead was $479,000 and total direct labor cost was $850,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.   Overhead applied in each of the inventory accounts is as follows:        Work-in-process inventory $ 37,400 Finished goods inventory   102,850 Cost of goods sold   327,250   Required: Prepare an entry to prorate the under- or overapplied overhead assuming the company uses both Applied Manufacturing Overhead and Manufacturing Overhead Control accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The Adam manufacturing company produces a single product which goes through one process only. The manufacturing cycle takes a month. The company started its manufacturing operation on 1st February 2021 and costs of production for this month were as follows:   Material Rs. 41,412;      Labor    Rs. 32,054;         FOH        Rs. 23,870   The production statistics for the month were as follows:   Units completed and transferred to finished goods store were 6,500, while no loss was observed during the process.   Units in Process on February 28, 2021 were 1,600 (Material 40%, Labor and FOH 20 per cent)   Requirement: Prepare the Cost of Production Report at the end of February 2019

Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 $1,270 Job No. 223 $1,580 Job No. 224 $1,690 Job No. 225 $960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would the ending balance of the Work-in-process inventory account be? Group of answer choices $2,650 $2,930 $1,270 $4,200

d. Assume that the actual level of activity next year was 36,000 direct labor hours and that manufactur- ing overhead was $341,550. Determine the underapplied or overapplied manufacturing overhead at the end of the year. e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year.  e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year.

Cavy Company estimates that the factory overhead for the following year will be $1,788,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 29,800 hours. The machine hours for the month of April for all of the jobs were 4,770. If the actual factory overhead for April totaled $280,190, determine the over- or underapplied amount for the month. Enter the amount as a positive number.

At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $800,000, and direct materials costs, $500,000. At year-end, the company’s records show that actual overhead costs for the year are $800,200. Actual direct materials cost had been assigned to jobs as follows.          Jobs completed and sold $ 360,000   Jobs in finished goods inventory   77,000   Jobs in work in process inventory   57,000   Total actual direct materials cost $ 494,000     Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.

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