1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing OverheadDebitCredit3,41051,52015,030 37,090 Double line4,010Double line A. What is the actual manufacturing overhead?B. What is the allocated manufacturing overhead?C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.JournalDateDescriptionDebitCreditDec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing OverheadDebitCredit2,02056,34015,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead?B. What is the allocated manufacturing overhead?C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.JournalDateDescriptionDebitCreditDec. 31, 20 Dec. 31, 20

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The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry. Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20

The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry. Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 9PB: Mountain Tops applies overhead on the basis of direct labor hours and reports the following...

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Debit	Credit
3,410	51,520
15,030
37,090
Double line4,010	Double line

Debit	Credit
2,020	56,340
15,540
31,920
Double line	Double line6,860

Similar questions

Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 90,000 $1,278,000 $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year ended 31 December 2019: Computer-hours 85,000 Purchase of raw materials $7,890,000 Direct labor cost $1,722,000 Manufacturing overhead costs: Insurance, factory ... $ 88,000 Depreciation of equipment 170,000 Indirect material . Indirect labor . 12,000 327,000 Property taxes 85,000 Maintenance. 630,000 Rent, building…
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