ACC606_fcordero_week2_fcordero - a Chapter 3 p 115 Complete...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 100,000.00 Overhead 1.50 200,000.00 Overhead .75 300,000.00 Overhead .30 b) Chapter 3, p. 117 – Complete exercise 3-31 1 20000 2 40000 3 100000 4 280000 Chapter 3, p. 118 – Complete exercise 3-35 The following information pertains to Paramus Metal Works for the year just ended. Budgeted direct-labor cost: 77,000 hours at $17 per hour Actual direct-labor cost: 79,000 hours at $18 per hour Budgeted manufacturing overhead: $993,300 Budgeted selling and administrative expenses: $417,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Total Actual Manufacturing Overhead: Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 Required: 1. Compute the firm’s predetermined overhead rate, which is based on direct-labor hours. Budgeted 993300/77000 12.90 Actual 997000/79000 12.62 2. Calculate the overapplied or underapplied overhead for the year. Actual Overhead 997000 Applied Overhead 993300 overapplied by 3700 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. DR
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/02/2010 for the course ACC 624 taught by Professor Smith during the Spring '10 term at Grand Canyon.

Page1 / 8

ACC606_fcordero_week2_fcordero - a Chapter 3 p 115 Complete...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online