acc 640 - Homework #7

acc 640 - Homework #7 - ACCT 640 HOMEWORK #7 #13-40: a....

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ACCT 640 HOMEWORK #7 #13-40: Case 1 Case 2 a. Budgeted factory overhead 600,000. 00 420,000. 00 b. Cost-allocation base, budgeted direct-labor cost 350,000.00 c. Budgeted factory - overhead rate 150% 120% d. Direct-labor cost incurred 570,000. 00 325,000. 00 e. Factory overhead incurred 830,000. 00 425,000. 00 f. Factory overhead applied 855,000. 00 390,000. 00 g. Underapplied (overapplied) factory overhead (25,000.00) 35,000. 00 #13-42: Actual factory overhead Factory overhead applied Over-applied factory overhead 1. Immediate write off: Cost of goods sold 360,000. 00 2. Proration among inventories: Unadjus ted Balance Proration of overapplied overhead Adjusted balance WIP 20 0,000 (10,0 00) 190,000. 00 Finished goods 2 0 0 , 0 0 0 (10,0 00) 190,000. 00 Cost of goods sold 4 0 0 , 0 (20,0 00) 380,000. 00
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0 0 Total 80 0,000 (40,0 00) 760,000. 00 Gross profit will differ (20,000) Gross profit using method 1 will be $20,000 higher than gross profit using method 2 #13-44: 1. In year 20X2, units produced equal units sold
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This note was uploaded on 04/07/2011 for the course ACCT 640 taught by Professor N/a during the Spring '11 term at Davenport.

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acc 640 - Homework #7 - ACCT 640 HOMEWORK #7 #13-40: a....

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