Homework Answers
| Statement of changes in retained earnings | |||||
| Decrease in retained earnings: | |||||
| Depreciation Expense | 7000 | ($ 35000 x 20%) | |||
| Insurance Expense | 625 | ($ 2500 x 25%) | |||
| 7625 | |||||
| Increase in retained earnings: | |||||
| Overapplied OH | 28125 | (W.N) | |||
| Net changes in retained earnings | 20500 | ||||
| W.N | |||||
| Computation of over/underapplied OH | |||||
| Manufacturing OH cost incurred | $ 80,000.00 | ||||
| Depreciation on factory equipment | $ 7,000.00 | ($ 35000 x 80%) | |||
| Insurance expense related to production | $ 1,875.00 | ($ 2500 x 75%) | |||
| Total Manufacturing OH incurred | $ 88,875.00 | ||||
| Manufacturing OH applied | $ 1,17,000.00 | ||||
| Overapplied OH | $ 28,125.00 | ||||
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A company is a manufacturer that completed numerous transactions during the month, some of which are...
A company is a manufacturer that completed numerous transactions during the month, some of which are...
A company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Manufacturing overhead costs incurred on account, $80,000. b. Depreciation was recorded for the month, $35,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration). d. Applied $116,000 of manufacturing overhead to production during the month. e. Closed...
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