Homework Answers
1)
| No. | Transaction | General Journal | Debit | Credit |
| 1. | a. | Work in process inventory ($9.20*1870) | $17204 | |
| Manufacturing overhead | $17204 | |||
| (To record manufacturing overhead applied) |
Predetermined overhead rate= Estimated manufacturing overhead costs/Estimated direct labor hours
= $172040/18700= $9.20 per DLH
2)
| Transaction | General Journal | Debit | Credit |
| b. | Manufacturing overhead | $22690 | |
| Cash, Payables and so on | $22690 | ||
| (To record actual manufacturing overhead) |
Actual manufacturing overhead= Indirect labor+Indirect materials+Factory rent+Factory supervision+Factory depreciation+Factory janitorial work+Factory insurance
= $2450+3420+3320+4870+5660+1190+1780= $22690
3-a)
| Transaction | General Journal | Debit | Credit |
| c. | Cost of goods sold | $5486 | |
| Manufacturing overhead | $5486 | ||
| (To record underapplied overhead) |
Underapplied or overapplied overhead= Actual manufacturing overhead-Applied manufacturing overhead
= $22690-17204= $5486 underapplied
b) The last transaction will increase the Cost of goods sold as there is underapplied overhead.
So, the answer is Increase
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overhead applied to products based on direct labor hours. At the
beginning of the most recent year, the company estimated its
manufacturing overhead cost at $172,040. Estimated direct labor
cost was $437,580 for 18,700 hours. Actual costs for the most
recent month are summarized here: Item Description Total Cost
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4 Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $186,120. Estimated direct labor cost was $469,260 for 19,800 hours. oints Actual costs for the most recent month are summarized here: Total Cost $ 46,927 Iten Description Direct labor (1,980 hours) Indirect costs Indirect labor Indirect materials eBook 2,540 3,45e 3,210 4,770 5,740 1,220...
Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $190,000. Estimated direct labor cost was $448,400 for 19,000 hours. Actual costs for the most recent month are summarized here: Total Cost $ 44,841 Item Description Direct labor (1,900 hours) Indirect costs Indirect labor Indirect materials Factory rent Factory supervision Factory depreciation Factory janitorial work...
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Verizox Company uses a job order cost system with manufacturing
overhead applied to products based on direct labor hours. At the
beginning of the most recent year, the company estimated its
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cost was $437,580 for 18,700 hours. Actual costs for the most
recent month are summarized here: Item Description Total Cost
Direct labor (1,870 hours) $ 43,759 Indirect costs Indirect labor
2,530 Indirect materials 3,340 Factory rent 3,360 Factory
supervision 4,710 Factory...
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