1. The following information was reported for Gray Enterprises on December 31, 2020.2. The following information was reported for Gray Enterprises on December 31, 2021. 1. The following information was reported for Gray Enterprises on December 31, 202.ManufacturingOverhead3,380 50,88015,78037,3205,600A. What is the actual B. What is the allocated C. Is manufacturing overheadmanufacturingoverhead?underallocated oroverallocated?manufacturingoverhead?D. Prepare the adjusting entry.DateDec. 31, 202,100 55,98015,65032,4802. The following information was reported for Gray Enterprises on December 31, 2021.ManufacturingOverhead5,750DateDescriptionD. Prepare the adjusting entry.A. What is the actual B. What is the allocated C. Is manufacturing overheadmanufacturingmanufacturingunderallocated oroverallocated?overhead?overhead?Dec. 31, 20Submit All PartsDebitDescriptionCreditDebitCredit

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Manufacturing Overhead 3,380 50,880 15,780 37,320 5,600 A. What is the actual B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? manufacturing overhead?

Manufacturing Overhead 3,380 50,880 15,780 37,320 5,600 A. What is the actual B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? manufacturing overhead?

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

1. The following information was reported for Gray Enterprises on December 31, 2020.

2. The following information was reported for Gray Enterprises on December 31, 2021.

1. The following information was reported for Gray Enterprises on December 31, 202.
Manufacturing
Overhead
3,380 50,880
15,780
37,320
5,600
A. What is the actual B. What is the allocated C. Is manufacturing overhead
manufacturing
overhead?
underallocated or
overallocated?
manufacturing
overhead?
D. Prepare the adjusting entry.
Date
Dec. 31, 20
2,100 55,980
15,650
32,480
2. The following information was reported for Gray Enterprises on December 31, 2021.
Manufacturing
Overhead
5,750
Date
Description
D. Prepare the adjusting entry.
A. What is the actual B. What is the allocated C. Is manufacturing overhead
manufacturing
manufacturing
underallocated or
overallocated?
overhead?
overhead?
Dec. 31, 20
Submit All Parts
Debit
Description
Credit
Debit
Credit

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MountaIn Peaks applies overhead on the basis of machine hours and reports the following information: A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over- or under applied, and by what amount? D. What is the journal entry to dispose of the over- or under applied overhead?
All the following statements about predetermined overhead rates are correct, EXCEPT: O a. based on estimated total manufacturing overhead costs O b. calculated at the end of the accounting period once the actual amount of manufacturing overhead is known. O c. calculated by dividing total estimated manufacturing overhead cost by estimated units of the allocation base. d. All the given answers are correct. е. calculated first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs.
All the following statements about predetermined overhead rates are correct, EXCEPT: a. calculated at the beginning of the accounting period once the actual amount of manufacturing overhead is known. O b. calculated based on estimated total manufacturing overhead costs O c. All the given answers are correct. O d. by dividing total estimated manufacturing overhead cost by actual units of the allocation base. O e. calculated first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs.
For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive v Total Current Beginning Work Ending Work in in Process Inventory Cost of Goods Case Manufacturing Costs Process Inventory Manufactured A. 2$ 5,200 $ 1,700 $ 700 B 1,700 1,420 2,610 C 580 1,590 7,310 D 8,850 1,050 6,775
Find: 1. Total Manufacturing Cost during the current year2. Cost of goods Manufactured during the current year 3. Over or Under applied Overhead
The journal entry to write-off a significant underapplied overhead balance at the end of an accounting period is: A. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx B. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx C. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx D. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx Option A Option B Option C Option D
Ivano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.
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Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
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