2 Applying Assignment←Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, basedView the costs.Read the requirements.Requirement 1. Compute Jackson Factory's predetermined overhead allocation rate.Predetermined overheaallocation rateper machine HRequirement 2. Prepare the journal entry to allocate manufacturing overhead. (Record debits first, then creditAccounts and Explanationpages$Estimated overhead cost880,000Question 2, EM2-24 (similar to)Part 2 of 6DateDec. 31Get more help.Estimated machine hours80,000$11DebitCreditCostsAt the beginning of 2025, the company expected to incur the following:$880,000Manufacturing overhead costsDirect labor costs1,440,000Machine hours80,000 hoursAt the end of 2025, the company had actually incurred:Direct labor costsDepreciation on manufacturing plant and equipmentProperty taxes on plantSales salariesDelivery drivers' wagesPlant janitor's wagesMachine hoursRequirements$1,190,000550,00036,50025,00021,00018,00067,000 hours1. Compute Jackson Factory's predetermined overhead allocation rate.Prepare the journal entry to allocate manufacturing overhead.2.3.Post the manufacturing overhead transactions to the ManufacturingOverhead T-account. Is manufacturing overhead underallocatedor overallocated? By how much?4. Prepare the journal entry to adjust for the underallocated or overallocatedmanufacturing overhead. Does your entry increase or decrease Cost ofGoods Sold?X

Name: 2 Applying Assignment←Jackson Foundry uses a predetermined overhead a
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Description: 2 Applying Assignment←Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, basedView the costs.Read the requirements.Requirement 1. Compute Jackson Factory's predetermined overhead allocation rate.Pr

Pre determined overhead rate is the rate at which the manufacturing overhead is applied to the work…

Business

Accounting

Predetermined overhe Estimated machine hours allocation rate 80,000 11 per machine H e journal entry to allocate manufacturing overhead. (Record debits first, then credit Accounts and Explanation Cost = = $ Debit Credit At the end of 2025, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours $1,190,C 550,0 36,5 25,0 21,0 18,0 67.0

Predetermined overhe Estimated machine hours allocation rate 80,000 11 per machine H e journal entry to allocate manufacturing overhead. (Record debits first, then credit Accounts and Explanation Cost = = $ Debit Credit At the end of 2025, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitor's wages Machine hours $1,190,C 550,0 36,5 25,0 21,0 18,0 67.0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Requirements 1. 2. 3. Compute Jackson's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Allocated overhead to WIP Done - X Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,540,000 Machine hours 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant…
Calculate the overhead cost assigned to the job if the company used the overhead rates developed in requirement 1 above. Then calculate the overhead cost assigned to the job if the company used the overhead rates developed in requirement 2. Note: Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Step-down method Direct method Total Overhead Cost
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost. Required: 1. Prepare journal entries to record the transactions given…
Calculating under/overallocated overhead The T-account showing the manufacturing overhead activity for Aliyah Corp. for 2018 is as follows: Requirements What is the actual manufacturing overhead? What is the allocated manufacturing overhead? Is manufacturing overhead underallocated or overallocated? By how much?
INFO FOR QUESTIONS IN IMAGE 1. Compute the underapplied or overapplied overhead. [Underapplied OR Overapplied] [$ ] 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. Record the entry to close the balance in the manufacturing overhead account to the cost of goods sold account. (Note: Enter debits before credits.) Event General Journal Debit Credit 1 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. Record the allocation of the underapplied/overapplied overhead to various accounts. (Note: Enter debits before credits.) Event General Journal Debit Credit 1 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to…
Systems Design: Job-Order Costing 201 12. Which of the following statements related to manufacturing overhead is true? Credits to subsidiary manufacturing overhead records occur at the time b- Both debits and credits to subsidiary manufacturing overhead records a. the manufacturing overhead costs are incurred. occur at the time manufacturing overhead costs are incurred. Credits to manufacturing overhead allocated occur as the allocation base is consumed. с. d. Manufacturing overhead costs incurred are dependent upon uhe allocation method used.
Please see the attachment for data Question : Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs Thanks in advance
Match each of the following phrases with the term (a–g) that it most closely describes. Question 2 options: Applied overhead is more than actual overhead incurred A system that uses a different overhead rate for each activity Typically used by companies whose products are indistinguishable from each other Typically used by companies that make custom products A subsidiary ledger that maintains a separate account for each type of material Applied overhead is less than actual overhead incurred Stock ledger 1. Job order cost system 2. Process cost system 3. Activity-based costing 4. Underapplied overhead 5. Overapplied overhead 6. Finished goods ledger 7. Materials ledger
8. The warehouse management team members of a manufacturing company submits their timesheets. The entry to record their indirect labor costs to the job would include a credit to which account? Omanufacturing overhead O manufacturing wages O work-in-process inventory wages payable
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $3,200. The following information was available with respect to this job: $ 1,472 Direct materials Direct labor cost Machine-hours used $ 1,056 79 Compute the total manufacturing cost assigned to Job P90. Complete this question by entering your answers in the tabs below. Required 1 Required 2 200,000 $ 2,800,000 $ 2.00 Compute the plantwide predetermined overhead rate. Predetermined overhead rate per MH
Please solve this MCQs The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing Overhead Control and credits Work-in-Process inventory. True False
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…