Factory Overhead Rates. Entries, and Account Balance LU02 Homework assignment take frame Montenegro Metal Company operates...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Factory Overhead Rates. Entries, and Account Balance LU02 Homework assignment take frame Montenegro Metal Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for March Actual direct labor hours for March Actual machine hours for March a. Determine the factory overhead rate for Factory 1. per machine hour $ 46 b. Determine the factory overhead rate for Factory 2. $ 71 Feedback Check My Work per direct labor hour Factory 1 Factory 2 $822,020 $816,500 11,500 17,870 $65,540 $70,890 1,040 1,390 c. Journalize the entries to apply factory overhead to production in each factory for March. If an amount box does not require an entry, leave it blank. Factory 1 Work in Process Factory Overhead Factory 2 Work in Process Factory Overhead Factory Overhead Rates. Entries, and Account Balance LU02 Homework assignment take frame Montenegro Metal Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Estimated factory overhead cost for fiscal year beginning March 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for March Actual direct labor hours for March Actual machine hours for March a. Determine the factory overhead rate for Factory 1. per machine hour $ 46 b. Determine the factory overhead rate for Factory 2. $ 71 Feedback Check My Work per direct labor hour Factory 1 Factory 2 $822,020 $816,500 11,500 17,870 $65,540 $70,890 1,040 1,390 c. Journalize the entries to apply factory overhead to production in each factory for March. If an amount box does not require an entry, leave it blank. Factory 1 Work in Process Factory Overhead Factory 2 Work in Process Factory Overhead
Expert Answer:
Answer rating: 100% (QA)
Montenegro Metal Company Factory Overhead Rates Journal Entries a Factory Overhead Rate for Factory ... View the full answer
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
Posted Date:
Students also viewed these accounting questions
-
Pretend that your city is not in Canada and is part of a new country. Decide on 10 rights and freedoms that all your citizens will have (your constitution). Describe how the head of Taiwan will be...
-
Montenegro Metal Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated...
-
Data Set 14 in Appendix B lists highway fuel consumption amounts (mi/gal) for cars categorized by size (small, midsize, large). If we use those highway fuel consumption amounts arranged into the...
-
This case illustrates the increased role training is playing in large U.S. hotel chains. (For the case, go to www.cengage.com/management/mathis or visit the instructor companion website.) 1. Discuss...
-
In addition to the sequence structure, which of the following control structures is used in flowchart C in Figure 5-46? a. Selection b. Repetition c. Both a and b. A T. -O-T- LL
-
1. What are some ways that eBay is trying to improve its performance is by using AI to create new and helpful applications designed to make shopping more fun? 2. Why is website search so important...
-
The design and effective capacities for a local emergency facility are 300 and 260 patients per day, respectively. Currently, the emergency room processes 250 patients per day. What can you conclude...
-
P. 144 PE 3: Determine the purpose of the program given below. Then rewrite each program using #define statements for appropriate literals. #include int main() { float fahren, celsius; printf(" Enter...
-
Inputs X i and Y i of each full adder in an arithmetic circuit have digital logic specified by the Boolean functions where S is a selection variable, C in is the input carry, and A i and B i are...
-
Brighton Services repairs locomotive engines. It employs 1 0 0 full - time workers at $ 2 0 per hour. Despite operating at capacity, last year's performance was a great disappointment to the...
-
Data on fossil mammalian herbivore species in the Great Plains of North America The Great Plains became a grassland 22-26 MYA. The grassland became dominated by C4 grasses 8 MYA. Data presented are...
-
1 Explain how u found sales 2 Explain how u found percent of sale of op expenses (weight of each product) 3 Explain how much each product produces (most to least profitable) 4 Explain where money is...
-
Use the data below on WTI, Brent, heating oil and RBOB gasoline in any combination and back-test them against jet fuel to determine the best correlation. Will have to try a multiple regression to see...
-
Requirements: Download the relevant data into a spreadsheet and complete (show) the needed calculation accordingly. Provide written answers to both questions in the spreadsheet. Submit your project...
-
Your CFO has asked you to analyze the attached financial statements. In addition, you are provided the following information: Cost of debt 7% Cost of equity 20% Tax rate 25% FCF Terminal Growth Rate...
-
The following information is available pertaining to the Production Division of Clarkson Enterprises: Assembly Dept. Finishing Dept. Total Overhead costs $7,500 $22,500 $30,000 Direct labor hours...
-
What is a make-or-buy decision?
-
The following information was taken from Tyson Companys balance sheet: Fixed assets (net) .............. $1,050,000 Long-term liabilities ............... 750,000 Total liabilities...
-
a. During February, $194,500 was paid to creditors on account, and purchases on account were $210,400. Assuming that the February 28 balance of Accounts Payable was $62,500, determine the account...
-
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct....
-
Using the demand and cost curves of an individual firm in oligopoly, demonstrate the effects of each of the following: a. The Clean Air Act b. The Nutrition and Labeling Act c. A ban on smoking...
-
Which of the three types of government policiesantitrust, social regulation, and economic regulationis the basis for each of the following? a. Beautician education standards b. Certified Public...
-
Explain why a market in which broadcast licenses can be purchased might be more efficient than having the FCC assign licenses on some basis designed by the FCC.
Study smarter with the SolutionInn App