When manufacturing overhead is underapplied, we close it by debiting (adding) it to cost of goods sold,
Question:
Exhibit 4.15
Transcribed Image Text:
Direct material: $30 000 Raw material inventory, 1 November 252 000 Add November purchases of raw material Raw material available for use 282 000 _51 000 Deduct Raw material inventory, 30 November Raw material used 231 000 Direct labour 90 200 Manufacturing overhead: Indirect material $500 Indirect labour 14 000 Rent on factory building 22 000 Depreciation on factory equipment 35 000 Electricity 4 000 Council rates 2 000 Insurance 5 000 Total actual manufacturing overhead 82 500 Deduct Underapplied overhead 500 Overhead applied to work in process 82 000' Total manufacturing costs 403 200 Add Work in process inventory, 1 November 151 200 Manufacturing costs to account for 554 400 Deduct Work in process inventory, 30 November 364 000 Cost of goods manufactured $190 400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
In Exhibit 415 underapplied overhead is deducted from t...View the full answer
Answered By
Felix Mucee
I am a detailed and thorough professional writer with 5 years of administrative experience- the last 2 years in academic writing and virtual office environment. I specialize in delivering quality services with respect to strict deadlines and high expectations. I am equipped with a dedicated home office complete with a computer, copier/scanner/fax and color printer.
I provide creative and detailed administrative, web search, academic writing, data entry, Personal assistant, Content writing, Translation, Academic writing, editing and proofreading services. I excel at working under tight deadlines with strict expectations. I possess the self-discipline and time management skills necessary to have served as an academic writer for the past five years. I can bring value to your business and help solve your administrative assistant issues.
4.70+
13+ Reviews
33+ Question Solved
Related Book For
Management Accounting
ISBN: 9781760421144
7th Edition
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
Question Posted:
Students also viewed these Advanced Accounting questions
-
How do you know when manufacturing overhead is underapplied? What type of balance would you expect to see in the Manufacturing Overhead account?
-
1. Why would it be inappropriate for a custom- home builder to use process costing? 2. For what types of products is job costing appropriate? Why? For what types of products is process costing...
-
Explain the most common method of eliminating any balance in the Manufacturing Overhead account at year-end. What account(s) is (are) adjusted? What happens to the account(s) when manufacturing...
-
Which type of philosophical reasoning begins with one example and varies it to see how dramatic the change is, which uncovers its most crucial characteristics?
-
Show the product of thisreaction: Ph Br- - + NaOEt Br EIOH Ph
-
Recording Entries for Equity Investment: FV-NI and Equity Method On January 1, Allen Corporation purchased 30% of the 18,000 outstanding common shares of Towne Corporation at $17 per share as a...
-
Determine the bending strain energy in the simply supported beam. Solve the problem two ways. (a) Apply Eq. 14-17. (b) The load \(w d x\) acting on the segment \(d x\) of the beam is displaced a...
-
Pedro Spier, the president of Spier Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a...
-
While scrolling through your favorite social media site, apicture of Philodendron ?a common houseplant?catchesyour eye. Your friend says about the photo, ?This houseplant and Iare best friends. It?s...
-
GRW Company has the following account balances at the end of the year, before adjusting and closing entries. (All numbers are in thousands of dollars.) Required: Calculate and interpret the year-end...
-
Identify the major purposes of product costing, for each purpose discuss whether information about current or future product costs is required. What implication does your answer have for developing a...
-
Explain the difference between job costing and process costing. Give three examples (other than those in the chapter) of businesses that you think would use: (a) A job costing system (b) A process...
-
Identify the type of graph that each equation has, without actually graphing. 3x 2 + 10y 2 - 30 = 0
-
2. A box starts at rest at the top of a very smooth ramp. The top of the ramp is 1.50 m above the ground. At the bottom of the ramp, just after the ramp levels off, is a spring with a spring constant...
-
3. A stationary box is kicked down a frictionless ramp. The foot applies a force of 13.5 N along the ramp for 0.250 s for negligible distance. (a) If the box leaves the foot with a velocity of 2.00...
-
1. Two students each measured the heat capacity of a metal in three replicate experiments. Alice's values were 0.051, 0.053, 0.054 cal/g.C. Bob's values were 0.051, 0.061, 0.071 cal/g.C. The accepted...
-
In January 2025, Swifty Corporation, a newly formed company, issued 9600 shares of its $0.10 par common stock for $15 per share. On July 1, 2025, Swifty Corporation reacquired 960 shares of its...
-
The following are transactions for the Sky Blue Corporation: a. Collected $5,400 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $3,600 for...
-
Go to the library and research Chebyshv polynomials. Write a report on your findings.
-
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...
-
How do diagnostic control systems differ from interactive control systems?
-
How does task control differ from results control?
-
List and explain the two categories in task control.
-
Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $31,600...
-
How many standards are included in the ELP accreditation standards? What stands out to you about the different areas? What are the topic areas under administration and leadership? What are the...
-
What is performance management systems? Do the companies where you (or others you know) have worked used performance management systems rather than performance appraisal systems? If yes, what kind of...
Study smarter with the SolutionInn App