Question: Answer each question independently. Required: 1. Milano Company's predetermined overhead rate for manufacturing overhead is $18 per direct labour-hour. The direct labour rate is $24

 Answer each question independently. Required: 1. Milano Company's predetermined overhead rate

for manufacturing overhead is $18 per direct labour-hour. The direct labour rate

Answer each question independently. Required: 1. Milano Company's predetermined overhead rate for manufacturing overhead is $18 per direct labour-hour. The direct labour rate is $24 per hour. If the budgeted direct labour cost was $336,000, what was the budgeted manufacturing overhead? Budgeted manufacturing overhead 2. Zion wants to compute the total cost for preparing a corporate tax return for his client. His labour is the only direct cost at $65 per hour. He estimates monthly overhead costs at $7,500 for 150 direct labour-hours. If the tax return requires 16 hours to prepare, what will be the total direct cost, indirect cost, and job cost, respectively? Amount Total direct cost Total indirect cost Total job cost 3. Cooper Corporation had the following account balances at the end of this year: Direct materials inventory Work in process Finished goods Manufacturing overhead control Cost of goods sold $ 1,200 680 450 122 debit 800 3-a. Assuming that over- or underapplied overhead is written off to cost of goods sold, prepare the appropriate journal entry. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry to close over- or underapplied overhead to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 3-b. Compute the adjusted balance in the cost of goods sold account. Adjusted balance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!