Calculate the manufacturing overhead allocation rate. Compute the amount of under- or overallocated manufacturing overhead. Calculate...

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Calculate the manufacturing overhead allocation rate. Compute the amount of under- or overallocated manufacturing overhead. Calculate the ending balances in work in process, finished goods, and cost of goods sold if under- or overallocated manufacturing overhead is as follows: a. Written off to cost of goods sold b. Prorated based on ending balances (before proration) in each of the three accounts C. Prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts Which method would you choose? Justify your answer. Data table Budgeted manufacturing overhead cost Budgeted direct manufacturing labor cost Actual manufacturing overhead cost Actual direct manufacturing labor cost $ $ $ $ 100,000 200,000 116,500 229,000 Data table Account Work in process Finished goods Cost of goods sold $ Ending balance 41,500 $ 232,400 556,100 2020 direct manufacturing labor cost in ending balance 18,320 64,120 146,560 The Row -On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) Inventory balances on December 31, 2020 were as follows: (Click the icon to view the account balances.) Read the requirements. Requirement 1. Calculate the manufacturing overhead allocation rate. Identify the formula and calculate the manufacturing overhead allocation rate. (Enter the result as a whole number.) = Overhead ation rate = Requirement 2. Compute the amount of under- or overallocated manufacturing overhead. Identify the formula and calculate the under- or manufacturing overallocated overhead. (Use parentheses or a minus sign to report overhead overallocated.) = Underallocated (overallocated) Requirement 3. Calculate the ending balances in work in process, finished goods and cost of goods sold if under-or overallocated manufacturing overhead is as follows: (a) written off to cost of goods sold, (b) prorated based on ending balances (before proration) in each of the three accounts, (c) prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (a.) Calculate the endina balances in work in process. finished goods and cost of goods sold if under- or overallocated The Row - On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) Account Work in process Finished goods Cost of goods sold (a.) Calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is written off to cost of goods sold. Ending Balance (b.) WIP FG CGS (b.) Begin by identifying the formula and calculating the adjustment to each account assuming under- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) x Inventory balances on December 31, 2020 were as follows: X (Click the icon to view the account balances.) Read the requirements. X Adjustment Now calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturinn nverhood ie nmrater haead on andinn halannae fhafora nroratinn) in each of the throa onnnunte llea a The Row - On - Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) (b.) WIP FG CGS + WIP FG CGS CIE Now calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show adjustments to be subtracted.) D X Inventory balances on December 31, 2020 were as follows: (Click the icon to view the account balances.) Read the requirements = Ending Balance (adjusted) = (c.) Begin by identifying the formula and calculating the adjustment to Work-in-Porcess, Finished Goods, and Cost of Goods Sold assuming under- or overallocated manufacturing overhead is prorated based on the the actual direct labor dollars given in the question. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) = = = Adjustment The Row - On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) (C.) WIP FG CGS CGS (c.) Enter the formula and calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) + amount is Inventory balances on December 31, 2020 were as follows: + (Click the icon to view the account balances.) Read the requirements. Requirement 4. Which method would you choose? Justify your answer. The method that makes the most sense is to SO = Ending Balance (adjusted) The amount of the over- underallocation Calculate the manufacturing overhead allocation rate. Compute the amount of under- or overallocated manufacturing overhead. Calculate the ending balances in work in process, finished goods, and cost of goods sold if under- or overallocated manufacturing overhead is as follows: a. Written off to cost of goods sold b. Prorated based on ending balances (before proration) in each of the three accounts C. Prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts Which method would you choose? Justify your answer. Data table Budgeted manufacturing overhead cost Budgeted direct manufacturing labor cost Actual manufacturing overhead cost Actual direct manufacturing labor cost $ $ $ $ 100,000 200,000 116,500 229,000 Data table Account Work in process Finished goods Cost of goods sold $ Ending balance 41,500 $ 232,400 556,100 2020 direct manufacturing labor cost in ending balance 18,320 64,120 146,560 The Row -On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) Inventory balances on December 31, 2020 were as follows: (Click the icon to view the account balances.) Read the requirements. Requirement 1. Calculate the manufacturing overhead allocation rate. Identify the formula and calculate the manufacturing overhead allocation rate. (Enter the result as a whole number.) = Overhead ation rate = Requirement 2. Compute the amount of under- or overallocated manufacturing overhead. Identify the formula and calculate the under- or manufacturing overallocated overhead. (Use parentheses or a minus sign to report overhead overallocated.) = Underallocated (overallocated) Requirement 3. Calculate the ending balances in work in process, finished goods and cost of goods sold if under-or overallocated manufacturing overhead is as follows: (a) written off to cost of goods sold, (b) prorated based on ending balances (before proration) in each of the three accounts, (c) prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (a.) Calculate the endina balances in work in process. finished goods and cost of goods sold if under- or overallocated The Row - On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) Account Work in process Finished goods Cost of goods sold (a.) Calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is written off to cost of goods sold. Ending Balance (b.) WIP FG CGS (b.) Begin by identifying the formula and calculating the adjustment to each account assuming under- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) x Inventory balances on December 31, 2020 were as follows: X (Click the icon to view the account balances.) Read the requirements. X Adjustment Now calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturinn nverhood ie nmrater haead on andinn halannae fhafora nroratinn) in each of the throa onnnunte llea a The Row - On - Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) (b.) WIP FG CGS + WIP FG CGS CIE Now calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show adjustments to be subtracted.) D X Inventory balances on December 31, 2020 were as follows: (Click the icon to view the account balances.) Read the requirements = Ending Balance (adjusted) = (c.) Begin by identifying the formula and calculating the adjustment to Work-in-Porcess, Finished Goods, and Cost of Goods Sold assuming under- or overallocated manufacturing overhead is prorated based on the the actual direct labor dollars given in the question. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) = = = Adjustment The Row - On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020: (Click the icon to view the data.) (C.) WIP FG CGS CGS (c.) Enter the formula and calculate the ending balances in work in process, finished goods and cost of goods sold if under- or overallocated manufacturing overhead is prorated based on the overhead allocated in 2020 in the ending balances (before proration) in each of the three accounts. (Use a minus sign or parentheses to show overallocated amounts and adjustments to be subtracted.) + amount is Inventory balances on December 31, 2020 were as follows: + (Click the icon to view the account balances.) Read the requirements. Requirement 4. Which method would you choose? Justify your answer. The method that makes the most sense is to SO = Ending Balance (adjusted) The amount of the over- underallocation

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Lets start by addressing each requirement step by step Requirement 1 Calculate the manufacturing overhead allocation rate The overhead allocation rate is calculated based on the budgeted amounts provi... View the full answer