Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $60,480 for the year; direct labor was estimated to total $151,200. Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor The following transactions have occurred during the year. Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Predetermined Overhead Rate (12/31) $14,400 $18,600 $ 23,100 $ 34,200 $ 40,000 (1/1) $ 19,700 (a) Calculate the predetermined overhead rate. Cost of Goods Manufactured $196,000 $ 96,300 $147,800 $ 6,000 $ 17,000 $ 25,800 $ 18,500 $ 8,700 $ 8,400 (b) Calculate cost of goods manufactured. Overhead 96 (c) Calculate the over- or underapplied overhead. (Input all amounts as positive values.) Curtis Inc. uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $60,480 for the year; direct labor was estimated to total $151,200. Raw Materials Inventory. Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor The following transactions have occurred during the year. Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Predetermined Overhead Rate (12/31) $14,400 $18,600 $ 23,100 $ 34,200 $ 40,000 (1/1) $ 19,700 (a) Calculate the predetermined overhead rate. Cost of Goods Manufactured $196,000 $ 96,300 $147,800 $ 6,000 $ 17,000 $ 25,800 $ 18,500 $ 8,700 $ 8,400 (b) Calculate cost of goods manufactured. Overhead 96 (c) Calculate the over- or underapplied overhead. (Input all amounts as positive values.)
Expert Answer:
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Posted Date:
Students also viewed these accounting questions
-
The Brinker Company uses a job order costing system at its local plant. The plant has a machining department and a finishing department. The company uses machine hours to allocate machining...
-
The Gonzalez Company uses a job order costing system at its plant in Green Bay, Wisconsin. The plant has a machining department and a finishing department. The company uses two cost driver rates for...
-
East Lake Corporation uses a job order costing system and applies manufacturing overhead using a predetermined overhead rate. The following data are available. 1. Compute the predetermined overhead...
-
You have been given the following algorithm. What does it return? Input: Array A [ 1 . . . [ 1 . . . n ] ] Output: ? ? ? ? out 1 1 for i 2 2 to n do if A [ [ i ] < ] < A [ [ out ] ] then out i return...
-
Why is strategic planning important to a small company?
-
Answer all parts complete and correct to get 100% feedback!! Compute EUAW for an interest rate of 9%, use table below for cost analysis. Compare and choose the right alternative. Machine Alternative...
-
What types of policies should organizations implement when using social media tools for recruitment?
-
Bayside Coatings Company purchased waterproofing equipment on January 2, 20Y4, for $190,000. The equipment was expected to have a useful life of four years and a residual value of $9,000. Instruction...
-
Suppose there is a reduced supply of canned tomatoes from China to Australia during COVID-19. Also, consumers are increasingly feeling concerned about supply shortages. What will be the impact of...
-
a. Use a spreadsheet (or a calculator with a linear regression function) to determine Stock X's beta coefficient. b. Determine the arithmetic average rates of return for Stock X and the NYSE over the...
-
Solve the equation: z(1 + i) = (conj(z) - 2) (3 - i) for the complex number z
-
HD \(10180 \mathrm{~g}\) orbits with a period of 600 days at a distance of 1.4 au from its star. What is the ratio of the star's mass to our sun's mass? In recent years, scientists have discovered...
-
a. Can the normal force on an object be directed horizontally? If not, why not? If so, provide an example. b. Can the normal force on an object be directed downward? If not, why not? If so, provide...
-
How much time does it take for the spacecraft to complete one orbit? A. \(38 \mathrm{~min}\) B. \(76 \mathrm{~min}\) C. \(110 \mathrm{~min}\) D. \(220 \mathrm{~min}\)
-
A satellite orbiting the moon very near the surface has a period of \(110 \mathrm{~min}\). Use this information, together with the radius of the moon from the table on the inside of the back cover,...
-
Two horizontal rods are each held up by vertical strings tied to their ends. Rod 1 has length \(L\) and mass \(M\); rod 2 has length \(2 L\) and mass \(2 M\). Each rod then has one of its supporting...
-
Prepare the journal entry to record the following transaction. 1. Write in the account title. 2. Write in whether the account that is debited or credited is A (for Asset), L (for Liability), SE (for...
-
For the given transfer function: Vo(s) / Vi(s) = (s^2C^2R^2 + 1) / (s^2C^2R^2 + 4sCR + 1) Assumiing that 1/(CR) = 120 PI so write the matlab code to find the magnitude plot
-
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Instructions (a) Identify two accounts on Hersheys...
-
You would like to start a business manufacturing a unique model of bicycle helmet. In preparation for an interview with the bank to discuss your financing needs, you develop answers to the following...
-
Your roommate believes that international accounting standards are uniform throughout the world. Is your roommate correct? Explain.
-
Henry Ford, founder of Ford Motor Company, is quoted as saying that customers could choose a car in any color as long as it was black. Things have come a long way since that timewhen customization...
-
Not long ago, New England Confectionery Company, or Necco for short, marked the production of its one trillionth candy wafer. The humble roots of Necco, the country's oldest continuously operating...
-
What is utility?
Study smarter with the SolutionInn App