During the first year of operations, Shapiro Tool accumulated the following manufacturing costs: Raw materials purchased...

  

  

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During the first year of operations, Shapiro Tool accumulated the following manufacturing costs: Raw materials purchased on account $12,000 Factory labor incurred 6,000 Manufacturing overhead incurred on account 4,000 Prepare separate journal entries for each manufacturing cost. Lando Company reported the following amounts for 2022: Raw materials purchased $83,000 Beginning Raw Materials Inventory 5,200 Ending Raw Materials Inventory 4,500 Ending Work in Process Inventory Manufacturing overhead costs applied Beginning Work in Process inventory Calculate the cost of materials used in production $ 6,300 36,000 6,100 Colby Company estimates that annual manufacturing overhead costs will be $600,000. Estimated annual operating activity bases are: direct labor cost $460,000, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $601,000 and the actual direct labor cost for the year was $456,000. Actual direct labor hours totaled 39,800 and machine hours totaled 79,000. Colby applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over- or underapplied and the amount. During the first year of operations, Shapiro Tool accumulated the following manufacturing costs: Raw materials purchased on account $12,000 Factory labor incurred 6,000 Manufacturing overhead incurred on account 4,000 Prepare separate journal entries for each manufacturing cost. Lando Company reported the following amounts for 2022: Raw materials purchased $83,000 Beginning Raw Materials Inventory 5,200 Ending Raw Materials Inventory 4,500 Ending Work in Process Inventory Manufacturing overhead costs applied Beginning Work in Process inventory Calculate the cost of materials used in production $ 6,300 36,000 6,100 Colby Company estimates that annual manufacturing overhead costs will be $600,000. Estimated annual operating activity bases are: direct labor cost $460,000, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $601,000 and the actual direct labor cost for the year was $456,000. Actual direct labor hours totaled 39,800 and machine hours totaled 79,000. Colby applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over- or underapplied and the amount.