Jamison Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor- hour rate and actual direct labor- hours. Under- or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2014, Jamison recorded the following:
Budgeted manufacturing overhead costs $4,400,000
Budgeted direct labor- hours 200,000
Actual manufacturing overhead costs 4,650,000
Actual direct labor- hours 212,000
REQUIREMENTS:
1. Compute the budgeted manufacturing overhead rate.
2. Prepare the summary journal entry to record the allocation of manufacturing overhead.
3. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or would it be permissible to write it off to cost of goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead.
Answers: 3
Other questions on the subject: Business
Business, 21.06.2019 20:30, christinachavez081
The federal act which provided over $7 billion to the epa to protect and promote "green" jobs and a healthier environment is the - national environmental policy act. - resource recovery act.- resource conservation and recovery act.- american recovery and reinvestment act. - clean air act.
Answers: 1
Business, 22.06.2019 01:30, AbyssAndre
Can you post a video on of the question that you need on
Answers: 2
Business, 22.06.2019 10:20, Sparkledog
Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.
Answers: 1
Business, 22.06.2019 11:00, ilovecatsomuchlolol
Down under products, ltd., of australia has budgeted sales of its popular boomerang for the next four months as follows: unit salesapril 74,000may 85,000june 114,000july 92,000the company is now in the process of preparing a production budget for the second quarter. past experience has shown that end-of-month inventory levels must equal 10% of the following month’s unit sales. the inventory at the end of march was 7,400 units. required: prepare a production budget by month and in total, for the second quarter.
Answers: 3
Do you know the correct answer?
Jamison Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budg...
Questions in other subjects:
Mathematics, 12.11.2020 23:30
Law, 12.11.2020 23:30
Biology, 12.11.2020 23:30
