PLEASE HELP ME GUYS I NEED TO ANSWER ALL QUESTIONS I APPRECIATED THE HELP REALLY
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PLEASE HELP ME GUYS I NEED TO ANSWER ALL QUESTIONS I APPRECIATED THE HELP REALLY LOVE U GUYS STRUGGLING LOT
2.
Haldane Company estimates that its overhead costs for 2014 will be $200,220 and output in units of product will be 282,000 units.
Calculate Haldane’s predetermined overhead rate based on expected production. (Round your answer to 2 decimal places.)
predetermined overhead rate per unit.
If 25,000 units of product were made in March 2014, how much overhead cost would be allocated to the Work in Process Inventory account during the month? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
allocated overhead cost
3.
Mason Company and Rodd Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year.
Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.)
per direct labour hour
Mason company rodd company
predetermined overhead rate
b.
Using T-accounts, record applied and actual overhead and the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial.
Adjusting Entry for Mason Company:
manufacturing overhead table cost of good sold table
Adjusting Entry for Rodd Company:
manufacturing overhead table cost of good sold table
4. Paton Company incurred manufacturing overhead cost for the year as follows.
The company produced 1,000 units and sold 500 of them at $181.40 per unit. Assume that the production manager is paid a 2 percent bonus based on the company’s net income.
Required:
Prepare an income statement using absorption costing. (Round your answers to the nearest dollar amount.)
b.
Prepare an income statement using variable costing. (Round your answers to the nearest dollar amount.)
c-1. Determine the manager’s bonus using each approach. (Round your intermediate calculations and final answers to the nearest dollar amount.)
absorption costing
variable costing
c-2. Which approach would you recommend for internal reporting.
variable costing
absorption costing
Required: a.Calculate Haldane’s predetermined overhead rate based on expected production. (Round your answer to 2 decimal places.)
predetermined overhead rate per unit.
If 25,000 units of product were made in March 2014, how much overhead cost would be allocated to the Work in Process Inventory account during the month? (Do not round intermediate calculations. Round your final answer to the nearest dollar amount.)
allocated overhead cost
3.
Mason Company and Rodd Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year.
Mason Company Rodd Company Actual manufacturing overhead $ 194,350 $ 218,900 Actual direct labor hours 27,000 22,000 Underapplied overhead 11,000 Overapplied overhead 23,000
Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.)
per direct labour hour
Mason company rodd company
predetermined overhead rate
b.
Using T-accounts, record applied and actual overhead and the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial.
Adjusting Entry for Mason Company:
manufacturing overhead table cost of good sold table
Adjusting Entry for Rodd Company:
manufacturing overhead table cost of good sold table
4. Paton Company incurred manufacturing overhead cost for the year as follows.
Direct materials $ 38.20 /unit Direct labor $ 26.20 /unit Manufacturing overhead Variable $ 11.30 /unit Fixed ($18.70/unit for 1,000 units) $ 18,700 Variable selling and admin. expenses $ 3,950 Fixed selling and admin. expenses $ 15,800Explanation / Answer
Compute Haldane’s predetermined overhead rate based on expected production Expected production in units 282000 units Estimated overhead cost $ 2,00,220.00 Predetermined over head rate per unit (200220/282000) $ 0.71 If 25,000 units of product were made in March 2014 overhead cost would be allocated to the Work in Process Inventory account during the month = 25000* Predetermined overhead rate overhead cost would be allocated to the Work in Process Inventory account during the month = 25000*0.71 overhead cost would be allocated to the Work in Process Inventory account during the month = $ 17,750.00 Therefore, allocated overhead rate is $ 0.71 Therefore, allocated overhead cost to WIP $ 17,750.00
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