Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.calculate the fixed moh spending, Production VV, and Under or overallocated fixed moh. 2.journal entries to enter variances into accounting system. 3. prepare journal entries

1.calculate the fixed moh spending, Production VV, and Under or overallocated fixed moh.
2.journal entries to enter variances into accounting system.
3. prepare journal entries to write off to COGS
additional information:
DL hours (based on output) 4000
MH (based on output) 21000
DL (actual) 4200
MH (actual) 21600
Fixed OH 101200
Variable OH 214000
image text in transcribed
Nanjones Company manufactures a line of products distributed nationally through wholesalers. Presented below are planned manufacturing data for the year and actual data for November of the current year. The company applies overhead based on machine hours using a predetermined annual rate. Planning Data Data for Annual November November Fixed overhead $1,200,000 $100,000 Variable overhead $2,400,000 $220,000 Direct labor hours (actual) 4.200 Direct labor hours 48,000 4,000 Machine hours (actual) 21.600 Machine hours 240,000 22,000 Fixed overhead $101.200 Variable overhead $214.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing real issues and cases

Authors: Michael C. Knapp

9th edition

978-1133839552, 113383955X, 1133187897, 978-1133710424, 1133710425, 978-1133187899

More Books

Students also viewed these Accounting questions

Question

Describe what an effective charter should accomplish.

Answered: 1 week ago

Question

Discuss the effectiveness of a national infrastructure for HRD

Answered: 1 week ago