3b

Down Under Pro X C ACTG 131 Labox The following in X M (no subject) - fox SUCC https://ezto mhieducation.com/ext/map/indexhtml?_con=con external_browser:0&aunchurt https%253A252F%252Fnewconnectmhieducation.com%252F*/= oundational 15 Saved The following information applies to the questions displayed below) Bunnell Corporation is a manufacturer that uses job-order costing On January 1, the company's inventory balances were as follows Raw materials Work in process Finished goods $ 63,500 $ 32,000 536,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.00 per direct labor-hour was based on a cost formula that estimated $520,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $584,000. b. Raw materials used in production, $537,600. All of of the raw materials were used as direct materials The following costs were accrued for employee services direct labor, $470,000; indirect labor $150,000, selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), S464,000 e incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $370,000 1 Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year 9. Jobs costing $1,478700 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $3,367,500. The jobs cost $1,488.700 to manufacture according to their job cost sheets Required: 1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) (b) Why is the amount of underappled (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce o check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) 100 Print The change in the estimated total amount of the location base affected the predetermined overhead role The change in the estimated total amount of the allocation base offected the amount of monufacturing overhead oppled Actual manufacturing overhead cont differs from period to period 7 The estimated manufacturing overhead cost did not change in proportion to the change in the estimated total amount of the allocation base Potences 4 Change the estimated total amount of the allocation base back to 94,000 machine hours, so that the data area of you worksheet looks exactly the same as in Requirement 2 Now change the actual manufacturing overhead cost from $817.900 to $818,900. The data area of your worksheet should now look like this A 4 1 Chapter 3: Applying Excel 2 3 Data Allocation base 5 Estimated manufacturing overhead con 6 Estimated total amount of the location base 7. Achual manufacturing overhead cost Actualitat amount of the allocation on Machine hours 5 308,400 94.000 machine hoor 5 $18.900 09.000 machine hours (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) The predetermined overhead rate changed 2 The change in the actual manufacturing overhead cost directly resulted in a comparable change in the amount of underapplied (overopplied manufacturing overhead 2 The change in the estimated total amount of the location base affected the amount of manufacturing overhead applied Down Under Pro X C ACTG 131 Labox The following in X M (no subject) - fox SUCC https://ezto mhieducation.com/ext/map/indexhtml?_con=con external_browser:0&aunchurt https%253A252F%252Fnewconnectmhieducation.com%252F*/= oundational 15 Saved The following information applies to the questions displayed below) Bunnell Corporation is a manufacturer that uses job-order costing On January 1, the company's inventory balances were as follows Raw materials Work in process Finished goods $ 63,500 $ 32,000 536,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13.00 per direct labor-hour was based on a cost formula that estimated $520,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $584,000. b. Raw materials used in production, $537,600. All of of the raw materials were used as direct materials The following costs were accrued for employee services direct labor, $470,000; indirect labor $150,000, selling and administrative salaries, $249,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), S464,000 e incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $370,000 1 Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year 9. Jobs costing $1,478700 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $3,367,500. The jobs cost $1,488.700 to manufacture according to their job cost sheets Required: 1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) (b) Why is the amount of underappled (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce o check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) 100 Print The change in the estimated total amount of the location base affected the predetermined overhead role The change in the estimated total amount of the allocation base offected the amount of monufacturing overhead oppled Actual manufacturing overhead cont differs from period to period 7 The estimated manufacturing overhead cost did not change in proportion to the change in the estimated total amount of the allocation base Potences 4 Change the estimated total amount of the allocation base back to 94,000 machine hours, so that the data area of you worksheet looks exactly the same as in Requirement 2 Now change the actual manufacturing overhead cost from $817.900 to $818,900. The data area of your worksheet should now look like this A 4 1 Chapter 3: Applying Excel 2 3 Data Allocation base 5 Estimated manufacturing overhead con 6 Estimated total amount of the location base 7. Achual manufacturing overhead cost Actualitat amount of the allocation on Machine hours 5 308,400 94.000 machine hoor 5 $18.900 09.000 machine hours (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answers and double click the box with the question mark to empty the box for a wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.) The predetermined overhead rate changed 2 The change in the actual manufacturing overhead cost directly resulted in a comparable change in the amount of underapplied (overopplied manufacturing overhead 2 The change in the estimated total amount of the location base affected the amount of manufacturing overhead applied