Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AutoSave O u Excel Template Assignment cho2 (1) . Protected View Excel Search File Home Insert Page Layout Formulas Data Review View HelpDYMO Label QuickBooks

image text in transcribed
image text in transcribed
AutoSave O u Excel Template Assignment cho2 (1) . Protected View Excel Search File Home Insert Page Layout Formulas Data Review View HelpDYMO Label QuickBooks PROTECTED VIEW Be careful--Iles from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View Enable Editing NO .1X J 1 E2-5 Compute the manufacturing overhead rate and under or overapplied overhead 2 Ikerd Company applies overhead to jobs on the basis of machine hours used. Overhead costs are expected to total 3 $300,000 for the year, and machine usage is estimated at 125,000 hours. For the year. $322,000 of overhead costs 4 are incurred and 130,000 hours are used. K L 6 Instructions 7 (a) Compute the manufacturing overhead rate for the year, 8 (6) What is the amount of under-or overapplied overhead at December 31? 9 ) Prepare the adjusting entry to assign the under-or overappled overhead for the year to cost of goods sold. 10 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 11 14 (a) Compute the manufacturing overhead rale for the year. 17 Estimated total overhead cost Estimated machine hours Overhead rate Value Value 21 (b) What is the amount of under or overappled overhead at December 31? Actual machine hours used Manufacturing overhead applied Manufacturing overhead incurred Manufacturing overhead over (under applied) Value 7 Value 29 (0) Prepare the adjusting entry to assign the under-or overapplied overhead for the year to cost of goods sold. Valve 821 12. Account 12.9 P2-3A P2-SA CO2 O Type here to search AutoSave OD R.2 Excel TemplateAssignment, Cho2 (1) . Protected View - Excel Search File Home Insert Page Layout Formulas Data Review View HelpDYMO Label QuickBooks O PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable ! NO .1 x r sol 4A Estimated total overhead cost Estimated machine hours Overhead rate Value Value 21 (b) What is the amount of under-or overapplied overhead at December 31? Value ? Actual machine hours used Manufacturing overhead applied Manufacturing overhead incurred Manufacturing overhead over (under applied) Value 29 (c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. Value Account Account Value 36 After you have completed E2-5, consider the following additional question 371. Assume that the estimated total overhead for the year changed to $350,000. Determino the impact on this change on the overhead rate, the amount of manufacturing overhead over(under) applied. Revise the journal to dispose of over (under) applied overhead. 12.1 12.5 12.9 P2.3A P2.5A CD2

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

Step: 3

blur-text-image

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

Ressourceneffizientes Wirtschaften

Authors: Heinz Karl Prammer

2nd Edition

3658046082, 9783658046088

More Books

Students also viewed these Accounting questions