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May you help me answer these two questions with the work shown? For 1 and 2. xxxx= 1956 Homework Due AT THE BEGINNING OF CLASS
May you help me answer these two questions with the work shown?
For 1 and 2. xxxx= 1956
Homework Due AT THE BEGINNING OF CLASS 1. Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year, management estimated that the company would incurX,XXX,000 of factory overhead costs and use 66,000 machine hours. (Use the last 4 digits of your student ID. writeit here ) Erkens Company recorded the following events during the month of April a. b. c. d. e. f. 8. Purchased 180,000 pounds of materials on account; the cost was $5.00 per pound Issued 120,000 pounds of materials to production, of which 15,000 pounds were used as indirect materials Incurred direct labor costs of $240,000 and $40,000 of indirect labor costs Recorded depreciation on equipment for the month, $75,700 Recorded insurance costs for the manufacturing property, $3,500 Paid $8,500 cash for utilities and other miscellaneous items for the manufacturing plant Completed Job H11 costing $7,500 and Job G28 costing $77,000 during the month and transferred them to the Finished Goods Inventory account Shipped Job G28 to the customer during the month. The job was invoiced at 35% above cost Used 7,700 machine hours during April h. i. Required: 1. 2. Compute Erkens Company's predetermined overhead rate for the year Compute the amount of overapplied or underapplied overhead and prepare a journal entry to close overapplied or underapplied overhead into cost of goods sold on April 30 #2. (Use the last four digits of your student ID, write them here -- The Muffler Repair Shop expects to incur total overhead of $X,xxx during the year. They have 5 employees who each work 2,000 hours per year. Two of the employees earn $10 per hour and three earn $9 per hour. The only machines in the shop are three automobile lifts which together are used a total of 1600 hours per year and a gas welder which is used an average of 200 hours per year. Each job is billed for the materials, direct labor, and overhead plus 20 percent of the total cost. Calculate overhead allocation rates based on direct labor hours, direct labor cost and automobile lift hoursStep by Step Solution
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