Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with #3 EQuestion Help Bamey Industries manufactures wooden backyard playground equipment. Bamey estmated $1,875,000 of manufacturing overhead and $2,020,000 of direct labor cost

need help with #3 image text in transcribed
image text in transcribed
EQuestion Help Bamey Industries manufactures wooden backyard playground equipment. Bamey estmated $1,875,000 of manufacturing overhead and $2,020,000 of direct labor cost for the year. After the year was over, the accounting records indicated that the company had actually incurred $1,620,000 of manufacturing overhead and $2,550,000 of direct labor cost 1. Calculate Bamey's predetermined manufacturing overhead rate, assuming that the company uses direct labor cost as an allocation base. 2. How much manufacturing overhead would have been allocated to manufacturing jobs during the year? 3. At year-end, was manufacturing overhead overallocated or underallocated? By how much? 1. Calculate Bamey's predetermined manufacturing overhead rate, assuming that the company uses diret labor cost as an alocation base. (Round the percentage to the nearest hundredth percent, XXX.) Predetermined manufacturing Estimated manufacturing overhead costs 1875000 Estimated direct labor cost overhead rate 2020000 92.82 % 2. How much manufacturing overthead would have been allocated to manufacturing jobs during the year? (Enter the percentage to the nearest hundredth percent, X.XX) Manufacturing Predetermined manufacturing overhead rate 92.82 Actual direct labor costs overhead allocated x 2550000 2366010 3. At year-end, was manufacturing overhead overallocated or underallocated? By how much? Choose from any list or enter any number in the input fields and then continue to the next question 3. At year-end, was manufacturing overhead overallocated or underallocated? By how much? Complete the T-account to determine the ending balance of manufacturing overhead.Enter the ending balance on the last line of the T-account) Manufacturing Overhead Actual Actual Allocated End Ba Allocated End Bal Manufacturing overhead is overallocated by $

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

Advanced Quality Auditing

Authors: Lance B. Coleman

1st Edition

087389913X, 978-0873899130

More Books

Students also viewed these Accounting questions