Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help Question: Greene Inc. uses a job-order costing system with machine hours as the allocation base for overhead. The company uses normal costing to

please help image text in transcribed
image text in transcribed
image text in transcribed
Question: Greene Inc. uses a job-order costing system with machine hours as the allocation base for overhead. The company uses normal costing to develop their overhead allocation rate. The following information is available at the beginning of the year. Estimate Estimated factory overhead costs $1,725,000 Estimated machine hours 115.000 On July 31 the following information was available: Job # Job # Description 4560 4570 Direct materials $14,400 $6,500 Direct labour $10,200 $4,600 Machine hours 150 70 Required: Use the job order costing system to answer the following questions. machine hour The predetermined plantwide overhead rate is $ per machine hour. The amount of overhead applied to Job 4560 is $ The total cost of Job 4560, after overhead is applied, is $ Job 4560 was completed and the client was billed cost plus 70%. The price charged for the job was $ The total cost of Job 4570, after overhead is applied, is $ A/ At the end of the year total actual machine hours were 122,000. Therefore, total overhead applied to all jobs for the year was $. At the end of the year total actual machine hours were 122,000. Therefore, total overhead applied to all jobs for the year was $ In addition, at the end of the year actual factory overhead was $1,898,000. Given this information, is factory overhead over-applied (enter OA), under-applied (enter UA), or neither (enter NA). Be sure to enter the correct letters! Given the above information, the total over- or under-applied factory overhead for the year was $. Enter your answer as a positive number. A

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

Financial Accounting

Authors: Robert F. Meigs, Jan R. Williams, Mark S. Bettner, Susan F. Haka, Sue Haka

11th Edition

0072516682, 978-0072516685

More Books

Students also viewed these Accounting questions