please need some help on chapter 2 managerial accounting assignment

1.Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 39,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $571,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead for the year was $760,021 and its actual total direct labor was 39,500 hours. Required: Compute the company's predetermined overhead rate for the year. (Round your answer to 2 decimal places.) 2.Luthan Company uses a predetermined overhead rate of $22.60 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $271,200 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. The company incurred actual total manufacturing overhead costs of $266,000 and 12,000 total direct laborhours during the period. Required: Determine the amount of manufacturing overhead that would have been applied to all jobs during the period. 3.Mickley Company's predetermined overhead rate is $23.00 per direct labor-hour and its direct labor wage rate is $16.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $220 $160 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2.If Job A-500 consists of 30 units, what is the average cost assigned to each unit included in the job? (Round your an decimal places.) 4. Larned Corporation recorded the following transactions for the just completed month. a . b . c . d . $76,000 in raw materials were purchased on account. $74,000 in raw materials were requisitioned for use in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $108,500 were incurred. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $196,000 were incurred. Required: Record the above transactions in journal entrie Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a . b . c . d . e . f . g . $76,400 in raw materials were purchased for cash. $71,200 in raw materials were requisitioned for use in production. Of this amount, $65,500 was for direct materials and the remainder was for indirect materials. Total labor wages of $150,800 were incurred and paid. Of this amount, $133,300 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $127,000 were incurred and paid. Manufacturing overhead costs of $125,200 were applied to jobs using the company's predetermined overhead rate. All of the jobs in progress at the end of the month were completed and shipped to customers. Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold. Required: 1 Post the above transactions to T-accounts. . 2. Determine the cost of goods sold for the period. Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company incurred actual total manufacturing overhead costs of $217,000 and 11,600 total direct labor-hours during the period. Required: 1 Determine the amount of underapplied or overapplied manufacturing overhead for the period. . 2 Assuming that the entire amount of the underapplied or overapplied overhead is closed out to . cost of goods sold, what would be the effect of the underapplied or overapplied overhead on the company's gross margin for the period? A company assigns overhead cost to completed jobs on the basis of 120% of direct labor cost.The job cost sheet for $30,270 in direct materials has been used on the job and that $10,900 in direct labor cost has been incurred. A total o produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the comp a. b. c. d. e. f. Raw materials purchased on account, $211,000. Raw materials issued to production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Direct labor cost incurred, $50,000; indirect labor cost incurred, $21,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs incurred during October, $129,000 (credit Accounts Payable). The company applies manufacturing overhead cost to production on the basis of $9 per machine-hour. A total of 76,4 were recorded for October. g. Production orders costing $512,000 according to their job cost sheets were completed during October and transferre h. Production orders that had cost $453,000 to complete according to their job cost sheets were shipped to customers These goods were sold on account at 26% above cost. Required: 1. Prepare journal entries to record the information given above. (If no entry is required for a transaction/event, se entry required" in the first account field.) Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant information above to each acc ending balance in each account, assuming that Work in Process has a beginning balance of $34,000. The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning of Year $ 8,600 $ 5,200 $ 71,000 $ $ $ $ $ $ $ $ $ $ 657,000 85,000 132,000 110,000 40,000 203,000 228,000 End of Year 10,800 20,800 25,900 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct mater 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement. Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the be the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour $ $ 156,000 656,000 5.00 Required: 1. Compute the predetermined overhead rate. (Do not round intermediate calculations. Round your answer to 2 2. During the year, Job 400 was started and completed. The following information was available with respect to this jo Direct materials requisitioned Direct labor cost Machine-hours used $ $ 360 210 39 Compute the total manufacturing cost assigned to Job 400. (Do not round intermediate calculations and round decimal places.) 3-a. During the year the company worked a total of 145,300 machine-hours on all jobs and incurred actual manufactur of $1,341,213. What is the amount of underapplied or overapplied overhead for the year? (Use the overhead rat requirement 1.) 3-b. If this amount were closed out entirely to Cost of Goods Sold, would net operating income increase or decrease? Increase Decrease