Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLZ HELP!!!! 3 parts Ch 3: Homework Saved 3 10 points Harwood Company uses a job-order costing system that applies overhead cost to jobs on
PLZ HELP!!!! 3 parts
Ch 3: Homework Saved 3 10 points Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $225,600 of total manufacturing overhead for an estimated activity level of 94,000 machine hours. Required: 1. Assume that during the year the company works only 89,000 machine hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 28. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Skipped eBook Complete this question by entering your answers in the tabs below. Hint Reg1 Reg 2 Reg 28 PI Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. References (0) (Maintenance) indirect materials (Indirect labor (U) Insurance) Depreciation) Balance Work in Process 850,000 104.000 Manufacturing Overhead 35,000 9.400 68,000 41,000 8.400 55.000 (Dect materials) ( Direct labo) (Overhead) (a) RR Req2A > Ch. 3: Homework Saved 3 Exercise 3-9 Applying Overhead; T-accounts; Journal Entries [LO3-1, LO3-2, LO3-4) 10 points Skipped Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine hours. The company predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $225,600 of total manufacturi overhead for an estimated activity level of 94,000 machine-hours. Required: 1. Assume that during the year the company works only 89,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the ye and make the entry in your T-accounts. 2A Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 28. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. eBook Complete this question by entering your answers in the tabs below. Print o Reg 1 Req ZA Reg 2B References Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account from Req 1. manufacturing overhead 3 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Red 28 10 points Skipped Prepare a journal entry to close the company's underapplied or overapplied overhead to cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list ebook Journal entry worksheet Hint Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started