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plz help with part D and number 3 Swifty Painting Services uses a job order cost system to collect the costs of its home painting
plz help with part D and number 3
Swifty Painting Services uses a job order cost system to collect the costs of its home painting business. Each customer's house is treated as a separate job. Overhead is applied to each job based on the number of painting hours required for each house. Listed below are the data for the current year: Estimated overhead $689,400 Actual overhead $710,290 Estimated painting hours 38,300 Actual painting hours 39,600 The company uses Operating Overhead in place of Manufacturing Overhead. (a Your answer is correct. Compute the predetermined overhead rate. Predetermined overhead rate $ 18 per hour e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. Prepare the entry to apply the overhead for the year. (List debit entry before credit entry. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Work in Process Inventory 712,800 Operating Overhead 712,800 e Textbook and Media List of Accounts Attempts: 2 of 3 usedWork in Process Inventory 712,800 Operating Overhead 712,800 eTextbook and Media List of Accounts Attempts: 2 of 3 used (c) Your answer is correct. Determine whether the overhead was under- or overapplied and by how much. Overapplied |overhead $ 2510 eTextbook and Media List of Accounts Attempts: 2 of 3 used (d) Your answer is partially correct. If estimated overhead increases to $708,550, discuss how this would impact (1) applied overhead and (2) actual overhead. Determine whether overhead would be under- or overapplied and by how much. (Round new predetermined overhead rate to 2 decimal places, e.g. 15.25.) New predetermined overhead rate 18 per hour New applied overhead 12800 New actual overhead 710,290 Overapplied overhead 2510 e Textbook and MediaQuestion 1 of 2 5.42 / 5.5 Cullumber Corporation incurred the following transactions. 1. Purchased raw materials on account $59,360. 2 . Raw Materials of $46,080 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,800 was classified as indirect materials. 3. Factory labor costs incurred were $76,720. 4. Time tickets indicated that $69,120 was direct labor and $7,600 was indirect labor. 5 . Manufacturing overhead costs incurred on account were $103,040. 6 . Depreciation on the company's office building was $10,320. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8 . Goods costing $112,640 were completed and transferred to finished goods. 9. Finished goods costing $96,000 to manufacture were sold on account for $131,840. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Raw Materials Inventory 59,360 Accounts Payable 59,360 (2) Work in Process Inventory 37280 Manufacturing Overhead 8800 Raw Materials Inventory 46080 (3) Factory Labor 76720 Employer Payroll Taxes Payable 76720 (4) Work in Process Inventory 69,120 Manufacturing Overhead 7,600 Factory Labor 76,/20 (5) Manufacturing Overhead 103,040 Accounts Payable 103,040 (6) Depreciation Expense 10,320 Accumulated Depreciation-Buildings 10,320 (7) Work in Process Inventory 103,680 Manufacturing Overhead 103,680Step by Step Solution
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