quiz for accounting questions 4 15:13

4 QS 15-8 Predetermined overhead rate LO P3 1.25 points eBook At the beginning of a year, a company predicts total direct materials costs of $940,000 and total overhead costs of $1,230,000. If the company uses direct materials costs as its activity base to apply overhead, what is the predetermined overhead rate it should use during the year? et Hint Print Predetermined overhead rate / Choose Denominator: Choose Numerator: References Rate / = Rate / = Exercise 15-13 Adjusting factory overhead LO P4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48,500 11,300 68,500 63,000 23,500 46,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 221,000 367,000 26,000 91,000 131,000 1,510,000 75% Determine whether there is over or underapplied overhead. Prepare the journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Overhead Absorption General Journal Determine whether there is over or underapplied overhead. Factory Overhead QS 15-11 Entry for over- or underapplied overhead LO P4 A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $871,000, and direct labor cost is $510,000. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close over- or underapplied overhead to cost of goods sold. View transaction list Journal entry worksheet