Vernon Company and Walton Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year Vernon Walton Company Company Actual manufacturing overhead 5151, 350 $245,000 Actual direct labor hours 23,00 25, eee Underapplied overhead 17,500 Overapplied overhead $ 20,000 Required a. Compute the predetermined overhead rate for each company b. Using Taccounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Vernon Company Walton Company Predetermined overhead rale Red Required B > Vernon Company and Walton Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year Vernon Company 3151,350 23,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Walton Company $245,000 25,000 17,500 $ 20,000 Required a. Compute the predetermined overhead rate for each company b. Using T-occounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial Complete this question by entering your answers in the tabs below. Required A Required B B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Vernon Company Walton Company Predetermined overhead rate Required B Vernon Company and Walton Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year Vernon Company 5151, 350 23,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Walton Company $245,000 25,000 17,500 $ 20,000 Required 2. Compute the predetermined overhead rate for each company b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial Complete this question by entering your answers in the tabs below. Required A Required B Using T-accounts, record the entry to dose the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial, Adjusting Entry for Vernon Company Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Walton Company Manufacturing Overhead Cost of Goods Sold
