Would greatly appreciate help with this problem. Thank you in advance!
- Chapters 15 and 16 Seved At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs. $190,000, and direct materials costs, $100,000. At year-end, the company's records show that actual overhead costs for the year are $962,400. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $380,000 73,880 49,000 $502,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet No Date General Journal Debit Credit g 199 Chapters 15 and 16 Saved 1. Determine the predetermined overhead rate 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate. Choose Numerator: Overhead Rate Overhead Rate Choose Denominator: Estimated direct material costs $ Estimated overhead costs 2 - Overhead rate 190% 190,000 100,000 R Req 2 and 3 > O 99. Chapters 15 and 16 Saved 1. Determine the predetermined overhead rate 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead 962,400 953,800 Applied overhead Actual overhead Underapplied overhead 8,600 o . 99 Chapters 15 and 16 Soved 1. Determine the predetermined overhead rate. 283. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet No Date General Journal Credit Debit 8,600 1 Dec 31 Cost of goods sold Factory overhead 8,600 Q o B 99 Chapters 15 and 16 Saved Required information The following information applies to the questions displayed below) Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 810,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 191,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $260,260 of direct materials and $188,740 of conversion cost. The direct material cost added in November is $1,741,740, and the conversion cost added is $3,586,060. Beginning work in process consisted of 73,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 73,000 were from beginning work in process and 737,000 units were started and completed during the period. 55 co Required: For the first process 1. Determine the equivalent units of production with respect to direct materials and conversion Equivalent Units of Production (EUP) Weighted Average Method Units % Materials EUP. Materials % Conversion Units completed and transferred out 810,000 100% 810.000 100% Ending work in process - units 191,000 100% 191.000 70% Total units 1,001,000 1,001,000 EUP. Conversion 810.000 131,700 941,700 . dis do ou complete with respect to conversion. Of the units completed, 73,000 were from beginning work in process and 737,000 units were started and completed during the period. Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP Materials % Conversion Units completed and transferred out 810,000 100% 810,000 100% Ending work in process - units 191,000 100% 191,000 7096 Total units 1,001,000 1,001,000 EUP. Conversion 810,000 131,700 941,700 6 O Q BI 99 - Chapters 15 and 16 Seved Required information The following information applies to the questions displayed below) Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 810,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 191,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $260 260 of direct materials and $188,740 of conversion cost. The direct material cost added in November is $1.741,740, and the conversion cost added is $3,586,060. Beginning work in process consisted of 73,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 73,000 were from beginning work in process and 737,000 units were started and completed during the period. 2. Compute both the direct material cost and the conversion cost per equivalent unit Cost per equivalent unit of production Costs of beginning work in process Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP Materials $ 260,260 1,741,740 $ 2,002,000 1,001,000 $ 2.00 Conversion $ 188,740 3,586,060 $ 3.774,800 941,700 $ 4.01 Costs EUP O 99 Required information [The following information applies to the questions displayed below.) Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 810,000 units of product to the second process. Additional information for the first process follows At the end of November, work in process inventory consists of 191,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $260,260 of direct materials and $188,740 of conversion cost. The direct material cost added in November is $1,741.740, and the conversion cost added is $3,586,060. Beginning work in process consisted of 73,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 73,000 were from beginning work in process and 737,000 units were started and completed during the period 3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory (Round "Cost per EUP" to 2 decimal places.) Cost of units transferred out Direct materials Conversion Total costs transferred out EUP Cost per EUP Total cost 810,000 s 200 s 1.620,000 810,000 s 4.01 3,248,100 $ 4,868,100
