A company absorbs factory overheads at a rate of N$25per direct labour hour. During 2021 all finished goods were sold and under/over-absorbed overheads were transferred to cost of goods sold. There were no opening and closing balances of work in process. Additional information is as follows : Building materials 100000 Indirect labour cost:50000 Wagesof builders:20000 Indirect materials used:20000 Depreciation of office equipment :10000 Sundry factory overheads:50000 Calculate the amount of indirect/common costs for the period

A company absorbs factory overheads at a rate of N$25per direct labour hour. During 2021 all finished goods were sold and under/over-absorbed overheads were transferred to cost of goods sold. There were no opening and closing balances of work in process. Additional information is as follows : Building materials 100000 Indirect labour cost:50000 Wagesof builders:20000 Indirect materials used:20000 Depreciation of office equipment :10000 Sundry factory overheads:50000 Calculate the amount of indirect/common costs for the period

Name: A company absorbs factory overheads at a rate of N$25per direct labour
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: A company absorbs factory overheads at a rate of N$25per direct labour hour. During 2021 all finished goods were sold and under/over-absorbed overheads were transferred to cost of goods sold. There were no opening and closing balances of work in proc

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...

See similar textbooks

Similar questions

During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?
The records of ABC Corporation revealed the following data for the current year. Work in Process P73,150 Finished Goods P115,000 Cost of Goods Sold P133,650 Direct Labor P111,600 Direct Material P84,200 Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is needed to close the overhead account to Finished Goods? (Round decimals to nearest whole percent.)
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 O c. OMR 363,000 O d. None of the given answer is correct O e. OMR 393,000
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead $240,000 underapplied Work in Process 100,000 Finished Goods 300,000 Cost of Goods Sold 800,000 Question: If underapplied or overapplied overhead is immaterial, Cost of Goods Sold after adjustment would have a balance of?
Larkspur Corporation has the following cost records for June 2025. Indirect factory labor Direct materials used Work in process, 6/1/25 Work in process, 6/30/25 Finished goods, 6/1/25 Finished goods, 6/30/25 (a) O $3,700 16,400 2,460 3,080 Factory utilities Depreciation, factory equipment Your answer is partially correct. Direct labor Maintenance, factory equipment 4,100 Indirect materials used 6,150 Factory manager's salary Prepare a cost of goods manufactured schedule for June 2025. $310 1,130 32,800 1,440 1,850 2,460
Assume the following for White Top Inc. for the current fiscal year. White Top applies overhead onthe basis of units produced.Job Machine Hours246 5,200247 4,000Direct labor hours 50,000Average hourly pay rate $16.00Manufacturing overhead $1,400,000Budgeted overhead $350,000Actual overhead $360,000Actual labor hours 22,000Actual number of units sold 650,000Overapplied overhead $ 30,000Budgeted production (units) 700,000Budgeted overhead $200,000Actual overhead $222,000Actual labor hours 15,000Actual number of units sold 43,000Underapplied overhead $ 20,000Budgeted production (units) 50,000Required How many units were produced in the current fiscal year?