What will the cost records for the year show

Assignment Help Accounting Basics
Reference no: EM13133498

Houghton Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $200,000 and direct labor hours would be 20,000. The actual figures for the year were $220,000 for manufacturing overhead and 21,000 direct labor hours. What will the cost records for the year show?

Reference no: EM13133498

Questions Cloud

Vector analysis and stroke theorem : Apply Stroke's theorem to evaluate the integral over C of (ydx + zdy + xdz), where C is the curve of intersection of the unit sphere x^2+y^2+z^2=1 and the plane x+y+z=0
Purchase merchandise from company on account : National Shops wishes to purchase merchandise from your company on account. The amount of the purchases would probably be about $10,000 per month, and the terms would require National to make payment in full within 30 days.
Find probability that at least five shoppers will enter mall : Shoppers enter Hamilton Place Mall at an average of 120 per hour, and the number and shoppers is Poisson distributed. What is the probability that at least 5 shoppers will enter the mall between 5:00 and 5:05 p.m.?
Vector space and basis : Consider the following elements of the vector space P3 of all polynomials of degree less than or equal to 3. p(x)= x-1, q(x)=x+x2, r(x)= 1+x2-x3
What will the cost records for the year show : Houghton Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $200,000 and direct labor hours would be 2..
What is activity-based costing : What is activity-based costing? What are some of the key elements of activity-based costing? How does this method differ from a more traditional costing method?
Linear alegbra-vector space : Given that with these definitions, V satisfies vector space axioms 1,2,3,6,8,9,and 10 determine whether or not V is a vector space by checking to see if axioms 4,5,7,are also satisfied.
Determine the pension expense to be reported : Determine the pension expense to be reported in 2011. Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
Payout ratio of a firm : Considering other things are held constant...how do each of the following three scenarios would affect the payout ratio of a firm?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How does opportunity cost enter into the make decision

How does opportunity cost enter into the make or buy decision? What would be an example of a decision that you might make in your personal life that would involve an opportunity cost? What decision would you make and how would you change the oppor..

  Determine the coupon rate

Page Enterprises has bonds on the market making annual payments, with eight years to maturity, and selling for $988. At this price, the bonds yield 7.90 percent.

  Securities current assets

What is meant by the statement, "Assets are listed in order of liquidity"? Give an example using the typical current assets section of a balance sheet.

  Preparing the required journal entry

While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.

  Computing variuos accounting measures

Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of $114,077, and an EBITDA of $1,521,087 for the year ended June 30, 2010. What is the Times Interest Earned for this company?

  Details regarding journal entries

On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..

  Present cost of the investment

The value of an investment that is calculated discounting future cash flows from the investment at an interest rate that gives a satisfactory return on investment and then subtracting the present cost of the present cost of the investment is known..

  How would that revenue be measured

Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?

  Accounting for income taxes

In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?

  Number of times bond interest charges

Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?

  Labour rate and material price variance

What is the total direct material price variance for November when standard price is $1.80, actual price is $1.90 and actual quantity used is 142500?

  Examine successes-problems of multinational enterprises

Analyze the successes and problems of multinational enterprises (MNEs) in exploiting opportunities in emerging markets.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd