User Account

All Pages

Compute the predetermined overhead rate prepare the entry

Assignment Help Accounting Basics
Reference no: EM13392279

Irma's Interiors uses a job order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year.

Budgeted overhead ............. $960,000

Actual overhead ................. $982,800

Budgeted decorator hours ........ 40,000

Actual decorator hours ............ 40,500

The company uses Operating Overhead in place of Manufacturing Overhead.

Instructions

(a) Compute the predetermined overhead rate.

(b) Prepare the entry to apply the overhead for the year.

(c) Determine whether the overhead was under- or overapplied and by how much.

Reference no: EM13392279

Questions Cloud

Explain how the components of the hawthorne study are : describe how the components of the hawthorne study are incorporated in current human resource functions? what was the
Though it costs 20 worth of labor to disassemble neon green : apple inc. has made a rare fashion miscalculation they have produced 8000 neon green ipods but have sold almost none.
The executive summary sells the marketing plan to readers : a marketing plan for a product not a service or idea. below is the outline for this project.1. executive summarythe
Describe new technology trends related with business : 1.discuss why modern businesses need to know how to play the game of supply chain management. in a business network
Compute the predetermined overhead rate prepare the entry : irmas interiors uses a job order costing system to collect the costs of its interior decorating business. each clients
Which consumers would purchase insurance at that priceare : suppose there are two types of people who need health insurance high-risk and low-risk consumers. high-risk consumers
What is a distribution channel what is the relationship : 1.what is a distribution channel? what is the relationship between channels of distribution and logistics? how does
Determine the importance of creating and managing health : what is the importance of creating and managing health care revenue centers? select a specific health care revenue
Describe current management practices and principles used : 1 discuss current management practices and principles used in the current global business environment.2 summarize the

Reviews

Write a Review

Accounting Basics Questions & Answers

  Corporate and partnership forms of organization

What is the difference in the percentage of the firm's pre-tax income that investors actually receive and can spend under the corporate and partnership forms of organization?

  Adjustment on a bank reconciliation

A check correctly written and paid by the bank for $395 is incorrectly recorded on the company's books for $359. The appropriate adjustment on a bank reconciliation would be to?

  Payoff of the loan on the accounting equation

The Austin Land Company sold land for $85,000 in cash. The land was originally purchased for $65,000, and at the time of the sale, $40,000 was still owed to Regions Bank on that purchase. After the sale, The Austin Land Company paid off the loan t..

  Maximum amount of distribution which is treated as dividend

Swan a calendar year corporation has a deficit in current E & P of 200,000 and a %580,000 positive balance in accumulated E&P. If Swan determines that a $1 million distribution to its shareholders is appropriate at some point during the year, what..

  Month budgeted unit sales

A company budgeted unit sales of 102,000 units for January, 2010 and 120,000 units for February, 2010. The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month's budgeted unit sales.

  Determining company net operating income

The Governmental Products Division's divisional segment margin is $255,000 and the Export Products Division's divisional segment margin is $59,800. The total amount of common fixed expenses not traceable to the individual divisions is $163,700. Wh..

  Prepare a return on investment analysis for the regional

prepare a return on investment analysis for the regional manager of out-and-in burgers. this growing chain is trying to

  Calaveras tire exchanged machinery for two pickup trucks

Calaveras Tire exchanged machinery for two pickup trucks. The book value and fair value of the machinery were $40,000 (original cost of $95,000 less accumulated depreciation of $55,000) and $27,000, respectively.

  Question regarding value of common stock

A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70.

  Tax deduction for salary and wage expense

a. What amount can Jackson claim as a tax deduction for salary and wage expense? b. How much can Jackson deduct as tax expense?

  Accounting and straight-line amortization

On Jan 1. 2009, Clintwood corporation issued a $1,000, ten-year, 10% bond payable (interest payable each dec 31) For the 3 assumptions below complete the following schedule assuming the accounting year ends dec 31, and straight-line amortization i..

  Several topics in taxation

Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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