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Custom Metal Works Products uses a Job-order costing system. Overhead costs applied to jobs on the basis of machine hours, at the beginning of the year, management estimated that 85,000 machine-hours would be required for the period's estimated level of production. The company also estimated $106,250 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.75 per machine hour.Required:1. Compute the company's predetermined overhead rate.2. Assume that during the year the company actually works only 80,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts:
Copy the data in the T-accounts above onto your answer and compute the amount of the overhead cost that would be applied to Work in Process for the year, and make the entry in your T-accounts.3. Compute the amount of underapplied or overapplied overhead for the year, and show the balance in your Manufacturing overhead T-account. Prepare a journal entry to close out the balance in this account to cost of goods sold.4. Explain why the manufacturing overhead was underapplied or overapplied for the year.
How to classify resources consumed into manufacturing overhead, direct materials, direct labor, selling, and administration.
Develop scatter diagrams showing overhead costs against each of the proposed independent variables. Comment on whether these scatter diagrams indicate that linearity is a reasonable assumption for each.
A review of Parrish Corporation's accounting records found that at a volume of 144,000 units, the variable and fixed cost per unit amounted to $6 and $2, respectively.
Do you think management's action is ethical? If you were the company controller and were asked to prepare the new report, would you do it? What action would you take?
calculte the folowingn1 gdp in income approachnbsp and expenditure approach2 gnp3 net gnp4 national income5 personal
Literature synthesis with gaps and research opportunities (The literature synthesis must not lack specificity and theoretical debate). Please research more to bring out materials that states or show how budgeting and budgetary control can lead ..
Define the cost and equity methods or accounting for an investment. Under what circumstances would you use the cost or equity method of accounting for an investment?
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Eghan Corporation uses straight-line depreciation.
Write a report on the use and implementation of the chosen method in a business application AND how that relates to the Management Accounting function.
1.Satu Company, a merchandiser, recently completed its 2013 operations. For the year, (1) all sales are credit sales,
Indicate if each transaction and event is (1) a source of cash, (2) a use of cash, and/or (3) an adjustment leading to a source or use of cash
(a) Compute the overhead rate for each activity.(b) Assign the manufacturing overhead costs for March to the two products using activity-based costing and show manufacturing overhead cost per unit for Radiators and Gas Tanks.
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