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Data Allocation base Machine-hours Estimated manufacturing overhead cost $428,400 Estimated total amount of the allocation base 63,000 machine-hours Actual manufacturing overhead cost $447,500 Actual total amount of the allocation base 58,000 machine-hours Enter a formula into each of the cells marked with a ? below Computation of the predetermined overhead rate Estimated manufacturing overhead cost $428,400 Estimated total amount of the allocation base 63,000 machine-hours Predetermined overhead rate $6.80 per machine-hour Correct Computation of underapplied or overapplied manufacturing overhead Actual manufacturing overhead cost $8 Manufacturing overhead cost applied to Work in Process during the year: Predetermined overhead rate $6.80 per machine-hour Correct Actual total amount of the allocation base 447,500 machine-hours Manufacturing overhead applied $428,400 Underapplied (overapplied) manufacturing overhead $19,100 Underapplied ? Why is this incorrect?
Dieker Company begins operations on January 1. Because all work is done to cus-tomer speci?cations, the company decides to use a job order cost system. Prepare a ?ow-chart of a typical job order system with arrows showing the ?ow of costs. Identify t..
Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co. Issued 192,000 shares of $5-par-value common stock for $960,000 in cash. Prepare an income statement (ignoring income taxes) for Kissick Co.'s..
Under what circumstances does a company prepare consolidated financial statements? If a short-term investment in available-for-sale securities costs $10,000 and is sold for $12,000, how should the difference between these two amounts be recorded?
Kasper, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013. Service cost $210,000 Contributions to the plan $190,000 Actual return on plan assets $165,000 Projected benefit obligati..
he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for 2 years charging 12 % interest. Find how much are the monthly payments?
Jessica Johnson and Claudia Stein are opening a Submarine’s deli. Johnson and Stein need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write a memorandum informing them of the steps in forming a..
Demonstrate an understanding of basic accounting concepts and how these apply apply to business, outline and contrast cash and accrual bases on accounting and prepare a range of financial statements
Which inventory costing method results in the lowest ending inventory during a period of rising merchandise inventory cost? Some companies account for purchases of equipment less than $500 as expenses instead of as assets. This policy is most closely..
What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
As a result of the issuance of the stock dividend the market price of the stock declined 25%. Googling, Inc
The ledger of Skitch Corp. showed the following balances after adjustment on June 30, 2012, the end of the current fiscal year: Accounts payable $ 55,600General expenses $112,350 Accounts receivable 103,890Interest expense 6,750 Accumulated depreciat..
Asok is single, uses the standard deduction, and has only his personal exemption. - Compute his taxable income, the tax liability, and the tax savings from the alternative tax on net capital gain.
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