User Account

All Pages

How much overhead was assigned to each job during year 1

Assignment Help Cost Accounting
Reference no: EM13508641

Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be $200,000 for year 1. The actual direct labor costs were $50,000 for Job 301, $75,000 for Job 302, and $100,000 for Job 303 during year 1; the actual manufacturing overhead was $97,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.

Required
a. How much overhead was assigned to each job during year 1?
b. What was the over- or under-applied manufacturing overhead for year 1?

 

Reference no: EM13508641

Questions Cloud

Find the magnetic force on the bolt : An iron bolt of mass 75.0 g hangs from a string 32.4 cm long. The top end of the string is fixed. Find the magnetic force on the bolt
What is the potential at the center of the triangle : Charges 6.8 ?C, 6.1 ?C, and -1.5 ?C are brought from infinity to the respective vertices of an equilateral triangle with 11.0 cm sides. What is the potential at the center of the triangle
Kirkaid company recorded the following transactions : Kirkaid Company recorded the following transactions for the just completed month. Record the above transactions in journal entries.
Cash flows used for investing activities section in 2012 : What was the most significant item in the cash flows used for investing activities section in 2012 - Where is "deferred income taxes" reported in Intel's statement of cash flows
How much overhead was assigned to each job during year 1 : Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be $200,000 for year 1.
Determine the amount of manufacturing overhead : Determine the amount of manufacturing overhead that would have been applied to units of product during the period.
What was intels pension expense for 2011 and 2012 : What kind of pension plan does Intel provide its employees - what was Intel's pension expense for 2011 and 2012?
Under generally accepted accounting principles : Under generally accepted accounting principles
Compute the manufacturing overhead rate for the year : Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Agree or disagree with the smoothing treatment

Explain whether you agree or disagree with the "smoothing" treatment related to pension gains and losses, and state your rationale.

  What general journal entry

Stock at 30 June 2012 was valued at cost $5200 and the net realization value $5300. With selling costs $200. What general journal entry?

  How might your company benefit from using abc

Why is overhead allocation required in most manufacturing environments?

  Traditional overhead allocation system

Describe four potential problems with a traditional overhead allocation system and describe the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.

  Prepare an income statement to determine cost approach

In this activity you will prepare one of the most use financial statements in business, the Income Statement. Arrange an answer to problem.

  Describe how goodwill was calculated

Pacifica will maintain Seguros as a wholly owned subsidiary with its own legal and accounting identify. the consideration transferred to the owner of Seguros included 50000 newly issued Pacifica commom shares ($20 market value, $5 par value) and a..

  Case studies using excel spreadsheetcomplete the subsequent

case studies using excel spreadsheetcomplete the subsequent questions taken from the prescribed textbook management

  Estimate value of the stock using the gordon model

Explain the relationship observed between the required rate of return, growth rate and the dividend paid, and the estimated value of the stock using the Gordon Model.

  Compute the price and efficiency variances of new fashions

Describe the types of actions the employees at New Fashions may have taken to reduce the accuracy of the standards set by the independent consultant. Why would employees take those actions? Is this behavior ethical?

  Question the comparative condensed income statements of

question the comparative condensed income statements of marks corporation are given below.marks corporationcomparative

  How much should kim co record as the cost of goods

Kim Co. purchased goods with a list price of $180,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Kim Co. record as the cost of these goods

  Produce the profit & loss account

You need to produce the Profit & Loss Account and Balance Sheet for the company and also to calculate the Net Profit to Turnover ratio and the ROCE (Return on Capital Employed).

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