Overhead costs at year-end problem

Assignment Help Accounting Basics
Reference no: EM13149315

Sigma Co. appies overhead costs to jobs on the basis of direct labor costs. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,500 for direct materials and $4,000 for direct labor.

Should any of the overhead costs at year-end be added to Job W? If so, how much? Explain.

Reference no: EM13149315

Questions Cloud

Find the probability of obtaining a sample mean : If the mean μ does not differ significantly from 5.5 (that is, if the null hypothesis is true), then the probability of obtaining a sample mean y as far or farther from 5.5 than 5.4 is .1034.
Describing the synthesis of amino acids are accurate : Which of the following phrases describing the synthesis of amino acids are accurate?
What will be the volume : A sample of neon has a volume of 270 mL when it is at a pressure of 831 mmHg. What will be the volume when the pressure is increased to 1238 mmHg?
How many different samples are possible environmental agency : A representative of the Environmental Protection Agency (EPA) wants to select samples from 10 landfills. The director has 15 landfills from which she can collect samples. How many different samples are possible?
Overhead costs at year-end problem : Should any of the overhead costs at year-end be added to Job W? If so, how much? Explain.
What will be the volume : A sample of neon has a volume of 270 mL when it is at a pressure of 831 mmHg. What will be the volume when the pressure is increased to 1238 mmHg?
How would this affect the store inventories : While waiting for their buses to leave, they decide to browse your school bookstore and buy some items that catch their eye. How would this affect the store’s inventories?
How would you treat the possible future costs of a lawsuit : In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project.
Find probability that exactly two claims will be filed : File a claim is 0.0005. Suppose they wrote 400 policies for the coming weekend, what is the probability that exactly two claims will be filed?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tax levies in the ingham county tax agency fund

Record the tax levies in the Ingham County Tax Agency Fund. Record the collection from the 2011 tax levies in the Ingham County Tax Agency Fund and the specific liabilities owed each fund and unit (Round all amounts to the nearest whole dollar.)

  Determining revised annual depreciation

On this date the company concludes that the equipment has a remaining useful life of two years with the same salvage value. Compute the revised annual depreciation.

  Shares of common stock outstanding throughout the year

If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:

  Amount of the impairment loss problem

On the date of purchase, the patent had an estimated useful life of eleven years. It currently has a remaining useful life of four years. The current fair value of the patent is $43,000. Company management estimates that the patent will generate f..

  Problem related to loss on the income statement

Assuming that the company's tax rate is 30%, what amount will be reported for this loss on the income statement?

  Bond issue at the time of sale

The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:

  Prepare the necessary journal entry to closed

Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.

  Determine tonya adjusted gross income

Tonya had the following items for last year: Determine Tonya's adjusted gross income for the current year?

  Possible violations of securities laws

The SEC's Enforcement Division investigates possible violations of securities laws, recommends SEC action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements.

  What would the fixed costs in the flexible budget reflect

The static budget fixed costs for 2,000 units is $18,000. What would the fixed costs in the flexible budget reflect for 2,200 units?

  What are the two most common types of pension plans

what are the two most common types of pension plans? how do they work? what are the advantages and disadvantages? the pros and corns of each type and pros and corns from employee perspective if any.

  Concept regarding sole shareholder

Ted is the sole shareholder of a C corporation, and Sue owns a sole proprietorship. Both businessed were started in 2010, and each business sustained a $5,000 net capital loss for the year. Which of the following statements is correct?

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