Would you expect the amount of overhead applied for a period equal actual the actual overhead...

Would you expect the amount of overhead applied for a period equal actual the actual overhead costs for the period? Why or why not? ( In your own words )

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

1. Determine the amount of under applied or over applied manufacturing overhead for the period. 2. What is the effect on gross margin for the period?

Cretin Enterprises uses a predetermined overhead rate of $7 .50 per direct labour hour. This predetermined rate was based on 16,000 estimated direct labour-hours and $120,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $114,750 and 15,500 total direct labour-hours during the period. There were no beginning inventories, and all goods produced in the period were shipped out to customers before period end. Required: 1. Determine the amount of under applied or over...

1. Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) manufacturing overhead applied...

1. Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) manufacturing overhead applied to production during the period of $432,000, (3) estimated fixed manufacturing overhead of $331,800, and (4) estimated variable manufacturing overhead cost per machine-hour of $2.00. The estimated amount of the allocation base (machine-hours) is closest to: 2.Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) estimated machine-hours to be worked during the coming period of 55,000 hours, (3) manufacturing overhead applied...

At the end of the year, overhead applied was $3,737,000. Actual overhead was $3,430,000. Closing over/underapplied...

At the end of the year, overhead applied was $3,737,000. Actual overhead was $3,430,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.increase by $614,000 b.decrease by $614,000 c.increase by $307,000 d.decrease by $307,000

At the end of the year, overhead applied was $3,737,000. Actual overhead was $3,430,000. Closing over/underapplied...

Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amount of under or over applied overhead in the year.

Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $348,000 and machines would be run a total of 20,000 hours. Its actual total manufacturing overhead for the year was $336,400 and its actual total machine-hours was 19,500 hours. Required: Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amount of under...

What kind of distribution would you expect the mean.median and mode to be equal? If the...

What kind of distribution would you expect the mean.median and mode to be equal? If the distribution is symmetric, what measure of central tendency should you use? If the distribution is skewed,what measure of central tendency should you use?

Applied vs. Actual Manufacturing Overhead Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150%...

Applied vs. Actual Manufacturing Overhead Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $787,500 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $100,000, $50,000, and $350,000, respectively, of direct labor incurred during the current year. a. Determine the under applied manufacturing overhead at...

Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120%...

Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $420,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $60,000, $40,000, and $300,000, respectively, of direct labor incurred during the current year. a. Determine the over-applied manufacturing overhead at year-end...

What is under applied overhead? Over applied overhead?

UNDER vs. OVER APPLIED OVERHEADWhat is under applied overhead? Over applied overhead? What is the disposition of these amounts at the end of the accounting period?

When preparing the manufacturing overhead budget, total overhead costs for the period does not equal total...

When preparing the manufacturing overhead budget, total overhead costs for the period does not equal total overhead cash payments for the period because: a.overhead costs typically only require cash payments for indirect materials. b.overhead costs typically only require cash payments for factory rent. c.overhead costs typically do not require cash payments. d.overhead costs typically include depreciation costs, which does not require a cash payment.

Subjects