4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- MountaIn Peaks applies overhead on the basis of machine hours and reports the following information: A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over- or under applied, and by what amount? D. What is the journal entry to dispose of the over- or under applied overhead?The actual overhead for a company is $73,175. Overhead was based on 4,500 machine hours and was $3,325 over applied for the year. What is the overhead application rate per direct labor hour? What is the journal entry to dispose of the under applied overhead?The actual overhead for a company is $79,534. Overhead was based on 7,000 direct labor hours and was $2,534 underapplied for the year. A. What is the overhead application rate per direct labor hour? $fill in the blank 340074ff501f023_1 per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. fill in the blank fill in the blank fill in the blank fill in the blank
- 4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.Refer to the previous question. Give the journal entry to adjust the Manufacturing Overhead account for overallocated or underallocated overhead. Reference Question. If a company incurred $5,250 in actual overhead costs and allocated $5,575 to jobs, was the overhead overallocated or underallocated? By how much?If a company incurred $5,250 is actual overhead costs and allocated $5,575 to jobs, was the overhead over allocated or underallocated? By how much? Refer to previous question. Give journal entry to adjust the manufacturing overhead account for over allocated or underallocated overhead
- Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead (LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 497,664 (b) 82,944| Work in Process 6,280 (c) 316,000 93,000 414,720 56,000 Finished Goods 34,000 | (d) 774,000 136,000 (а) 414,720 Bal. 774,000 672,000 Bal. (c) Bal. Bal. (b) Bal. Cost of Goods Sold (d) 672,000|| The overhead that had been applied to production during the year is distriputed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold $ 26,880 65,280 322,560 $ 414,720 Overhead appliedMountain Peaks applies overhead on the basis of machine-hours and reports the following information: What is the predetermined overhead rate? How much overhead was applied during the year? Was overhead over or underapplied, and by what amount? What is the journal entry to dispose of the over or underapplied overhead?Manufacturing overhead was estimated to be OMR 415,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 400,000, and actual labor hours were 21,000. The amount debited to the Manufacturing Overhead account would be: O a. OMR 435,750. O b. OMR 415,000. O c. None of the given answer is correct O d. OMR420,000. O e. OMR 400,000. A Company uses job order costing and has chosen direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is $15 per hour and the estimated fixed overhead costs are $750,000. The predetermined overhead rate is:
- Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $267,900 and machine hours to be 14,100. Actual manufacturing overhead and machine hours were $304,900 and 15,100, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list 1 Record the actual manufacturing overhead cost incurred. 2 Record the application of manufacturing overhead to production. 3 Record the transfer of manufacturing overhead account balance to cost of goods sold. X >Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $1,560,000 applied and $15,000 overapplied $1,600,000 applied and $15,000 overapplied $1,560,000 applied and $15,000 underapplied $1,575,000 applied and neither under- nor overapplied ● An A ♫ $1,600,000 $1,575,000 400,000 W 390,000 D P & E fSterner Company computes its predetermined overhead application rate using direct labor hours as the activity base. Estimated and actual overhead costs and direct labor hours for the year were as follows:Estimated ActualManufacturing overhead costs . . . . . . . . . . . . $126,000 $118,020Direct labor hours . . . . . . . . . . . . . . . . . . . . . . 10,000 9,200Based on this information, manufacturing overhead wasa. underapplied by $2,100.b. underapplied by $3,420.c. overapplied by $3,420.d. overapplied by $5,580.e. none of the above.