Allocated manufacturing overhead costs for year

Assignment Help Financial Accounting
Reference no: EM131265120

Grassland Corporation had actual manufacturing overhead costs of $32,500 for the past year. Direct labor cost is $12.00 per hour. Manufacturing overhead is allocated at a rate of $4.00 per direct labor hour. Manufacturing overhead was overallocated for the year by $2,500.

a. Allocated manufacturing overhead costs for year

b. Actual number of direct labor hours worked in year.

Reference no: EM131265120

Questions Cloud

Compute breed dollar sales that will yield projected : Breed Products has performed extensive studies on its costs and production and estimates the following annual costs based on 150,000 units (produced and sold):  Compute Breed's unit selling price that will yield a profit of $600,000, given sales of 1..
Describe from the origins or history of the mental disorders : Describe the psychological theory or theories that relate to the mental disorders, especially in the areas of diagnosis and treatment. Describe the difference, if any, in age of onset and diagnostic criteria based on gender. Explain the potential i..
Conducting an organizational assessment : The success of an organization depends heavily on its structure, strategies, and culture. In this assignment, you will develop an understanding of the importance of these elements in the success/failure of an enterprise.
What are different criteria for recognizing revenue : What are different criteria for recognizing revenue? Why are there so many revenue recognition methods? Why are the methods subjective, and what are the implications on income statement quality?
Allocated manufacturing overhead costs for year : Grassland Corporation had actual manufacturing overhead costs of $32,500 for the past year. Direct labor cost is $12.00 per hour. Manufacturing overhead is allocated at a rate of $4.00 per direct labor hour. Manufacturing overhead was overallocated f..
Managers confront in organization : Give an overview of the company and identify one (1) force in the global task environment and one (1) force in the global general environment. What threats and opportunities do managers confront in this organization?
Discuss the difference between scale and proportion : Discuss the difference between scale and proportion. Cite examples for each. Define contrast in a composition, and give an example from the chapter to explain its purpose
Explore the social psychology network website : Explore the Social Psychology Network website, and get comfortable searching for information. Scan the professional profiles of social psychologists and learn about their social psychological research.
Explain the process map and sipoc model : Analyze the process map and SIPOC model to identify possible main root causes of the problems. Next, categorize whether the main root causes of the problem are special causes or common causes.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Actual manufacturing overhead costs to apply overhead to job

Why do companies use a predetermined overhead rate rather than actual manufacturing overhead costs to apply overhead to jobs? Explain underapplied and overapplied overhead and tell about the adjustment that is made at the end of the period. What is a..

  Illustrate what amount of the proceeds should be allocated

Mouser Company issues 4,000 shares of its $5 par value common stock having a market value of $25 per share and 6,000 shares of its $15 par value preferred stock having a market value of $20 per share for a lump sum of $192,000. Illustrate what am..

  Conduct an appropriate quantitative analysis

American International Automotive Industries (AIAI) manufactures auto and truck engine, transmission, and chassis parts for manufacturers and repair companies in the United States, South America, Canada, Mexico, Asia, and Europe. T

  Develop a variance analysis

Develop a variance analysis including a budget variance performance report and appropriate variances for materials and labor.- In your budget variance report, discuss each variance.

  Casualty loss deduction and how is it deducted

Mary Contrary runs a nursery, Mary Contrary’s Garden, out of her home. She uses the greenhouse, which is attached to her home, to grow the plants that she sells and to grow her personal garden plants. The business use of the nursery is 80%. What is t..

  Prepare journal entries to record the events

Compute Erkens Company's predetermined overhead rate for the year.-  Prepare journal entries to record the events that occurred during April.

  Variable cost per unit is expected

In 2014, X Company's profits were $158,000. In 2015, the selling price is expected to be $38.80, the variable cost per unit is expected to be $25.10, and total fixed costs are expected to be $190,000. How many units must X Company sell in 2015 in ord..

  Direction of the effect on the account equation

Perform transaction analysis and indicate the account, amount, and direction of the effect on the account equation

  What is becky bad debt deduction

During 2011, Becky loans her brother Ken 5000, which he intends to use to establish a small business. Because Ken has no other assets and needs the cash to expand the business, the agreement provides that Ken will repay the debt if (and when) suffici..

  Under activity-based costing

Perdon Corporation manufactures safes—large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two products. Part of this analysis involves estimating the amoun..

  Determine the predetermined overhead rate

Determine the predetermined overhead rate under the current method, and determine the unit product cost of each product for the current year.

  Prepare bailey journal entry to correct the error

In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Bail..

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