Application of manufacturing overhead to production

Assignment Help Financial Accounting

Reference no: EM13752083

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 $288,000 and machine hours to be 14,400. Actual manufacturing overhead and machine hours were $335,000 and 15,400, respectively.

Prepare the journal entries for overhead:

1) Record the application of manufacturing overhead to production.

2) Record the transfer of manufacturing overhead account balance to cost of goods sold.

Reference no: EM13752083

Questions Cloud

Electronic health records : You are a primary care physican in alarge group practice that uses and an electronic health records.(EHR).At the beginning of each visit you view a dashboard to preventive care measures-likeflu vaccine,colon cancer screening, cholesterol tests,-th..

What information is stored in the pdb : 2- What sequence of amino acids would it code for if the first nucleotide were deleted and another "A" was added to the 3' end of the RNA sequence? 3- What does PDB stand for, and what information is stored in the PDB?

Financial statements are great when preparing budgets : True or False - Pro-forma financial statements are great when preparing budgets, but actual decisions made do not really affect the financial statements.

Discussing the forces that are involved in formulation : Discussing the forces that are involved in formulation of the problem. Describe the organizational and environmental obstacles in a way that considers various key stakeholders that will be impacted by decisions.

Application of manufacturing overhead to production : 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 $288,000 and machine hours to be 14,400. Actual manufacturing overhead and..

In a fixed order quantity system : In a fixed order quantity system (q-system), the daily demand for a product is approximately normally distributed with a mean of 75.7 and a standard deviation of 4.1 units. The order lead time is 12 days. What is the safety stock (in units) if the ta..

Essential principles of management : There are five essential principles of management. These include planning, organizing, directing, controlling, and leading and Conduct outside research of the topics of planning, organizing, directing, controlling, and leading

How many members are needed to override a presidential veto : Where do bills concerning revenue (taxes) originate? How many members are needed to override a presidential veto? Name 10 powers the Constitution specifically grants to Congress.

Reasonable possibility of becoming an actual liability : A certain contingent liability was evaluated at year end; and considered to have a reasonable possibility of becoming an actual liability. if the accountant decided not to report it on the balance sheet or in the notes to the financial statements, th..

User Account

All Pages