User Account

All Pages

Compute a predetermined overhead rate for mcdougal

Assignment Help Accounting Basics
Reference no: EM131774478

Question - McDougal Company uses a predetermined overhead rate to assign overhead to jobs. Because McDougal's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $2.8 million, and the practical level of activity is 250,000 machine hours.

During the year, McDougal used 255,000 machine hours and incurred actual overhead costs of $2.82 million. McDougal also had the following balances of applied overhead in its accounts

Work in process inventory $192,000

Finished goods inventory 208,000

Cost of goods sold 600,000

1. Compute a predetermined overhead rate for McDougal

2. Compute the overhead variance, and label it as under or over applied

3. Assuming the overhead variance is in material; prepare the journal entry to dispose of the variance at the end of the year

4. Assuming the overhead variance is material; prepare the journal entry that appropriately disposes of the overhead variance at the end of the year?

Reference no: EM131774478

Questions Cloud

Create balanced scorecard measures for hit-n-run food trucks : Hit-n-Run Inc. owns and operates 10 food trucks throughout metropolitan Los Angeles. Create balanced scorecard measures for Hit-n-Run Food Trucks.
Should rainking use the process costing or job-order costing : Should Rainking use the process costing or job-order costing? Explain. Explain why Rainking would have difficulty using an actual costing system
Sexual violence and the long civil rights movement : Discuss African-American women’s participation in the civil rights movement. Why did African-American women participate in the civil rights movement?
Discuss a sum equal to one-half the regular hourly pay rate : Jane is paid a sum equal to one-half the regular hourly pay rate multiplied by the number of overtime hours
Compute a predetermined overhead rate for mcdougal : McDougal Company uses a predetermined overhead rate to assign overhead to jobs. Compute a predetermined overhead rate for McDougal
What is convenience sampling in data collection : What is convenience sampling in data collection, and what are the risks in doing it?
Determining the consumer indifference curve : Suppose there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X + Y UB(X,Y) = Min(X,Y) The initial endowments are.
Create a marketing plan : Create a Marketing Plan for your ebook. To help you I have laid out these questions. How long should your book be? What software would you use?
Computing the construction cost index for facilities : A 2000-gallon metal tank to store hazardous materials was bought 15 years ago at cost of $100,000. What will a 5,000-gallon tank cost today.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Identify each event as asset source

Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also identify the account to be debited and the account to be credited when the transaction is recorded.

  A depreciation method in which a plant assets depreciation

a depreciation method in which a plant assets depreciation expense for a period is determined by applying a constant

  Would you select preferred stock as an investment

Why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investment? Why?

  Conlin company acquires a delivery truck at a cost of 37700

conlin company acquires a delivery truck at a cost of 37700. the truck is expected to have a salvage value of 2900 at

  Explain the purpose of accounting and financial reporting

Write a 700- 1,050-word paper including the following: The purpose of accounting and financial reporting within your organization or an organization with which you are familiar.

  Steve sims started a consulting business on january 1 2012

steve sims started a consulting business on january 1 2012 and the business engaged in the following transactions

  Complete the worksheet for the accounts

Complete the worksheet for the accounts: Paula- Investment in Shannon Common Stock, Shannon-Common Stock, and Shannon Retained Earnings.

  For a recent operating period the bayside division of

for a recent operating period the bayside division of fairhaven corporation had sales of 400000 net operating income of

  June 30th sold a computer that was purchased on january 1

a compute the revised annual depreciation on each asset in 2014b prepare the entries to record depreciation on the

  Assume that the required reserve ratio is 15 if the federal

assume that the required reserve ratio is 15. if the federal reserve buys a 10000 government bond from an individual in

  Companies benefit from empowering their employees

1. How do companies benefit from empowering their employees? How do employees benefit from empowerment?

  What was milliken stockholders equity

Assume that as of January 1, 2007, Milliken Consulting has total assets of $562,500 and total liabilities of $350,000. As of December 31, 2007.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd