Solution-Compute the balance in the manufacturing overhead

Compute the balance in the manufacturing overhead account

Assignment Help Managerial Accounting

Reference no: EM132784163

Question - Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.

January 1 January 31

Finished goods $ 126,000 $ 117,000

Work in process 235,000 251,000

Raw material 132,000 124,000

The following additional data pertain to January operations.

Raw material purchased $ 192,000

Direct labor 400,000

Actual manufacturing overhead 170,000

Actual selling and administrative expenses 110,000

The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year.

Required - Compute the balance in the manufacturing overhead account on January 31. Debit or credit?

Reference no: EM132784163

Questions Cloud

Determine an appropriate planning materiality : Determine an appropriate planning materiality. Discuss the users and their information needs, qualitative and quantitative factors

Destabilizing of earth atmosphere : 1. What and how do each of these things contribute to the destabilizing of Earth's atmosphere and its climate?

What amount will be shown for cash net provided : What amount will be shown for cash net provided by operating activies for 2021? In 2021 waterway inc, earned net income of 265000

Identify the six leadership attributes that the company feel : Identify the six leadership attributes that the company feel is important and discuss what you think each one involves.

Compute the balance in the manufacturing overhead account : Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. Compute the balance in the manufacturing overhead account

Calculate the amount to be paid with a tna : Installments due is fully canceled after 45 days have elapsed from tenth installment, calculate the amount to be paid with a TNA of 24% capitalizable quarterly

Write a report to the director about the problems : Write a report to the Director about the problems you found in the organization hiring practices. Your report should be composed of three detailed sections:

Obtained a client prepared bank reconciliation : Obtained a client prepared bank reconciliation and agreed the outstanding deposits to the bank statement of the following month

Calculate the amount of gross profit to the recognized : ABC Construction Co, Calculate the amount of gross profit to the recognized each year assuming the percentage-of-completion method is used.

User Account

All Pages

Compute the balance in the manufacturing overhead account

Reference no: EM132784163

Reference no: EM132784163

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT