Reference no: EM13246461
Guilford Inc. manufactures quality clothing for children. The following data relate to the activities for the month of August, 2014:
Manufacturing overhead costs incurred:
Property taxes................................................ $ 1,600
Utilities, factory............................................. 2,600
Depreciation, factory....................................... 14,000
Insurance, factory........................................... 2,500
Indirect labor................................................ 5,100
Other costs incurred:
Purchase of raw materials................................. $18,000
Direct labor cost............................................ 200
Selling and administrative costs.......................... 99,000
Inventories:
Raw materials, beginning................................. $5,000
Raw materials, ending..................................... 4,400
Work in process, beginning............................... 3,500
Work in process, ending................................... 4,500
The company uses a predetermined overhead rate to charge overhead cost to production. The overhead rate for the current month was based on estimated overhead costs of $24,000, and 6,000 machine hours. Actual machine hours are 5,000; sales were $300,000.
Required:
1. Compute the predetermined overhead rate.
2. Compute the amount of applied overhead cost for the month of August.
3. Prepare the journal entry for the under-applied or over-applied overhead cost. The under- or over-applied overhead is closed to the cost of goods sold account.
|
Define a free energy change for a reaction
: Given a free energy change for a reaction of -0.125 kcal/mol, what is the equilibrium constant at 18 degrees C (r=8.314 J/mol*K)
|
|
Find the tension in the coupling between car and locomotive
: A locomotive accelerates a 25-car train along a level track. Every car has a mass of 7.6 ? 104 kg, What is the tension in the coupling between the first car and the locomotive
|
|
Explain limiting reactant when equal masses of iron chloride
: What is the limiting reactant when equal masses of iron(III) chloride and potassium phosphate react in solution?
|
|
Determine how much is in the account after 5 years
: You open a savings account to save for a new house. Everymonth you put $100 into a savings account which pays 5% interestcompounded monthly. At the end of each year you receive a $500bonus which you place directly into your "housefund".
|
|
Compute the predetermined overhead rate
: Compute the predetermined overhead rate.
|
|
Calculate the angle in degrees of the electric field
: A positive charge of magnitude Q1 = 6.5 nC is located at the origin. A negative charge Q2 = -6.5 nC is located on the positive x-axis, Calculate the angle in degrees of the electric field at point P relative to the positive x-axis
|
|
Show the industry averages
: Prepare a common-size income statement and balance sheet for O'Hare Products. The first column of each statement should present O'Hare Products' common-size statement, and the second column should show the industry averages.
|
|
Explain the solution turns pink
: A chemist needs to determine the concentration of a solution of nitric acid HNO3, She puts 865mL of the acid in a flask along with a few drops of indicator. She then slowly adds 0.600M Ba(OH)2 to the flask until the solution turns pink, indicating..
|
|
Which would increase the price of chicken
: In January, 2,500 quarts of ice cream are sold in Boston at $2 perquart. In February, 3,000 quarts are sold at $2.50 a quart. This change in the price and quantity sold of ice cream mayhave been caused by a. areduction in wages in the Boston area.
|