Reference no: EM132520702
Problem 1: During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $268,000 would be incurred, and 7,100 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate. (round & enter any final dollar answers to the nearest cent)
Problem 2: During March 2019, Alaska Corporation recorded $254,000 of costs related to factory overhead. Alaska's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $250,000 would be incurred, and 12,500 direct labor hours would be worked. During March, 11,700 hours were actually worked. Use this information to determine the amount of overhead over or under applied. Enter overapplied overhead as a negative number. (round & enter any final dollar answers to the nearest whole dollar)
On March 31, 2019, Dorchester Corporation recorded the following factory overhead costs incurred:
Factory Manager Salary $5,500
Factory Utilities 2,800
Machinery Deprecation 9,000
Machinery Repairs 1,800
Factory Rent 2,000
Problem 3: The overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $22,000 would be incurred, and 2,000 direct labor hours would be worked. During March, 650 hours were actually worked on Job Order 3-1 and 1,200 hours were actually worked on Job Order 3-2. Use this information to prepare the March 31 General Journal entries, without explanations, for the: (round any final dollar answers to the nearest whole dollar):
1. to record the factory overhead costs
2. the allocation of factory overhead to Job Order 3-1
3. the allocation of factory overhead to Job Order 3-2
4. the adjusting entry to dispose of any over or under application of factory overhead
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