Reference no: EM1346867
Faithfully Yours Corp. uses Job Order Costing and applies overhead costs to jobs based on machine-hours (MH). During the last quarter of 2010, the company estimated that it would utilize 50,000 MH and incur $400,000 in overhead cost.
Actual costs incurred during 2011 are the following:
General selling expenses $24,000
Factory depreciation 245,000
Direct Labor 90,000
Indirect Labor 70,000
Administrative salaries 150,000
Factory Insurance 12,000
Direct materials 285,000
Indirect materials 25,000
Advertising expenses 135,000
Sales commissions 115,000
Factory utility expense 57,000
Non-factory depreciated 85,000
Non-factory insurance 8,000
Cost of goods sold (not adjusted
for under or overapplied overhead) 940,000
Sales revenue for 2011 was $1,755,000.
Actual machine hours worked for the year was 55,000.
1. Determine the predetermined overhead rate.
2. Determine the amount of overhead applied during the year.
3. Was overhead overapplied or underapplied? How much?
4. Prepare an income statement for the year in good form.
|
Find the original deposited amount
: Your aunt Matilda put some amount in an account for you on day you were born. This account pays 8 percent interest per year. On your 21st birthday the account balance was dollar 5,033.83.
|
|
Job costing system of johnsons custom shop
: The job costing system of Johnsons custom shop has five activities which are employed as indirect cost pools
|
|
How to find the magnitude of the acceleration of a chair
: An Indy car with a speed of 125km/h goes around a level, circular track with a radius of 1.3km. What is the centripetal acceleration of the car.
|
|
What power input is necessary to maintain the sphere
: Using a diesel fired boiler with an efficiency of 80%.How many liters of diesel is required to create 1000kg of steam at 120degrees Celsius from make up water at 20 degrees Celsius.given that enthalpy of steam at 120 degrees Celsius is 2706.3kJ/kg..
|
|
Determine predetermined overhead rate
: Determine the predetermined overhead rate. Determine the amount of overhead applied during the year. Was overhead overapplied or underapplied? How much?
|
|
What is the amplitude of oscillations
: Two carts with masses of 4.80 kg and 2.78 kg move toward each other on a frictionless track with speeds of 4.94m/s and 3.17m/s respectively. The carts stick together after colliding head-on. Find out the final speed.
|
|
Finding total processing time for orders
: Carl's Custom Candles produces small batches of candles for local retail shops. Carl has established a relationship with three local shops & requires to estimate how many candle making machines to buy.
|
|
Important personal and financial issues
: Outline the important personal and financial issues to discuss with William and Joan, prior to making any recommendations and show any concerns YOU may have with any of their objectives (i.e. how realistic or otherwise those may be). Start by lis..
|
|
What is the temperature of the boiler
: A 38 ohm resistor is made from a coil of copper wire whose total mass is 11.2 g. Find out the length and diameter of the wire.
|