Determine the amount of factory overhead that was applied

Assignment Help Accounting Basics
Reference no: EM132607396

Questions -

Q1) During FY 2019, Dorchester Company plans to sell Widgets for $15 a unit. Current variable costs are $4 a unit and fixed costs are expected to total of $129,000. Use this information to determine the dollar value of sales for Dorchester to breakeven. (Round to the nearest whole dollar)

Q2) Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $225,000 and direct labor hours of 8,400. During the month of February 2019, actual direct labor hours of 8,700 were incurred. Use this information to determine the amount of factory overhead that was applied in February. (round answer to the nearest whole dollar):

Q3) During March 2019, Annapolis Corporation recorded $44,000 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $41,900 would be incurred, and 5,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied. (Round answers to the nearest whole dollar. Enter as a positive number if under applied. Enter as a negative number if over applied.)

Reference no: EM132607396

Questions Cloud

Define the terms fixed cost and variable cost : Define the terms fixed cost and variable cost. Explain how an understanding of the distinction between fixed cost and variable cost can be useful to managers
Theory of optimum currency area : Based on the theory of Optimum Currency Area (OCA), evaluate whether in today's economic background it is suitable to consider this idea.
Plan for evidence-based practice project designed : The proposal is the plan for an evidence-based practice project designed to address a problem, issue, or concern in the professional work setting
Explain tax treatment in language a non-accountant business : Will Susan recognize a capital loss on this liquidation and if so, what is the amount? Explain the tax treatment in language a non-accountant business
Determine the amount of factory overhead that was applied : Actual direct labor hours of 8,700 were incurred. Use this information to determine the amount of factory overhead that was applied in February
ITEC 3506 Software Engineering Assignment : ITEC 3506 Software Engineering Assignment Help and Solution, Algoma University - Assessment Writing Service - Traffic Citation and Reporting System
Contribute to financial crises : Ben Bernanke, former chairman of the Federal Reserve, suggested a decade and a half ago that the collective 'savings glut'
What do meant by DI liquidity : What do you meant by DI liquidity? What are the three major sources of DI liquidity? What are the two major uses? Explain in detail with an example.
Calculate the cost of the new issue of common stock : ABC firm has common stock with a market price of $110 per share and an expected dividend of $7 per share at the end of the coming year

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is your companys monthly cost equation

What is your company's monthly cost equation, operating costs and the current cost driver she has chosen

  Differences between a direct cost and an indirect cost

What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?

  Muncy inc is looking to add a new machine at a cost of

muncy inc. is looking to add a new machine at a cost of 4133250. the company expects this equipment will lead to cash

  What is inflation and how does it affect consumers

Was there inflation from 2006 to 2009? If the price changes above occurred for all goods across the economy during the four year period

  Accounting scandals over the past several years

In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)?

  Prepare the journal entry to record the sale

With the assumption that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale

  Summarize the transfer of the given costs

During the month of August, $582,000 of costs were transferred from the Mixing Department to the Baking Department.

  Calculate the book value of the machine

On January 1, 2017, Betty DeRose, Inc. purchased a piece of machinery for $170,000. The machine had an estimated useful life of 10 years.

  Prepare a purchases budget for april

Prepare a purchases budget for April, May and June.

  Calculate net cash provided or used by financing activities

Net income for the year was $10,000. Use the above information to calculate the net cash provided or used by financing activities

  Prepare the journal entries to record depreciation

1. Prepare the journal entries to correct the errors (ignore income taxes). 2. Prepare the journal entries to record 2009 depreciation for any assets record in requirement.

  What is the regular selling price

A retailer paid $1138 for a set of cookware. If the retailer wants a 46% rate of markup on the selling price, what is the regular selling price

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!

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