Jones company applies overhead based on direct labor hours

Assignment Help Accounting Basics

Reference no: EM13600521

Jones Company applies overhead based on direct labor hours. At the beginning of the year, Jones estimates Overhead to be $480,000, Machine Hours to be 120,000, and Direct Labor to be 80,000. During January, Jones has 6,700 direct labor hours and 11,000 machine hours.Refer to Figure 5-1. If the actual overhead for January is $41,000, what is the overhead variance and is it overapplied or underapplied?

Reference no: EM13600521

Questions Cloud

Sid simon wants to cash in on the increased demand for : sid simon wants to cash in on the increased demand for ethanol. accordingly he purchased a corn farm in iowa. simon

If ronnie rice the companys ceo wants the business to earn : racine tire co. manufactures tires for all-terrain vehicles. the tires sell for 60 and variable cost per tire is 30

Team shirts had a return on equity of 23 average : team shirts had a return on equity of 23. average shareholders equity for the corporation was 123000. there were 45000

Laramie distribution markets cds of numerous performing : laramie distribution markets cds of numerous performing artists. at the beginning of march laramie had in beginning

Jones company applies overhead based on direct labor hours : jones company applies overhead based on direct labor hours. at the beginning of the year jones estimates overhead to be

The jung corporations budget calls for the following : the jung corporations budget calls for the following productionquarter 1 45000 unitsquarter 2 38000 unitsquarter 3

The billboard for the florida lottery announces an 18000000 : the billboard for the florida lottery announces an 18000000 prize to the winner. the winner has the option of receiving

Why do most companies use normal or standard costing after : why do most companies use normal or standard costing? after all actual costing gives the actual cost so the firm could

Dunn company has attempted to determine the replacement : dunn company has attempted to determine the replacement cost of its inventory three different appraiser arrive at

Reviews

Write a Review

Required(*) Message

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!

Submit Assignment

User Account

All Pages