Solution-What was the under applied or over applied overhead

What was the under applied or over applied overhead

Assignment Help Accounting Basics

Reference no: EM131891272

Question - Ziggy Corp. is a job lot manufacturer. The budget for the month of June calls for 8,000 direct labor hours to be worked. Budgeted overhead is $80,000 with a predetermined rate of $10 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 8,200 and actual overhead spending was $90,000. What was the under applied or over applied overhead for the month of June? Over applied is shown as a negative number.

Reference no: EM131891272

Questions Cloud

Prepare the general journal entry to record the transaction : On July 1, a corporation issued 15,000 shares of $3.00 par value common stock in exchange. Prepare the general journal entry to record this transaction.

Why sarbanes-oxley has lead to a decline : What issues do critics cite when discussing why Sarbanes-Oxley has lead to a decline in U.S. capital markets? What is assessment of this topic?

Discuss about the nations history of racial inequality : An in-depth look at the prison system in the United States and how it reveals the nation's history of racial inequality.

Differentiate between the real risk free rate : Differentiate between the real risk free rate and the nominal risk free rate of interest. Which should be used when used to assign value or cost to an asset?

What was the under applied or over applied overhead : Actual overhead spending was $90,000. What was the under applied or over applied overhead for the month of June? Over applied is shown as a negative number

What is the firm times interest earned ratio : Depreciation expense of $400,000 and Interest expense of $250,000 on its most recent income statement. What is the firm's times interest earned ratio?

What is the formula for cost of goods sold : What is the formula for cost of goods sold for a merchandising or manufacturing company? What is a schedule of accounts payable

What is the firm total debt ratio : Costello Corp. has total assets of $200 million; long-term debt of $50 million; and total owner's equity of $120 million. What is the firm's total debt ratio?

What is the firm return on equity : XYZ Corp. has a total asset turnover ratio of 1.5 and a profit margin of 5%. XYZ has $100 million in total assets and $40 million in total owner's equity.

User Account

All Pages

What was the under applied or over applied overhead

Reference no: EM131891272

Reference no: EM131891272

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT