At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $780,000, and direct materials costs, $600,000. At year-end, the company’s records show that actual overhead costs for the year are $703,600. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold $ 400,000 Jobs in finished goods inventory 76,000 Jobs in work in process inventory 58,000 Total actual direct materials cost $ 534,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.
answer; i believe the correct answer is (tall); ///good luck
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Business, 22.06.2019 02:10, Kjswagout40081
Brite corp. had the following liabilities at december 31, year 4: accounts payable $ 55,000 unsecured notes, 8%, due 7‐1‐y5 400,000 accrued expenses 35,000 contingent liability 450,000 deferred income tax liability 25,000 senior bonds, 7%, due 3‐31‐y5 1,000,000 the contingent liability is an accrual for possible losses on a $1,000,000 lawsuit filed against brite. brite's legal counsel expects the suit to be settled in year 6 and has estimated that brite will be liable for damages in the range of $450,000 to $750,000. the deferred income tax liability is not related to an asset for financial reporting and is expected to reverse in year 6. what amount should brite report in its december 31, year 4 balance sheet for current liabilities?
Business, 22.06.2019 18:10, zaratayyibah
Ashop owner uses a reorder point approach to restocking a certain raw material. lead time is six days. usage of the material during lead time is normally distributed with a mean of 42 pounds and a standard deviation of four pounds. when should the raw material be reordered if the acceptable risk of a stockout is 3 percent?
At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the f...
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