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IrinaVladis [17]
2 years ago
12

In October, Pine Company reports 18,600 actual direct labor hours, and it incurs $126,540 of manufacturing overhead costs. Stand

ard hours allowed for the work done is 22,200 hours. The predetermined overhead rate is $5.75 per direct labor hour. Compute the total overhead variance.
Business
1 answer:
VladimirAG [237]2 years ago
7 0

Answer:

The total overhead variance in hours taken is 3,600 hours

The total overhead cost variance is $1,110

Explanation:

The variance is about the different between budget/ standard and actual figures.

Standard hours allowed for the work done is 22,200 hours; and the predetermined overhead rate is $5.75 per direct labor hour. So total cost budgeted for work done is $127,650 = $5.57 x 22,200 hours

The total overhead variance in hours taken  = standard hours of 22,200 - actual direct labor hours of 18,600 = 3,600 hours

The total overhead cost variance  = standard cost - actual cost = $127,650  - $126,540 = $1,110

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The journal entries are as follows:

(i) On December 31,

Service revenue A/c Dr. $25,000

         To income summary A/c       $25,000

(To record the service revenue)

(ii) On December 31,

Income summary A/c Dr. $18,400

        To wages expense                $14,400  

        To rent expense                    $4,000

(To record the rent and wages expense)

(iii) On December 31,

Income summary A/c($25,000 - $18,400) Dr. $6,600    

           To Retained earnings                                        $6,600

(To record the Retained earnings)

(iv) On December 31,

Retained earnings A/c Dr. $1,400

       To dividend A/c                     $1,400

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4 0
2 years ago
If cost of goods manufactured is $306,790, beginning work in process inventory, $25,000, and cost to manufacture, $300,000, the
Phantasy [73]
Manufacturing overhead is consists of indirect materials, indirect labor, and other indirect costs. To solve the problem, a portion of manufacturing income statement looks like this:

Direct material -----------------------$90,000
Direct labor ---------------------------$140,000
Manufacturing overhead--------________
Total cost to manufacture         $300,000
Add: Work in process, beg       $  25,000
Less: Work in process, end      $     18,210
Cost of goods manufactures---$ 306,790

So, to solve the (?) in the above format, manufacturing overhead (MO) is derived as follows:

MO = Cost to manufacture - prime cost 
      = $300,000 - ($140,000 + $90,000)
      = $70,000

Thus, manufacturing overhead is $70,000.

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2 years ago
John received a poor performance evaluation from his boss. On the weekend, he talks with his neighbor Faisal about his situation
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Answer:

The correct answer is B. Informational support .

Explanation:

Information Support documents are those documents that help administrative management.

These documents have the following characteristics:

  • They are multiple copies.
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  • They support management, they can help in the decision-making process as supporting material, they can be official newsletters, books, magazines, publications or reports prepared by other institutions, etc.
  • Its value is merely informative and short term.
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In three to four sentences, discuss how the structure of "career planning for high schoolers” is effective in supporting a reade
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2 years ago
Read 2 more answers
On January 12, JumpStart purchased $870 in office supplies. (a) Journalize the transaction as if JumpStart paid cash. Jan. 12 (b
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Answer:

Part a : If JumpStart paid cash

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Cash $870 (credit)

Part b : If JumpStart placed it on account

Office Supplies $870 (debit)

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Part c : If JumpStart pays the amount due

Account Payable $870 (debit)

Cash $870 (credit)

Explanation:

Part a : If JumpStart paid cash

Recognise an expense for Office Supplies and reduce the assets of cash to reflect outflow of economic benefits in form of cash

Part b : If JumpStart placed it on account

Recognize an expense for Office Supplies and also recognise a Liability - Accounts Payable to reflect a present obligation created by JumpStart to its Supplier

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