complete Acc-561-wiley-plus-week-4-E15-5-E16-3-E17-1 - 89518

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Acc 561 wiley plus week 4 E15-5, E16-3, E17-1

 

E15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $353,920 for the year, and machine usage is estimated at 126,400 hours. For the year, $368,283 of overhead costs are incurred and 130,100 hours are used.

(a) Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.)

Manufacturing overhead rate$_________per machine hour

Expected overhead costs = $353,920

Machine hours = 126,400 hrs.

Manufacturing overhead rate = 353,920/ 126,400

                                                = $2.80 per machine hour

 

(b) What is the amount of under or over-applied overhead at December 31?

Actual machine hours used                                                          130,100 hours

Standard overhead rate                                                                  $2.80 per mach. hr.

Overhead costs applied (130,000 x 2.80)                                    $364,280

Overhead costs incurred                                                                $368,283

Under-applied overhead                                                                $(4,003)

 

(c) Prepare the adjusting entry to assign the under or over-applied overhead for the year to cost of goods sold.

Adjusting entry:

Cost of goods sold                                          4,003

            Manufacturing overhead                                            4,003

 

E16-3 The le

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