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

Solution Posted by

deepeyes

Rating : (79)B+
Solution Detail
Price: \$20.00
Request Description
0
Solution Description

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.)

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

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

Cost of goods sold                                          4,003

E16-3 The le

Attachments