Please Help me, How do I calculate the OverHead for the chart below? Thanks! Widmer...
50.1K
Verified Solution
Question
Accounting
Please Help me, How do I calculate the OverHead for the chart below? Thanks! Widmer Watercrafts predetermined overhead rate for year 2013 is 200% of direct labor. Information on the companys production activities during May 2013 follows. |
a. | Purchased raw materials on credit, $240,000. |
b. | Paid $129,100 cash for factory wages. |
c. | Paid $15,750 cash to a computer consultant to reprogram factory equipment. |
d. | Materials requisitions record use of the following materials for the month. |
|
|
|
|
Job 136 | $ | 48,500 |
|
Job 137 |
| 32,500 |
|
Job 138 |
| 19,600 |
|
Job 139 |
| 23,200 |
|
Job 140 |
| 7,000 |
|
|
| ||
Total direct materials |
| 130,800 |
|
Indirect materials |
| 21,000 |
|
|
| ||
Total materials used | $ | 151,800 |
|
|
| ||
e. | Time tickets record use of the following labor for the month. |
|
|
|
|
Job 136 | $ | 12,000 |
|
Job 137 |
| 10,800 |
|
Job 138 |
| 37,500 |
|
Job 139 |
| 39,000 |
|
Job 140 |
| 3,800 |
|
|
| ||
Total direct labor |
| 103,100 |
|
Indirect labor |
| 26,000 |
|
|
| ||
Total | $ | 129,100 |
|
|
| ||
f. | Applied overhead to Jobs 136, 138, and 139. |
g. | Transferred Jobs 136, 138, and 139 to Finished Goods. |
h. | Sold Jobs 136 and 138 on credit at a total price of $540,000. |
i. | The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance). |
|
|
|
|
Depreciation of factory building | $ | 70,000 |
|
Depreciation of factory equipment |
| 37,500 |
|
Expired factory insurance |
| 11,000 |
|
Accrued property taxes payable |
| 36,500 |
|
j. | Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost. |
| Job No. 136 | Job No. 137 | Job No. 138 | Job No. 139 | Job No. 140 |
Materials | $ 48,500 | 32,500 | 19,600 | 23,200 | 7,000 |
Labor | 12,000 | 10,800 | 37,500 | 39,000 | 3,800 |
Overhead | ?????? | ?????? | ?????? | ?????? | ?????? |
Total Cost |
|
|
|
|
|
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.