Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2017, recorded the following:

ACCT302 (Fa20 Lee) - Tu7PM Nora Khansary : 09/19/20 11:56 AM Quiz: Chapter 4 Quiz Submit Quiz This Question: 1 pt 4 of 4 (2 complete) This Quiz: 4 pts possible Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under-or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2017, Colonial recorded the following: (Click the icon to view the data.) Data Table Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing on $ 4,410,000 210,000 Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours $ 4,506,000 215,000 -X Print Done A Requirements it Credit 1. 2. 3. Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. the amount significant enough to warrant proration of overhead costs, or Dispose of the under-or overallocated overhead. This Question: 1 pt 4 of 4 (3 complete) This Quiz: 4 pts po Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During Colonial recorded the following: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing overhead rate. Requirements - X Budgeted manufacturing overhead rate Actual manufacturing overhead costs 1 1. 2. ! Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude expl 3. Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, on should Colonial Woodworking write it off to cost of goods sold? Prepare the Journal entry to dispose of the under- or overallocated overhead. Journal Entry Accounts Debit Credit Print Dane Requirement 3. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. Enter the formula, then enter the amounts to calculate the over- or underallocated manufacturing overhead. (Usc parentheses or a minus sign to report overallocated overhead.) = Underallocated (Overallocated) Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods solc? The the difference between proration and write off to Cos amount of difference corripared to manufacturing overhead costs allocated. If the quantities of work-in-process and finished goods inventories are compared to net income. of Goods Sold account would be Choose from any list or enter any number in the input fields and then continue to the next question. ACCT302 (Fa20 Lee) - Tu7PM Nora Khansary : 09/19/20 11:56 AM Quiz: Chapter 4 Quiz Submit Quiz This Question: 1 pt 4 of 4 (2 complete) This Quiz: 4 pts possible Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under-or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2017, Colonial recorded the following: (Click the icon to view the data.) Data Table Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing on $ 4,410,000 210,000 Budgeted manufacturing overhead costs Budgeted direct labor-hours Actual manufacturing overhead costs Actual direct labor-hours $ 4,506,000 215,000 -X Print Done A Requirements it Credit 1. 2. 3. Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. the amount significant enough to warrant proration of overhead costs, or Dispose of the under-or overallocated overhead. This Question: 1 pt 4 of 4 (3 complete) This Quiz: 4 pts po Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under- or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During Colonial recorded the following: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the budgeted manufacturing overhead rate. Enter the formula, then enter the amounts to calculate the budgeted manufacturing overhead rate. Requirements - X Budgeted manufacturing overhead rate Actual manufacturing overhead costs 1 1. 2. ! Requirement 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. (Record debits first, then credits. Exclude expl 3. Compute the budgeted manufacturing overhead rate. Prepare the summary journal entry to record the allocation of manufacturing overhead. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, on should Colonial Woodworking write it off to cost of goods sold? Prepare the Journal entry to dispose of the under- or overallocated overhead. Journal Entry Accounts Debit Credit Print Dane Requirement 3. Compute the amount of under-or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under-or overallocated overhead. Enter the formula, then enter the amounts to calculate the over- or underallocated manufacturing overhead. (Usc parentheses or a minus sign to report overallocated overhead.) = Underallocated (Overallocated) Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods solc? The the difference between proration and write off to Cos amount of difference corripared to manufacturing overhead costs allocated. If the quantities of work-in-process and finished goods inventories are compared to net income. of Goods Sold account would be Choose from any list or enter any number in the input fields and then continue to the next