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    Overhead Practice Questions

    Uploaded by

    Asheli
    Rexford Company manufactures finger splints. It provides inventory amounts from January 1-31 and additional manufacturing data for January. The summary asks you to calculate: 1) Prime cost for January 2) Total manufacturing cost for January 3) Cost of goods manufactured for January 4) Cost of goods sold for January 5) Balance in the manufacturing overhead account on January 31, indicating if debit or credit It also provides data for Paramus Metal Works for the year, including budgeted and actual direct labor costs and manufacturing overhead amounts. It asks you to calculate: 8) The firm's predetermined overhead rate 9) The overapplied or underapplied overhead for the year

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    Overhead Practice Questions

    Uploaded by

    Asheli
    395 views4 pages
    Rexford Company manufactures finger splints. It provides inventory amounts from January 1-31 and additional manufacturing data for January. The summary asks you to calculate: 1) Prime cost for January 2) Total manufacturing cost for January 3) Cost of goods manufactured for January 4) Cost of goods sold for January 5) Balance in the manufacturing overhead account on January 31, indicating if debit or credit It also provides data for Paramus Metal Works for the year, including budgeted and actual direct labor costs and manufacturing overhead amounts. It asks you to calculate: 8) The firm's predetermined overhead rate 9) The overapplied or underapplied overhead for the year

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    Practice Questions for Accoutning

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    Overhead practice questions

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    Rexford Company manufactures finger splints. It provides inventory amounts from January 1-31 and additional manufacturing data for January. The summary asks you to calculate: 1) Prime cost for January 2) Total manufacturing cost for January 3) Cost of goods manufactured for January 4) Cost of goods sold for January 5) Balance in the manufacturing overhead account on January 31, indicating if debit or credit It also provides data for Paramus Metal Works for the year, including budgeted and actual direct labor costs and manufacturing overhead amounts. It asks you to calculate: 8) The firm's predetermined overhead rate 9) The overapplied or underapplied overhead for the year

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    395 views4 pages

    Overhead Practice Questions

    Uploaded by

    Asheli
    Rexford Company manufactures finger splints. It provides inventory amounts from January 1-31 and additional manufacturing data for January. The summary asks you to calculate: 1) Prime cost for January 2) Total manufacturing cost for January 3) Cost of goods manufactured for January 4) Cost of goods sold for January 5) Balance in the manufacturing overhead account on January 31, indicating if debit or credit It also provides data for Paramus Metal Works for the year, including budgeted and actual direct labor costs and manufacturing overhead amounts. It asks you to calculate: 8) The firm's predetermined overhead rate 9) The overapplied or underapplied overhead for the year

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 4

    Show your work for the below problem.

    EXERCISE 3-24 (Job-Order Costing Basics)


    Rexford Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had
    the following inventories at the beginning and end of the month of January.

    Finished goods
    Work in process
    Raw material

    1-Jan
    31-Jan
    $162,500 $152,100
    305,500 326,300
    174,200 161,200

    The following additional manufacturing data pertains to January operations.


    Raw material purchased
    Direct labor
    Actual manufacturing overhead

    $248,300
    390,000
    227,500

    Rexford Company applies manufacturing overhead at the rate of 70 percent of direct labor-labor cost. Any overapplied
    or underapplied manufacturing overhead is accumulated until the end of the year.
    Compute the following amounts (show your work)
    3. What is the company's prime cost for January?
    4. What is the company's total manufacturing cost for January?
    5. What are the costs of goods manufactured for January?
    6. What is the cost of goods sold for January?

    7. What is the balance in the manufacturing overhead account on January 31? Please indicate if this a debit or credit

    EXERCISE 3-35 (Overapplied or Underapplied Overhead)


    The following pertains to Paramus Metal Works for the year just ended.
    Budgeted direct-labor cost: 77,000 hours at $17 per hour
    Actual direct-labor cost: 79,000 hours at $18 per hour
    Budgeted manufacturing overhead: $993,300
    Actual manufacturing overhead:
    Depreciation
    225,000
    Property taxes
    19,000
    Indirect labor
    79,000
    Supervisory salaries
    210,000
    Utilities
    58,000
    Insurance
    32,000
    Rental of space
    295,000
    Indirect material (see data below)
    79,000

    Indirect material:
    Beginning inventory, January 1
    Purchases during the year
    Ending Inventory, December 31

    46,000
    95,000
    62,000

    Answer the questions below (show your work):


    8. What is the firms predetermined overhead rate?
    9. What is the overapplied or underapplied overhead for the year?

    The firm had

    . Any overapplied

    e if this a debit or credit balance?

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