Question

Wildhorse Company produces earbuds. During the year, manufacturing overhead costs are estimated to be $241,800. Estimated...

Wildhorse Company produces earbuds. During the year, manufacturing overhead costs are estimated to be $241,800. Estimated machine usage is 2,600 hours. The company assigns overhead based on machine hours. Job No. 551 used 90 machine hours.
Compute the predetermined overhead rate.
Predetermined overhead rate $
Determine the amount of overhead to apply to Job No. 551.
Overhead assigned $
Prepare the entry to apply overhead to Job No. 551 on January 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 15
(To assign overhead to jobs)
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Ans. 1 *Predetermined overhead rate   =   Estimated overhead cost / Estimated mahcine usage
$241,800 / 2,600
$93.00 per machine hour
Ans. 2 Overhead assigned = Actual machine hours * Predetermined overhead rate
90 * $93
$8,370
Ans. 3 Journal entry:
Date Account Titles and Explanation Debit Credit
15-Jan Work in process inventory $8,370
Manufacturing overhead $8,370
(To record the overhead applied)
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Cullumber Company is working on two job orders. The job cost sheets show the following. Job...
Cullumber Company is working on two job orders. The job cost sheets show the following. Job 201 Job 202 Direct materials $7,350 $8,950 Direct labor 4,300 8,250 Manufacturing overhead 5,200 9,950 Prepare the three summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (To assign materials to...
Record the following transactions on the books of Wildhorse Co.: On May 1, Wildhorse Co. sold...
Record the following transactions on the books of Wildhorse Co.: On May 1, Wildhorse Co. sold merchandise on account to Kaneva Inc. for $42,000, terms 2/10, n/30. Ignore any entries that affect inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date...
Tombert Decorating uses a job order cost system to collect the costs of its interior decorating...
Tombert Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year. Estimated overhead $1,040,000 Actual overhead $1,040,800 Estimated decorator hours 40,000 Actual decorator hours 39,600 The company uses the account Operating Overhead in place of Manufacturing Overhead and the account Service Contracts in...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Wildhorse Company at December 31, 2020. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows 8,260,000 Fair value 5,664,000 Wildhorse intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. a.)Prepare the journal entry (if any) to record the impairment of the...
On January 1, 2017, Wildhorse Corporation purchased 40% of the common shares of Sheffield Company for...
On January 1, 2017, Wildhorse Corporation purchased 40% of the common shares of Sheffield Company for $201,000. During the year, Sheffield earned net income of $77,000 and paid dividends of $19,250. Prepare the entries for Wildhorse to record the purchase and any additional entries related to this investment in Sheffield Company in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and...
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest...
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. Your answer is incorrect. Try again. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record the...
Wildhorse Co. sells remote control airplane engines, which carry a one-year warranty. If a customer brings...
Wildhorse Co. sells remote control airplane engines, which carry a one-year warranty. If a customer brings in a defective engine, he replaces the engine with a new one from his inventory. Wildhorse estimates that 2% of units sold will be defective. As at January 1, the Warranty Liability had a credit balance of $400. Wildhorse provided the following information for his year end of December 31. Cost per engine $145 Total sales 1,070 units Actual warranty costs $1,160 Calculate the...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2019. (Credit account titles are automatically indented when amount is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2019. (Credit account titles are automatically indented when amount is...
In Wildhorse Co., capital balances are Irey $37,100 and Pedigo $46,900. The partners share income equally....
In Wildhorse Co., capital balances are Irey $37,100 and Pedigo $46,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $43,400. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit   
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT