ACC 561 Week 4 Exercises 15-5, 16-3, 17-1
rld73
exercise_15-5.docxExercise 15-5
Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $278,740 for the year, and machine usage is estimated at 126,700 hours. For the year, $292,454 of overhead costs are incurred and 130,700 hours are used.
b) What is the amount of Overhead under-applied?
c) Prepare an adjusting entry to assign the under or over applied overhead for the year to Cost of Goods Sold.
List Of Accounts
Exercise 15-5
|
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Service Contracts in Process Supplies Utilities Payable Work in Process Inventory |
