Week 1 Written Assignment - Problems and Exercises Please complete the following exercises using the template below. Chapter 2: Page 75 - Problem 3: Job Order Cost Flow Excel Template Page 76 - Problem 4: Allocation of Overhead Excel Template

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Home>Business & Finance homework help>Accounting homework help>Week 1 Written Assignment - Problems and Exercises Please complete the following exercises using the template below. Chapter 2: Page 75 - Problem 3: Job Order Cost Flow Excel Template Page 76 - Problem 4: Allocation of Overhead Excel Template

Template

P 02-04 Name:
Section:
Enter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cell blank. Ensure to enter "0" wherever applicable.
Allocation of Overhead
1.
Nature Cosmetics Company
Overhead Rate Computation Schedule
For This Year
(1) (2) (3)
Projected Projection
Percentage This Year
Overhead Cost Item Last Year Increase (1 × 2)

Author: Select the Overhead cost items as per the order provided in the text.		 Depreciation, factory and machinery
Direct labor
Employee benefits
Factory insurance
Indirect labor
Janitorial services
Manufacturing supervision
Miscellaneous overhead
Total overhead Utilities
Predetermined overhead rate for this year:
/ MH =
Author: Round your answer to one decimal place.		 Per MH
2.
Machine Predetermined Overhead
Job No. Hours Overhead Rate Applied
2214
2215
2216
2217
2218
2219
Totals Overapplied overhead
Overhead applied
Underapplied overhead
3.
Actual overhead incurred this year
Overapplied overhead
Overhead applied
Underapplied overhead

Solution

P 16-04_Sol Name: SOLUTION
Section:
Enter the appropriate amount or item in the shaded cells. Use the drop-down lists when available.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Leave no cell blank. Ensure to enter "0" wherever applicable.
Allocation of Overhead
1.
Nature Cosmetics Company
Overhead Rate Computation Schedule
For This Year
(1) (2) (3)
Projected Projection
Percentage This Year
Overhead Cost Item Last Year Increase (1 × 2)
Indirect labor
Author: Select the Overhead cost items as per the order provided in the text.		 $ 23,500 130% $ 30,550 Depreciation, factory and machinery
Employee benefits 28,600 130% 37,180 Direct labor
Manufacturing supervision 18,500 110% 20,350 Employee benefits
Utilities 15,000 140% 21,000 Factory insurance
Factory insurance 7,800 120% 9,360 Indirect labor
Janitorial services 12,100 110% 13,310 Janitorial services
Depreciation, factory and machinery 21,300 120% 25,560 Manufacturing supervision
Miscellaneous overhead 6,000 130% 7,800 Miscellaneous overhead
Total overhead $ 132,800 $ 165,110 Utilities
Predetermined overhead rate for this year:
$ 165,110 / 68,786 MH = $ 2.4
Author: Round your answer to one decimal place.		 Per MH
2.
Machine Predetermined Overhead
Job No. Hours Overhead Rate Applied
2214 12,300 $2.40 $ 29,520
2215 14,200 $2.40 34,080
2216 9,800 $2.40 23,520
2217 13,600 $2.40 32,640
2218 11,300 $2.40 27,120
2219 8,100 $2.40 19,440
Totals 69,300 $ 166,320 Overapplied overhead
Overhead applied
Underapplied overhead
3.
Actual overhead incurred this year
Overhead applied $ 166,320 Overapplied overhead
Actual overhead incurred this year 165,845 Overhead applied
Overapplied overhead $ 475 Underapplied overhead