ACC/561 Wiley Plus Week 4, Week 5 and Week 6 assignments 1 answer below »

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Question 1W4

Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,960 for the year, and machine usage is estimated at 125,400 hours.For the year, $322,290 of overhead costs are incurred and 131,900 hours are used.
 

 Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.)
Manufacturing overhead rate $ per machine hour
 

 What is the amount of under- or overapplied overhead at December 31?
Manufacturing Overhead $ 
 

 Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and ExplanationDebitCredit
 
 
 

 

 

Question 2W4

The ledger of Custer Company has the following work in process account.
Work in Process—Painting5/1 Balance 4,230  5/31Transferred out?5/31 Materials 6,820    5/31 Labor 3,950    5/31 Overhead 2,100    5/31 Balance ?   Production records show that there were 550 units in the beginning inventory, 30% complete, 1,450 units started, and 1,510 units transferred out. The beginning work in process had materials cost of $2,520 and conversion costs of $1,710. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
 

 (a) How many units are in process at May 31?
Work in process, May 31  units(b) What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)
The unit materials cost for May $(c) What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)
The unit conversion cost for May $
 

 (d) What is the total cost of units transferred out in May?…

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