At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 cr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: Any under -or overapplied overhead is considered immaterial. What is the adjusted balance cost of goods sold after disposing of the under-or over-applied overhead?

At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 cr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: Any under -or overapplied overhead is considered immaterial. What is the adjusted balance cost of goods sold after disposing of the under-or over-applied overhead?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 9DQ

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At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered immaterial. What is the adjusted balance of work in process inventory after disposing of the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered immaterial. What is the adjusted balance of work in process inventory after disposing the under- or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of work in process inventory after disposing the under- or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?
Swifty Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $1660000 $1555000 320000 100000 O $1660000 applied and $1036250 overapplied O $1555000 applied and neither under-nor overapplied O $518750 applied and $1036250 underapplied O $518750 applied and $1036250 overapplied
Huda Corporation's accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition. Discuss why you could have Misallocated Overhead?
Marigold Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $3160000 $2900000 350000 280000 O $3160000 applied and $372000 overapplied O $2528000 applied and $372000 overapplied O $2900000 applied and neither under- nor overapplied O $2528000 applied and $372000 underapplied
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead?
The Mystic Manufacturing Company's Factory Overhead T-account at the end of the fiscal year shows Actual Overhead in the amount of $450,000 and Allocated Overhead in the amount of $480,000. REQUIRED: Which of the following is true in describing this Accounting scenario? A) Overhead is under-applied by $30,000 and the journal entry to close out MOH would require debiting Cost of Goods Sold (COGS) B) Overhead is under-applied by $30,000 and the journal entry to close out MOH would require crediting Cost of Goods Sold (COGS). C) Overhead is over-applied by $30,000 and the journal entry to close out MOH would require debiting Cost of Goods Sold (COGS). D) Overhead is over-applied by $30,000 and the journal entry to close out MOH would require crediting Cost of Goods Sold (COGS).