Actual Overhead Costs Assignment | Top Universities

EXP, Inc. had the following activities during its most recent period of operations: Oct. 3 Purchased raw materials on account for $27,000 5 Raw materials requisitioned: $15,500 direct and $2,200 indirect 24 Factory payroll totaled $28,000, including $10,300 indirect labor 29 Paid other actual overhead costs totaling $16,300 cash 30 Applied overhead at 50% of direct labor costs 30 Finished and transferred jobs totaling $48,200 30 Jobs costing $39,700 were sold on credit for $86,200 Prepare journal entries to record the above transactions. JOURNAL PAGE DESCRIPTION POST REF DEBIT CREDIT to ta ta ta ta ta ta ta ta ta ta ta s 1 s 1 Luxo 7.

The production of one unit of Product BMJ used $84.65 of direct materials and $32.50 of direct labor. The unit sold for $280.00 and was assigned overhead at a rate of 60% of labor costs. What is the gross profit per unit? 8. Chen Service applied overhead on the basis of direct labor costs during the current year. Overhead applied was $157,800 while actual overhead incurred was $149,850. If this difference is considered as NOT material, journalize an entry to remove the difference. DATE DESCRIPTION POST REF DEBIT CREDIT If, instead, the actual overhead incurred was $23,000 and the difference would be considered material, explain how the difference should be taken care of. 9. Selected information for Singh Corporation's budget: Estimated factory overhead $ 272,000 Estimated direct labor hours 35,097 hours Estimated machine hours 63,256 hours Estimated direct labor cost $70,649 Actual factory overhead incurred during the year $268,900 Pre-determined overhead rate basis: Direct Labor hours Direct Labor cost Machine hours If actual machine hours were 62,985, what is the amount of over- or under-applied overhead? Make sure to indicate if it is over- or under-applied. Get Accounting Homework Help Today.