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3 years ago

What entry would make to adjust the manufacturing overhead account for overallocated or underallocated overhead?

Business

1 answer:

LiRa [457]3 years ago

8 0

Answer:

Adjustments

1. Overallocated Manufacturing Overhead:

Debit Manufacturing Overhead

Credit Cost of goods sold

With the amount of overallocated manufacturing overhead.

2. Underallocated Manufacturing Overhead:

Debit Cost of goods sold

Credit Manufacturing Overhead

With the amount of underallocated manufacturing overhead.

Explanation:

When the manufacturing overhead is overallocated, the account has a credit balance. To adjust the entry, the account is debited while the cost of goods sold is credited. This reduces the cost of goods sold by the amount of the overallocation. The opposite takes place with an underallocated overhead. The purpose of the latter is to increase the cost of goods sold to reflect the overhead expense for the period.

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Answer:

Results are below.

Explanation:

<u>To calculate the direct material price variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (5.05 - 5.1)*6,020

Direct material price variance= $301 unfavorable

<u>To calculate the direct material quantity variance, we need to use the following formula:</u>

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (6,076 - 6,020)*5.05

Direct material quantity variance= $282.8 favorable

Standard quantity= 980*6.2= 6,076

<u>Finally, the total direct material variance:</u>

Total direct material variance= Direct material quantity variance - Direct material price variance

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3 years ago

Compared to a perfectly competitive market, a monopoly produces a ____ output and charges a ____ price, provided economies of sc

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Answer:

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Explanation:

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2 years ago

Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.

Ksivusya [100]

False.

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3 years ago

A kilobyte (kb) is equal to ____ bytes, but is usually thought of as approximately 1,000 bytes.

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3 years ago

Koto’s average velocity was 4. 5 m/s. She started at her house and traveled 15000 meters north, 5000 meters east, 20000 meters s

lys-0071 [83]

The correct statement is that the average time taken by Koto for completion of such trip is 3 hours. So the correct option that matches the quoted statement above is D.

The calculation of such trip of Koto can be done by applying the known formula of Time when the Speed is multiplied by Distance to compute the actual time of the trip.

<h3>Calculation of Time taken for travel</h3>

We know the formula that

$\rm Speed= \dfrac{Distance\ Travelled }{Time\ taken}\\\\Time= Speed\ x\ Distance$

Using the formula above, the commute in each direction is added as 45000 meters or 45 kilometers.

If Koto's average speed is 4.5 meters per second, then she travels roughly 270 meters in one minute. Using this information, putting the values in the formula, we get,

$\rm Time= \dfrac{45000\ }{270}meters\\\\\rm Time= 166.7$

Converting minutes into hours, we get

$\rm Hours= \dfrac{Minutes}{60}\\\\\rm Hours= \dfrac{166.7}{60}\\\\\rm Hours=2.77\ hours$

Time will be rounded off to the nearest value, and we can conclude that the trip takes about three hours to complete.

Hence, the correct option is D that the time taken by Koto to complete such trip is roughly three hours.

Learn about Time and Distance here:

brainly.com/question/4199102

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2 years ago

What entry would make to adjust the manufacturing overhead account for overallocated or underallocated​ overhead?

What entry would make to adjust the manufacturing overhead account for overallocated or underallocated overhead?