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Valentin [98]
2 years ago
6

Bramble Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-

or overapplication of overhead for the period:
Estimated annual overhead cost $4100000
Actual annual overhead cost $4070000
Estimated machine hours 500000
Actual machine hours 495000
Business
1 answer:
ddd [48]2 years ago
3 0

Answer:

$11,000 under applied

Explanation:

To compute the under or over applied overhead, we need to find out the predetermined overhead rate

Predetermined overhead rate = Total estimated manufacturing overhead ÷ Estimated machine hours

= $4,100,000 ÷ 500,000

= $8.2

Then, the overhead applied is;

= Actual machine hours × Predetermined overhead rate

= 495,000 × $8.2

= $4,059,000

Now, the under applied or over applied overhead is

= Actual annual overhead cost - Applied overhead

= $4,070,000 - $4,059,000

= $11,000 under applied

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Explanation:

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5 0
3 years ago
Crystal Apple Sales Company began 2014 with cash of $2,000, inventory of $3,600 (200 crystal apples that cost $18 each), $2,500
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Answer and Explanation:

a. The computation of ending inventory and cost of goods sold using the three different cost flow assumptions: FIFO, LIFO, and Weighted Average is shown below:-

Cost of goods sold = (200 × $18) + (800 × $20) + (1,040 × (2,040-200-800)

= (200 × $18) + (800 × $20) + (1,040 × $24)

= $3,600 + $16,000 + $24,960

= $44,560

Ending Inventory Under FIFO = (1,200 - 1,040) × (2,040-200-800)

= 160 × $24

= $3,840

Under LIFO method

Cost of goods sold is

= (1,200 × $24) + (800 × $20) + (40 × $18)

= $28,800 + $16,000 + $720

= $45,520

Ending Inventory Under LIFO is

= (200 - 40) × $18

= 160 × $18

= $2,880

Weighted Average cost flow Assumption

Weighted Average cost per apple = Cost of Beginning inventory and purchase ÷ Total apple available

Cost of Beginning inventory and purchases is

= (200 × $18) + (800 × $20) + (1,200 × $24)

= $3,600 + $16,000 + $28,800

= $48,400

Total apples available is

= 200 + 800 + 1,200

= 2,200  

Weighted Average cost per apple is

= $48,400 ÷ 2,200

= $22

Cost of goods sold is  

= 2,040 × $22

= $44,880

Ending Inventory is

= 160 × $22

= $3,520

b. The Preparation of income statement, a balance sheet, and a statement of cash flows under each of the three cost flow assumptions is prepared below:-

Income Statement                       Amount

Sales (2,040 × $40)                     $81,600

Less: Cost of goods sold            ($44,560)

Gross Profit                                  $37,040

Less: Operating Expenses         ($26,000)

Income before income taxes      $11,040

Less: Income tax (30% × $11,280) ($3,312)

Net Income                                     $7,728

Balance Sheet

Assets  

Cash                                                   $9,488

Inventory                                             $3,840

Total Assets                                        $13,328

Liabilities and Stockholder's Equity

Common Stock                                   $2,500

Retained Earnings                              $10,828

Total Liabilities and Equity                $13,328

Working note

cash = (opening + Sales - Purchases - Operating expenses - Income tax expenses )

= $2,000 + $81,600 - $44,800 - $26,000 - $3,312

= $9,488

Retained earning = (Opening + Net Income)

= $3,100 + $7,728

= $10,828

Statement of Cash Flow

Cash Flow from Operating Activities  

Cash Sales                                               $81,600

Payment to Accounts Payable              ($44,800)

Operating Expenses                              ($26,000)

Income tax paid                                      ($3,312)

Net Increase in cash and

cash equivalents                                     $7,488

Add: Opening Cash and

cash equivalents                                     $2,000

Closing Cash and cash equivalents      $9,488

LIFO cost flow Assumption

Income Statement

Sales (2,040 × $40)                                 $81,600

Less: Cost of goods sold                         ($45,520)

Gross Profit                                              $36,080

Less: Operating Expenses                     ($26,000)

Income before income taxes                  $10,080

Less: Income tax (30% × $10,080)             ($3,024)

Net Income                                               $7,056

Balance Sheet

Assets  

Cash                                                           $9,776

Inventory                                                    $2,880

Total Assets                                               $12,656

Liabilities and Stockholder's Equity

Common Stock                                           $2,500

Retained Earnings                                       $10,156

Total Liabilities and Equity                         $12,656

Working note:-

Cash = (opening + Sales - Purchases payment - Operating expenses -Income tax expenses)

= $2,000 + $81,600 - $44,800 - $26,000 - $3,024

= $9,776

Retained earning = (Opening + Net Income)

= $3,100 + $7,056

= $10,156

Statement of Cash Flows  

Cash Flow from Operating Activities  

Cash Sales                                             $81,600

Payment to Accounts Payable            ($44,800)

Operating Expenses                            ($26,000)

Income tax paid                                     ($3,024)

Net Increase in cash and

cash equivalents                                     $7,776

Add: Opening Cash and

cash equivalents                                     $2,000

Closing Cash and cash equivalents       $9,776

Weighted Average cost flow Assumption

Income Statement  

Sales (2,040 × $40)                                   $81,600

Less: Cost of goods sold                         ($44,880)

Gross Profit                                               $36,720

Less: Operating Expenses                       ($26,000)

Income before income taxes                   $10,720

Less: Income tax (30% × $10,720)           ($3,216)

Net Income                                                $7,504

Balance Sheet  

Assets  

Cash                                                           $9,584

Inventory                                                   $3,520

Total Assets                                              $13,104

Liabilities and Stockholder's Equity

Common Stock                                         $2,500

Retained Earnings                                     $10,604

Total Liabilities and Equity                       $13,104

Working note

Cash = opening + Sales - Purchases payment - Operating expenses - Income tax expenses )

= $2,000 + $81,600 - $44,800 - $26,000 - $3,126

= $9,584

Retained earning = (Opening + Net Income)

= $3,100 + $7,504

= $10,604

Statement of Cash Flows

Cash Flow from Operating Activities

Cash Sales                                       $81,600

Payment to Accounts Payable      ($44,800)

Operating Expenses                       ($26,000)

Income tax paid                               ($3,216)

Net Increase in cash and

cash equivalents                              $7,584

Add: Opening Cash and

cash equivalents                            $2,000

Closing Cash and

cash equivalents                               $9,584

8 0
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Metlock has been in business several years. At the end of the current year, the unadjusted trial balance shows: Accounts Receiva
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Answer:

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Explanation:

Allowance for Doubtful Accounts-opening             ($5,355)

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Bad Debt Expense                                                          $18,645

Bad Debt Expense Dr.$18,645

Allowance for Doubtful Accounts Cr.$18,645

7 0
3 years ago
When a group of employees have the ability to perform, but feel like their performance doesn't matter much to the success of the
Fofino [41]

Answer:

Empowering management style        

Explanation:

In simple words, Empowerment relates to the  idea in managing that if workers are provided knowledge, support and opportunities while at the identical moment being kept accountable for certain job performance, so they should be more efficient and have greater job fulfillment.

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On March 1, Green went to Easy Car Sales to buy a car. Green spoke to a salesperson and agreed to buy a car that Easy had in its
lana66690 [7]

Answer:

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Explanation:

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3 0
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