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Olegator [25]
3 years ago
8

Predetermined Overhead Rate, Overhead Variances, Journal Entries Craig Company uses a predetermined overhead rate to assign over

head to jobs. Because Craig's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $4,910,400, and the practical level of activity is 372,000 machine hours. During the year, Craig used 379,000 machine hours and incurred actual overhead costs of $4,922,800. Craig also had the following balances of applied overhead in its accounts:
Work-in-process inventory $620,800
Finished goods inventory 627,200
Cost of goods sold 1,952,000

Required:

a. Compute a predetermined overhead rate for Craig. Round your answer to the nearest cent.
b. Compute the overhead variance, and label it as under- or overapplied.
c. Assuming the overhead variance is immaterial, prepare the journal entry to dispose of the variance at the end of the year.
d. Assuming the overhead variance is material, prepare the journal entry that appropriately disposes of the overhead variance at the end of the year.
Business
1 answer:
Ipatiy [6.2K]3 years ago
7 0

Answer:

Very Good Answer.. By study this Indian great Pilot...

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To calculate the new confidence index;

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The old confidence index can also be calculated as

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3 years ago
On Jan. 3, Gourmet Cakes sold $15,000 of merchandise on account to Jerry Hines. On Jan. 10, Jerry returned $2,000 of the merchan
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Answer:

sales returns & allowance     2,000 debit

            accounts receivables              2,000 credit

Inventory                                    500 debit

             COGS                                        500 credit

-to record the return of goods from Jerry Hines--

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Answer:

Variable cost per unit= $1.4 per unit

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