Oxford Consulting, Inc., expects the following costs and expenses during the coming year: Direct labor (@ $20/hr.) $1,344,000 Sales commissions Overhead a. Compute a predetermined overhead rate applied on the basis of direct labor hours. Round to two decimal places if applicable. $0 288,000 1,512,000 b. Prepare a general journal entry to apply overhead during an interim period when 14,000 direct labor hours were worked General Journal Description Debit ◆ 0 0 0 0 c. What amount of overhead would be assigned to Job 325, to which $1,216 in direct labor had been charged? Round to two decimal places, if applicable. $0 Credit Please answer all parts of the question.
Oxford Consulting, Inc., expects the following costs and expenses during the coming year: Direct labor (@ $20/hr.) $1,344,000 Sales commissions Overhead a. Compute a predetermined overhead rate applied on the basis of direct labor hours. Round to two decimal places if applicable. $0 288,000 1,512,000 b. Prepare a general journal entry to apply overhead during an interim period when 14,000 direct labor hours were worked General Journal Description Debit ◆ 0 0 0 0 c. What amount of overhead would be assigned to Job 325, to which $1,216 in direct labor had been charged? Round to two decimal places, if applicable. $0 Credit Please answer all parts of the question.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 8PB: Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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