ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If I 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?

ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If I 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?

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Description: ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200.**Use the following forma

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 8MC: A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the...

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