Question
Ch. 11: Homework Sayed Help Save & Ext Submit Check my work Walton Company and Zachary...
Ch. 11: Homework Sayed Help Save & Ext Submit Check my work Walton Company and Zachary Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. points Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Walton Company $135,000 21,000 Zachary Company $219,000 22,000 15,500 $ 22,500 References Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial < Prey 4 of 6 3 Next M
Ch. 11: Homework Saved Help Save & Ext Check 4. a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. points eBook Required A Required B References Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Walton Company Zachary Company Predetermined overhead rate Required B > Graw Hill Prey 4 of 6 Next >
newcomeL L UM Saved Ch. 11: Homework Help Save & Exit Check mi company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. points Required A Required B eBook Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. References Adjusting Entry for Walton Company: Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Zachary Company Manufacturing Overhead Cost of Goods Sold < Required A < Prey 4 of 6 ! Next >
Answers
Part-1 : Computation of Predetermined Overhead Rate Walton Company Overapplied Overhead= Applied Overhead - Actual Overhead Applied Overhead = Over Applied Overhead+ Actual Overhead =22500+135000=$157500 Predetermine Overhead Rate= Applied Overhead/ Actual DLH $157500/21000= $7.50 Zachary Company Under applied Overhead= Actual Overhead - Applied Overhead Applied Overhead = Actual Overhead - Under Applied Overhead =219000-15500=$203500 Predetermine Overhead Rate= Applied Overhead/ Actual DLH $203500/22000= $9.25
Part-b Manufacturing Overhead- Company Walton Actual $135,000.00 Applied $157,500.00 Overapplied $22,500.00 Manufacturing Overhead- Company Zach Actual $219,000.00 Applied $203,500.00 Underapplied $15,500.00
Journal Entry Date Account Tittle Debit Credit Company Walton Manufacturing Overhead $22,500.00 Cost of Goods Sold $22,500.00 Company Zachery Cost of Goods Sold $15,500.00 Manufacturing Overhead $15,500.00
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