Product Costing-Manufacturing Overhead- over/underapplied

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  E-13.10 - Product Costing - Manufacturing Overhead - Over/Underapplied. This illustrates the issues for allocating manufacturing overhead. Manufacturing overhead - over/underapplied. LampArt Co. makes specialty table lamps.

• Under/overapplied overhead for Texco Corporation last year

  204215 Under/over applied overhead for Texco Corporation Texco Corporation uses an activity-based costing system with two activity cost pools.

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  b) Actual manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount of over- or underapplied overhead for November. c) Identify two possible explanations for the over- or underapplied overhead.

• Products and Period Costs Classification

  As of February 1, actual overhead was underapplied by $400,000. Determine the cumulative amount of any overapplied or underapplied overhead at the end of February.

• Finding the Adjusted Cost of Goods Sold

  - Actual overhead incurred Over/(under) applied overhead = $586,500 - ($148,000 + $450,000) Over/(under) applied overhead = $586,500 - $598,000 Over/(under) applied overhead =($11,500) So overhead is underapplied by $11,500

• Predetermined Overhead Rate

  and the amount of over-or underapplied overhead for the period.

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  Question 8 Aster Manufacturing uses the weighted-average method of process costing.

• Summit Company: Direct Labor Cost; Bus Company: Cost of Goods Sold

  applied $140,000 Direct materials used $180,000 Actual manufacturing overhead $152,000 Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Sold account at the end of the calendar year (i.e.,

• Overhead Costs for Manufacturing

  The amount of the manufacturing overhead variance during 2005 was: A) $24,000 Underapplied B) $66,000 Overapplied C) $66,000 Underapplied D) $24,000 Overapplied 3.

• Important information about Multiple Choice - Managerial Accounting

  Under absorption costing, the fixed manufacturing overhead would also be taken into inventory.