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ACC 561 Week 4 Assignment Wiley PLUS.pdf

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ACC 561 Week 4 Assignment Wiley PLUS
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Exercise 15-5
Duggan Company applies manufacturing overhead to jobs on the basis of machine hours
used. Overhead costs are expected to total $277,640 for the year, and machine usage is
estimated at 126,200 hours.
For the year, $291,977 of overhead costs are incurred and 130,300 hours are used.
(a). Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal
places, e.g. 1.25.)
(b) What is the amount of under- or overapplied overhead at December 31?
(c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to
cost of goods sold. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)

Exercise 16-3
ledger of Custer Company has the following work in process account.
Work in Process—Painting
5/1 Balance 3,870
5/31 Transferred out ?
5/31 Materials 6,750
5/31 Labor 4,800
5/31 Overhead 1,570
5/31 Balance ?