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Product costing-manufacturing overhead

Product Costing - Manufacturing Overhead-Over/Under applied

LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to work in process inventory using the predetermined overhead application rate of $15 per direct labor hour.

Q1. Calculate the number of hours of direct labor used during November.

Q2. Actual manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount over or under applied for November.

Q3. Identify two possible explanations for the over or under applied overhead.

Q4. Explain the accounting appropriate for the over or under applied overhead at the end of November.

Please show work in excel.

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Product costing-manufacturing overhead

Reference No:- TGS01620200

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Net operating loss provisions of the tax code

Q : Revised budget-budgeted absorption costing income statement

Q : What is the average federal tax rate

Q : Total manufacturing costs and cost per unit of the windows

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Q : Accounting methods impact an organizations net income

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Product costing-manufacturing overhead

Reference No:- TGS01620200

Recent Questions Asked Accounting Basics

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