September 2023 O Leary Corporation manufactures special purpose portable structures huts mobile offices and so
2024 O’Leary Corporation manufactures Assignment Help
O Leary Corporation manufactures special purpose portable structures huts mobile offices and so 2023
O’Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications).O’Leary uses a normal job costing system. Direct labor at O’Leary is paid $17 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows: Year 1 Year 2 Direct labor-hours worked 69,000 54,000 Manufacturing overhead costs incurred Indirect labor $ 2,760,000 $ 2,160,000 Employee benefits 1,035,000 810,000 Supplies 690,000 540,000 Power 552,000 522,000 Heat and light 138,000 138,000 Supervision 716,250 656,250 Depreciation 1,982,500 1,982,500 Property taxes and insurance 751,250 751,250 Total manufacturing overhead costs $8,625,000 $7,560,000 At the beginning of year 3, O’Leary has two jobs, which have not yet been delivered to customers. Job MC-270 was completed on December 27, year 2. It is scheduled to ship on January 7, year 3. Job MC-275 is still in progress. The predetermined rate in year 2 was $130 per direct labor hour. Data on direct material costs and direct labor-hours for these jobs in year 2 follow: Job Job MC-270 MC-275 Direct material costs $ 270,000 $ 495,000 Direct labor-hours 2,500hours 3,200hours During year 3, O’Leary incurred the following direct material costs and direct labor hours for all jobs worked in year 3, including the completion of Job MC-275. Direct material costs $ 11,840,000 Direct labor-hours 74,000 Actual manufacturing overhead $ 9,120,000 For the purpose of computing the predetermined overhead rate, O’Leary uses the previous year’s actual overhead rate. At the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow: MC-389 MC-390 MC-397 MC-399 Direct materials $43,200 $67,000 $103,500 $28,900 Direct labor-hours 1,740hours 2,700hours 6,100hour 1,300hours Job status Finished Finished In progress In progress Required: (a) What was the amount in the beginning Finished Goods and beginning Work-In-Process accounts for year 3? Work-in-Process Inventory:___________ Finished Goods Inventory:___________ (b) O’Leary incurred direct materials cost of $57,000 and used an additional 300 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? Final (total) cost charged: _________ (c) What was over- or underapplied overhead for year 3? ________overhead_________ (d) O’Leary prorates any over- or under applied overhead to Cost of Goods Sold, Finished Goods Inventory, and Work-In-Process Inventory using direct labor hours as the basis for applying overhead. Prepare the journal entry to prorate the Over- or Under applied Overhead. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
#write essay #research paper #blog writing #article writing #academic writer #reflective paper #essay pro #types of essays #write my essay #reflective essay #paper writer #essay writing service #essay writer free #essay helper #write my paper #assignment writer #write my essay for me #write an essay for me #uk essay #thesis writer #dissertation writing services #writing a research paper #academic essay #dissertation help #easy essay #do my essay #paper writing service #buy essay #essay writing help #essay service #dissertation writing #online essay writer #write my paper for me #types of essay writing #essay writing website #write my essay for free #reflective report #type my essay #thesis writing services #write paper for me #research paper writing service #essay paper #professional essay writers #write my essay online #essay help online #write my research paper #dissertation writing help #websites that write papers for you for free #write my essay for me cheap #pay someone to write my paper #pay someone to write my research paper
#Essaywriting #Academicwriting #Assignmenthelp #Nursingassignment #Nursinghomework #Psychologyassignment #Physicsassignment #Philosophyassignment #Religionassignment #History #Writing #writingtips #Students #universityassignment #onlinewriting #savvyessaywriters #onlineprowriters #assignmentcollection #excelsiorwriters #writinghub #study #exclusivewritings #myassignmentgeek #expertwriters #art #transcription #grammer #college #highschool #StudentsHelpingStudents #studentshirt #StudentShoe #StudentShoes #studentshoponline #studentshopping #studentshouse #StudentShoutout #studentshowcase2017 #StudentsHub #studentsieuczy #StudentsIn #studentsinberlin #studentsinbusiness #StudentsInDubai #studentsininternational
