acc 206 week 3 solutions 494845

ACC 206 Week Three Assignment Please complete the following five exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: ?Division A?Division B??Actual machine hours ?22,500?? ??Estimated machine hours ?20,000?? ??Overhead application rate ?$4.50 ?$5.00 ??Actual overhead ?$110,000 ?? ??Estimated overhead ?? ?$90,000 ??Applied overhead ?? ?$86,000 ??Over- (under-) applied overhead ?? ?$6,500 ??Find the unknowns for each of the divisions. Computations using a job order system General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger; Work in process $ 35,200 Finished goods 86,900 Cost of goods sold 128,700 Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows: Direct Materials??Direct Labor??Job No.? ?Amount??Job No.??Amount??101??$5,000 ??101??$7,800 ??115??19,500??103??20,800??116??36,200??115??42,000??Other??35,800??116??18,000????$96,500 ??Other ??25,900????????$114,500 ?????????????????????????????????????????????????? Job no. 115 was the only job in process at the end of the month. Job no. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $21,000 and $17,400, respectively. General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The…