60.1K

Verified Solution

Link Copied!

PLEASE HELP ME WITH THERE 2 QUESTIONS: #6 AND #7. THANK YOU

Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to be $ A and its direct materials costs to be \$___ B . JMS worked on eight jobs in FY2023. Three of those jobs had actual direct materials costs of: $25,000Job2302;$50,000-Job2305;and$85,000-Job2308. Actual FY2023 manufacturing overhead totaled \$ C and total direct materials cost amounted to $ D. Questions 1 to 5. Answer these questions assuming no adjustments to the MOH account for over or under applied MOH have been made. See Instructions above. Assume that the MOH account had total debits of $330,000 and total credits of $300,000. Calculate the adjustment rate needed to allocate over or underapplied MOH to downstream accounts. The basis for the allocation is the amount of overhead initially allocated to jobs during FY2023. Round your answer to the nearest 0.001 . Enter your answer as a positive number (no "+" sign is required) Question 7 10 pts Determine the amount of adjustment to the WIP account. Enter your answer as a positive number (no " + " sign is required) Questions 6 to 10 . Ignore your answers and / or the information given in Questions 1 to 5 . These questions pertain to the adjustments required to close the MOH account. Assume that at the end of FY2023, before adjustment to close the MOH account, the amount of MOH assigned during the year could be traced to these accounts: These balances do not apply to Questions 1 to 5

Answer & Explanation Solved by verified expert

See Answer