At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year, Job K456 was completed with the following information: direct materials cost, $2,750; direct labor cost, $5,355. The average wage for Smith Company employees is $17 per hour.

By the end of the year, 18,100 direct labor hours had actually been worked, and Smith incurred the following actual overhead costs for the year:

Equipment lease $ 6,800
Depreciation on building 19,340
Indirect labor 90,400
Utilities 14,560
Other overhead 41,400
Required:
1. Calculate the overhead rate for the year.
2. Calculate the total cost of Job K456.
3. Prepare the Dec. 31 journal entries to record actual overhead and to apply overhead to production for the year.
4. Is overhead overapplied or underapplied? By how much?
5. Assuming that the normal cost of goods sold for the year is $635,600, what is the adjusted cost of goods sold?

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.

Kimberly has been jonah in preparing his personal income tax forms for a couple of years. jonah's boss recommended kimberly because she had done a good job setting up the company's new accounting system. jonah is very satisfied with kimberly's work and feels that the fees she charges are quite reasonable. kimberly would be classified as a(n) (a) independent auditor (b) private accountant (c) public accountant (d) accounting broker

Select the correct answer. which is a benefit of planning for your future career? a.being less prepared after high school. b.having higher tuition in college. c.earning college credits in high school. d.ruining your chances of having a successful career.