Class 9 Homework-

What measures do governments take to promote exports and restrict imports? Who benefits and who loses from protectionist policies? What is the net outcome for society?

Related Questions

Record manufacturing overhead

Refer to the data in Exercise 3-24A. Brooks’ accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $401,000, not the $485,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $560,000.


1. Prepare the journal entry(s) to record manufacturing overhead costs incurred.

2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production.

3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much.

4. Record the entry to close out the underallocated or overallocated manufacturing overhead.

5. What is the adjusted ending balance of Cost of Goods Sold?


Exercise 3-24A

Analyze manufacturing overhead

Brooks Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following:

Manufacturing overhead costs

$ 650,000

Direct labor cost


Machine hours


At the end of the year, the company had actually incurred the following:

Direct labor cost


Depreciation on manufacturing plant and equipment

$ 485,000

Property taxes on plant

$ 21,500

Sales salaries

$ 26,000

Delivery drivers’ wages

$ 14,500

Plant janitors’ wages

$ 11,000

Machine hours

54,500 hours


1. Compute Brooks’ predetermined manufacturing overhead rate.

2. How much manufacturing overhead was allocated to jobs during the year?

3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much?

4. Were the jobs overcosted or undercosted? By how much?

- Voclasses