--/1Question 23View PoliciesCurrent Attempt in ProgressupportThe predetermined overhead rate for Crane Company is$5, comprised of a variable overhead rate of $3 and a fixedrate of $2. The amount of budgeted overhead costs atnormal capacity of $150000 was divided by normalcapacity of 30000 direct labor hours, to arrive at thepredetermined overhead rate of $5. Actual overhead forJune was $14208 variable and $8640 fixed, and 2400 unitswere produced. The direct labor standard is 2 hours perunit produced. The total overhead variance isO $1152 F.O $2880 U.O $2880 F.O $1152 U.chhpinsprf12f11f10f9f8f6f7f5&80%3D609.T.

Answered: --/1 Question 23 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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View Policies Current Attempt in Progress The predetermined overhead rate for Crane Company is $4, comprised of a variable overhead rate of $2 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $120000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $4. Actual overhead for June was $8600 variable and $5900 fixed, and 2000 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is $2000 F. $1500 F. $1500 U. $2000 U.
Required information Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 Exercise 3-34 Part 2 $230,000 20,000 81,000 200,000 58,000 30,000 301,000 79,000 177 48,000 93,000 62,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)
Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $215,160 Machine hours Assembly 189,550 Direct labor hours Inspecting 30,520 Number of inspections Setup 39,730 Number of setups Materials handling 36,960 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,180 4,600 9,780 Direct labor hours 4,460 6,690 11,150 Number of inspections 1,660 520 2,180 Number of setups 230 60 290 Number of loads 700 180 880 Units produced 10,400 5,200 15,600 a. Determine the activity rate for each activity. If required, round the rate to the…
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Answer question D
Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700 Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit
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Question Content Area Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard labor hours for units manufactured 71,000 Unfavorable direct labor rate variance $17,025 Total payroll for labor $820,605 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
Problem 7-50 (Algo) Estimate Direct Labor Costs from Overhead Data (LO 7-2) Kenmore Fabrication estimated that direct labor cost for the year would be $645,600. The company also estimated that fixed overhead would be $484,200 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($484,200) and variable overhead was also Incurred as expected. There was $31,050 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost
The levels of production and of manufacturing overhead for the first five months of 2009 for Apex Products are shown below. Units Produced Manufacturing Overhead January 11,500 $58,650 February 12,250 $59,413 March 11,125 $58,262 April 11,950 $59,140 May 10,750 $57,889 Using the high-low method, Apex monthly fixed overhead cost is closest to which of the following? A. $59,413 B. $12,495 C. $12,250 D. $46,918
Required information [The following information applies to the questions displayed below.] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Production (in units). Overhead. Variable overhead Fixed overhead Total overhead Flexible Budget at 80% Capacity 52,750 $ 290, 125 52,750 $ 342,875 Standard overhead rate 2. Standard overhead applied 3. Overhead variance Actual Results 48,400 $341,300 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 26,375 DLH, computed as 52,750 units x 0.5 DLH per unit. 2. Compute the standard overhead applied. 3. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)

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