2. A company had an under recovery of overheads of $200,000 with a budgeted overhead of$1,000,000. If its estimated overhead hours were 20,000 and its actual overhead hours were22,000, calculate the actual overhead cost.$1,300,000None of the above.$800,000$900,000$1,200,000

The objective of the question is to calculate the actual overhead cost of a company given the under…

Answered: 2. A company had an under recovery of…

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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rker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year lows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($619,080 + 938,000 units) rker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used. Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,000,000 12,800,000 $ 15,360,000 336,000 $ 4,200,000 $ 1,700,000 $ 393,000 equired: alculate Parker Plastic's direct materials price and quantity variances. Standard Price (Rate) $ 1.30 $13.50 $ 1.30 per square foot per hour per hour Standard Uni Cost $11.70 4.05 0.39 0.66
TB MC Qu. 04-97 (Algo) Kay Company budgets overhead... Kay Company budgets overhead cost of $3,645,000 for the next year. The company uses direct labor hours as its overhead allocation base. If hours are planned for the next year, how much overhead would be assigned to a product requiring 4 direct labor hours? Multiple Choice $45.00 $35.00 $180.00 $140.00
Assume that a company produced 10,000 units and sold 8,000 units during its first year of operations. It has also provided the following information: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Fixed selling and administrative expense Per Unit $ 240 $ 85 $ 60 $ 10 $ 11 Per Year $ ? $ 250,000 If the company's unit product cost under absorption costing is $205, then what is the amount of fixed manufacturing overhead per year?
The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
iven a predetermined overhead rate of $1.60 per direct labor hour, a capacity of 50,000 hours and 42,000 actual hours, the cost of unused capacity is
Glew Corporation has provided the following information: Variable manufacturing overhead Fixed manufacturing overhead Direct materials Direct labor Sales commissions $1.00 Variable administrative expense $0.40 Fixed selling and administrative expense $57,200 Cost per Unit Cost per Period $6.00 $3.35 $1.75 $8,800 $44,400 $53,200 $ 4,000 For financial reporting purposes, the total amount of product costs incurred to make 4,000 units is closest to: $ 8,800
24. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: Production Machine-hours Fixed overhead costs Actual 41,000 units 6,020 hours $125,500 What is the amount of fixed overhead allocated to production? A) $117,000.00 B) $123,000.00 C) $125,500.00 D) $128,210.13 Production Machine-hours Fixed overhead costs 25. The following fixed overhead data relates to a company that uses machine hours to allocate fixed manufacturing overhead: B) $400 unfavorable C) $1,056 favorable D) $1,056 unfavorable Static Budget 39,000 units 5,850 hours $117,000 Actual 53,400 units 1,960 hours $86,520 What is the fixed overhead spending variance? A) $400 favorable Static Budget 53,000 units 2,120 hours $86,920
8) Paine Company wishes to determine the fixed portion of its electrical costs (a mixed cost). Management believes that the variable portion of the electrical costs is driven by machine-hours. Information for the previous three months follows: January February March Machine-hours Electrical cost 33,000 31,000 34,000 A) $283. B) $375. (C) $327. D) $408. $600 $585 $610 Using the high-low method, the fixed portion of the company's electrical costs would be estimated to be closest to:
A partial listing of costs incurred at Backer Corporation during November appears below: Direct materials $157,000 Direct labor Manufacturing Overhead Selling Expenses Administrative Expenses 114,000 77,000 145,000 99,000 Calculate the total conversion costs for the month: Question 6 options: $234,000 $191,000 $271,000 $244,000 $348,000

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2. A company had an under recovery of overheads of $200,000 with a budgeted overhead of $1,000,000. If its estimated overhead hours were 20,000 and its actual overhead hours were 22,000, calculate the actual overhead cost. $1,300,000 None of the above. $800,000 $900,000 $1,200,000