51Single plantwide factory overhead rate The total factoryoverhead for Cypress Marine Company is budgeted forthe year at $811,250. Cypress Marine manufacturestwo types of boats: speedboats and bass boats. Thespeedboat and bass boat each require five direct laborhours for manufacture. Each product is budgeted for5,500 units of production for the year. When required,round all per unit answers to the nearest cent. a.Determine the total number of budgeted direct laborhours for the year. fill in the blank 1 of 1 direct laborhours b. Determine the single plantwide factoryoverhead rate. fill in the blank 1 of 1$ per dlh c.Determine the factory overhead allocated per unit foreach product using the single plantwide factoryoverhead rate. Speedboats fill in the blank 1 of 2$ perunit Bass boats fill in the blank 2 of 2$ per unit

Step 1: Predetermined Overhead Rate is the ratio between estimated manufacturing overhead &…

Answered: 51 Single plantwide factory overhead…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Chapter 23 Mesa Bottle Company (MBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Standard Cost per 100 Two-Liter Bottles Cost Category Direct labor Direct materials $1.86 6.48 0.56 Factory overhead Total $8.90 At the beginning of July, MBC management planned to produce 600,000 bottles. The actual number of bottles produced for July was 645,000 bottles. The actual costs for July of the current year were as follows: Actual Cost for the Month Ended Cost Category July 31, 2019 Direct labor $12,143 Direct materials 40,915 Factory overhead Total 3,780 $56,838 a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for MBC, assuming planned production. b. Prepare a budget performance report for manufacturing costs, showing the total cost variances direct materials, direct labor, and factory overhead for July. c. Interpret the budget performance report.
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