A company budgets production of 4,860 units for May. Each unit uses 2 hours of direct labor. The company applies variable overheadusing a rate of $14 per direct labor hour and budgets fixed overhead of $74,600 per month. Prepare a factory overhead budget forMay.Factory Overhead BudgetMayDirect labor hours neededBudgeted variable overheadBudgeted total factory overhead

a. Direct labor hours needed is calculated by multiplying the budgeted production of 4,860 units by…

Answered: A company budgets production of 4,860…

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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Hockey Pro budgets production of 3,500 hockey pucks during May. The company assigns variable overhead at the rate of $2.00 per unit. Fixed overhead equals $49,000 per month.Prepare a factory overhead budget for May.
The following information relates to Modern, Inc.'s overhead costs for the month: Time Runn Attempt due 2 Hours, & Static budget variable overhead $8,000 24/7 Pro Static budget fixed overhead $4,000 Static budget direct labor hours 1,300 R Liv Static budget number of units to be produced 5,000 Modern allocates manufacturing overhead to production based on standard direct labor hours. Last month, Modern reported the following actual results: actual variable overhead $11,000 actual fixed overhead $3,000 actual direct labor hours 1,400 actual number of units produced 7,000 For the month, Modern's variable overhead efficiency variance is (Round your answer to the nearest whole dollar.)
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Patrick Inc. makes industrial solvents. Budgeted direct labor hours for the first 3 months of the coming year are: January 13,140 February 12,300 March 15,075 The variable overhead rate is $0.70 per direct labor hour. Fixed overhead is budgeted at $2,910 per month. Required: Prepare an overhead budget for the months of January, February, and March, as well as the total for the first quarter. Do not include a multiplication symbol as part of your answer. Round total variable overhead and total overhead to the nearest dollar. Patrick Inc. Overhead Budget For the Coming First Quarter Overhead: January February March Total Total direct labor hrs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Variable overhead rate $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 Total variable overhead $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Add: Fixed overhead…
Miami Solar manufactures solar panels for industrial use. The company budgets production of 5,300 units (solar panels) in July and 5,600 units in August.
please answer and explain correctly and completely with all work
Please don't provide answer in image format thank you.
Black Company expects to produce 2,100 finished goods units in January and 2,010 finished goods units in February. Black budgets 7 direct labor hours per finished good unit. Direct labor costs averages $11 per hour. Black's budgeted cost of Direct Labor for February is O $124,300 O $142,630 O $154,770 O $139,200 O $161,420
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Apple manufacturing company produces a single standard product. The standard overhead cost budgets are K 100,000 for this month is 20,000 direct labour hours based on the production budget. The standard cost card for the product is as follows: Materials Direct Labour Factory overhead K 100.00 5 pieces @ K 10.00 = K 50.00 5 hours @ K 5.00 = K 25.00 5 hour @ K 5.00 = K 25.00 The following transactions occurred during the month of March 2007. (a) Direct materials purchased 3,000 pieces @ K 9.00. (b) Direct maerials requisition 1,900 pieces. (c) Actual direct labour costs 2,100 hours @ K 5.25 (d) Production completed during March 420 units. Required: Calculate the materials and labour variances.

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