Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActual$150,00030,000OverheadMachine hoursDirect materialsDirect labor$144,00027,000$210,000$350,000A. What is the predetermined overhead rate?per machine hourB. How much overhead was applied during the year?machine hoursC. Was overhead over- or underapplied, and by what amount?Underapplied

Name: Mountain Peaks applies overhead on the basis of machine hours and rep
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActual$150,00030,000OverheadMachine hoursDirect materialsDirect labor$144,00027,000$210,000$350,000A. What is the predetermined overhead rate?p

Answered: A. What is the predetermined overhead…

Business

Accounting

A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? Underapplied

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Single Plantwide Rate and Activity-Based Costing Whirlpool Corporation (WHR) conducted an activity-based costing study of its Evansville, Indiana, plant in order to identify its most profitable products. Assume that we select three representative refrigerators (out of 333): one low-, one medium-, and one high-volume refrigerator. Additionally, we assume the following activity-base information for each of the three refrigerators: Three Representative Number of Machine Number of Number of Sales Number of Refrigerators Hours Setups Orders Units Refrigerator-Low Volume 24 14 38 160 Refrigerator-Medium Volume 225 13 88 1,500 Refrigerator-High Volume 900 120 6,000 Prior to conducting the study, the factory overhead allocation was based on a single machine hour rate. The machine hour rate was $200 per hour. After conducting the activity-based costing study, assume that three activities were used to allocate the factory overhead. The new activity rate information is assumed to be as follows:…
When used as the denominator in the calculation of an overhead rate, which of the following will cause the least amount of overhead to be applied? a. Theoretical activity level b. Expected activity level c. Practical activity level d. Normal activity level
Which one is the correct answer?
1. With ABC, overhead costs are assigned to each product based on ________. Group of answer choices machine hours per product price of the product a predetermined overhead rate for a single cost driver the proportion of that product’s use of the cost driver
Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
how to i get total direct labor for a company with hours and cost number available?
“Accumulation entries to Manufacturing Overhead normally are only made daily.” Is this true? Explain why or why not.
Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied as a positive amount and under applied as a negative amount. Round to the nearest whole number, omit commas and dollar signs. Your Answer: $ 150,000 $ 81,000 $ 164,000 $ 76,000 1 Answer
The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting period
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
How do I calculate manufacturing overhead based on direct labor hours
2. Which of the following is a possible cost driver that may be used in calculating a company's predetermined overhead rate? A) Direct labour hours B) Direct labour dollars C) Machine hours D) All of the above