answer?? Financial accounting questions ABC Corporation allocates overhead based on direct labor costs. Assume ABC expectsto incur a total of $1,025,000 in overhead costs and $820,000 in direct labor costs.Actual overhead costs incurred totaled $1,050,000 and actual direct labor coststotaled $800,100.ABC's predetermined overhead rate is:a. 125% of direct labor cost.b. 128% of direct labor cost.c. 98% of direct labor costs.d. 100% of direct labor costs.

Step 1: Define Product CostIn management accounting, a product cost is the total cost of producing…

Answered: ABC Corporation allocates overhead…

Principles of Accounting Volume 2

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Chapter4: Job Order Costing

Section: Chapter Questions

Problem 8PA: Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate...

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A company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $396,000; materials of $410,000 and direct labor of $220,000. During the year Adams incurred $418,000 in materials costs, $413,200 in overhead costs and $224,000 in direct labor costs. Compute the predetermined overhead rate. Multiple Choice O O O 55.6%. 180.0%. 184.0%. 96.6%. 186.0%.
Compute the predetermined overhead rate for each activity based.
Mill Company estimates the company will incur $82,800 in overhead costs and 4,600 direct labor hours during the year. Actual direct labor hours were 4,850. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base, and prepare the journal entry for the allocation of overhead.
Compute the predetermined overhead rate for each activity base on these general accounting question
Daud Company has an overhead application rate of 172% and allocates overhead based on direct material cost. During the current period, direct labor cost is $59,000 and direct materials used cost is $97,000. Determine the amount of overhead Daud Company should record in the current period. General accounting question
Meed Company estimates the company will incur $65,000 in overhead costs and 5,000 direct labor hours during the year. Actual direct labor hours were 4,550. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base, and prepare the journal entry for the allocation of overhead. Calculate the predetermined overhead allocation rate. Fill in the labels and complete the formula below. Predetermined overhead ÷ = allocation rate ÷ = per direct labor hour Prepare the journal entry for the allocation of overhead. First, select the formula to calculate the overhead costs allocated. Fill in the labels and complete the formula below. × = Allocated overhead costs × = Prepare the journal entry for the allocation of overhead. Date Accounts and Explanation Debit Credit
XYZ Company uses direct labor to apply overhead. Its production costs for the period are Direct Material: $45,000, Direct labor $35,000 and overhead applied, $70,00. What is the predetermined overhead rate?
Marquis Company estimates that annual manufacturing overhead costs will be $975,600. Estimated annual operating activity bases are direct labor costs of $567,000, direct labor hours 45,700, and machine hours 99,400. Compute the predetermined overhead rate for each activity base. a. Overhead rate per direct labor cost. b. Overhead rate per direct labor hour. c. Overhead rate per machine hour.
XYZ Company applies overhead to jobs using direct labor cost as an activity. For the current year, XYZ Company's estimated overhead was $600,000 based on an expected 50,000 direct labor hours to be worked, with direct laborers expected to be paid $6 per hour. For the current year, XYZ's actual overhead costs totaled $620,000 and actual direct labor cost totaled $325,000. For the current year, overhead was: O under-applied by $20,000 O over-applied by $22,000 O under-applied by $30,000 over-applied by $20,000 O under-applied by $22,000 O over-applied by $30,000 none of the above choices are correct
Assume (1) estimated total manufacturing overhead cost = $100,000, (2) estimated total amount of the allocation base = 20,000 direct labor hours, (3) the total direct labor hours actually worked during the period = 22,800, and (4) the total manufacturing overhead actually incurred during the period is $103,000. What is the total amount of underapplied or overapplied overhead for the period? X $11,000 overapplied $11,000 underapplied $13,000 overapplied $13,000 underapplied
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute over- or underapplied overhead. Note: Do not round your intermediate calculations. Manufacturing overhead SEP Next > ST AO

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