Albuquerque Manufacturing Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Last year, the company worked 57,000 actual direct labor hours and incurred ₱345,000 of actual manufacturing overhead cost. The Company had estimated that it would work 55,000 direct labor hours during the year and incur ₱330,000 of manufacturing overhead cost. The company's manufacturing overhead cost for the year was:

Albuquerque Manufacturing Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Last year, the company worked 57,000 actual direct labor hours and incurred ₱345,000 of actual manufacturing overhead cost. The Company had estimated that it would work 55,000 direct labor hours during the year and incur ₱330,000 of manufacturing overhead cost. The company's manufacturing overhead cost for the year was:

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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Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor - hours. At the beginning of the year, it estimated that 29, 000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $576,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor - hour. Harris's actual manufacturing overhead cost for the year was $695,081 and its actual total direct labor was 29, 500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.)
Yarra Fabrication estimates that its manufacturing overhead will be $2,297,600 in year 1. It further estimates that direct material costs will amount to $1,436,000. Actual manufacturing overhead costs for the year were $2,445,000. Actual direct materials costs were $1,595,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,552,000 The balance in each of the inventory accounts is as follows. Work-in-process inventory $ 475,750 Finished goods inventory $ 1,124,500 Cost of goods sold $ 7,049,750 Required: Prepare an entry to allocate the over- or underapplied overhead.
South West Corporation uses a predetermined overhead rate based on direct labour cost to apply manufacturing overhead to jobs. Last year, the company's estimated manufacturing overhead was $1,200,000 and its estimated level of activity was 50,000 direct labour-hours. The company's direct labour wage rate is $12 per hour. Actual manufacturing overhead amounted to $1,240,000, with actual direct labour cost of $650,0 For the year, manufacturing overhead was: Underapplied or overapplied and by how much?
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $349,700 and direct labor hours would be 40,000. Actual manufacturing overhead costs incurred were $300,400, and actual direct labor hours were 52,900. What is the predetermined overhead rate per direct labor hour?
Harris Fabrics computes Its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 36,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $501,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $677,683 and its actual total direct labor was 36,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
Henke corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor hours for the upcoming year at 69,000 labor hours. The estimated variable manufacturing overhead was $7.30 per labor hour and the estimated total fix manufacturing overhead was $1,380,000. The actual labor hours for the year turned out to be 73,000 labor hours. Compute the company's predetermined overhead rate for the recently completed year
Jackson Company estimated that its manufacturing employees would work 87,000 direct labor hours during the current year. During the year, its manufacturing employees actually worked 71,500 direct labor hours. Actual manufacturing overhead costs amounted to $351,000 Jackson applies overhead cost on the basis of direct labor hours. The manufacturing overhead account was overapplied by $17.225 during the current year. Based on this information the predetermined overhead rate was Mutiple Choice $6.35 per lobor hour $475 per labor hour $524 per labor hour $515 per labor hour
ABC Inc. computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 25,000 direct labor hours would be required for the period's estimated level of production. The company also estimated $520,000 of fixed manufacturing cost for the coming period and variable manufacturing overhead of $4 per direct labor-hour. ABC's actual manufacturing overhead cost for the year was $671,925 and its actual total direct labor was 25,500 hours. Compute the company's plantwidew predetermined overhead rate for the year.
Winston Company estimates that total factory overhead for the following year will be $1,050,300. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 38,900 hours. The total machine hours for the year were 54,200. The actual factory overhead for the year was $1,455,000. a. Determine the total factory overhead applied. Round to the nearest dollar. b. Compute the over- or underapplied factory overhead for the year. c. Journalize the entry to transfer the over- or underapplied factory overhead to Cost of Goods Sold. If an amount box does not require an entry, leave it blank.
Coolidge Company estimates that the factory overhead for the following year will be $196726. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 16142 hours. The machine hours for the month of April for all of the jobs were 11319. If the actual factory overhead for April totaled 332923, determine the over- or underapplied amount for the month. Select one:a. $17700b. $16142c. $137947d. $196726
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 44,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $558,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $773,491 and its actual total direct labor was 44,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.)
The Winchester Company estimates that its overhead costs will amount to $523,600 and the company's manufacturing employees will work 77,000 direct labor hours during the current year. If actual overhead costs for the year amounted to $572,000 and actual labor hours amounted to 82,000, then overhead would be: Multiple Choice underapplied by $14,400. overapplied by $48,400. underapplied by $48,400. overapplied by $14,400.