**Problem Statement:**Assume (1) estimated fixed manufacturing overhead for the coming period of $200,000, (2) estimated variable manufacturing overhead of $2.00 per direct labor hour, (3) actual manufacturing overhead for the period of $320,000, (4) actual direct labor-hours worked of 54,000 hours, and (5) estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to:**Multiple Choice Options:**- ○ $325,926.- ○ $304,560.- ○ $315,844.- ○ $310,000.

Predetermined overhead rate = Fixed overhead rate + Variable overhead rate = ($200,000 / 55,000…

Answered: Assume (1) estimated fixed…

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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The Thomlin Company forecasts that total overhead for the current year will be $11,132,000 with 166,000 total machine hours. Year to date, the actual overhead is $7,549,000 and the actual machine hours are 80,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is Round the factory overhead rate to the nearest dollar before multiplying by the number of hours. a.$3,064,600 underapplied b.$2,189,000 overapplied c.$3,064,600 overapplied d.$2,189,000 underapplied
A company estimated the manufacturing overhead costs for 2018 at $420,000. The total estimated direct labor hours are 15,000 hours, and the estimated machine hours to be worked are 6,000 hours. The actual labor hours were 16,500 hours and the overheads account had the debit balance of $450,000. Compute the over or under allocated manufacturing overheads for 2018? a. $12,000 under-allocated b. $12,000 over-allocated c. $68,182 over-allocated d. $68,182 under-allocated
The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $765,700, and total direct labor costs would be $589,000. During May, the actual direct labor cost totaled $51,000, and factory overhead cost incurred totaled $68,950. A)What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. b) Journalize the entry to apply factory overhead to production for May. Work in Process-Blending Department Factory Overhead-Blending Department C) What is the May 31 balance of the account Factory Overhead—Blending Department? Amount:
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k A ances 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 28,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $525,000 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 $668,325 and its actual total direct labor was 28,500 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
Assume the following: 1. Estimated fixed manufacturing overhead for the coming period of $220,000 2. Estimated variable manufacturing overhead of $2.00 per direct labor hour 3. Actual manufacturing overhead for the period of $320,000 4. Actual direct labor-hours worked of 54,000 hours 5. Estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Note: Round your intermediate value of "Predetermined overhead rate" to two decimal places. Multiple Choice $325,926. $324,000. $336,004.
A company estimates its manufacturing overhead will be $525,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? When required, round your answers to nearest cent. A. Budgeted direct labor hours: 42,000 per direct labor hour B. Budgeted direct labor expense: $1,050,000 per direct labor dollar C. Estimated machine hours: 70,000 per machine hour
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