**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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Assume (1) estimated direct labor hours used to calculate the predetermined overhead rate = 19,950, (2) the manufacturing overhead applied to production = $105,000, and (3) the total direct labor hours actually worked during the period = 21,000.What is the estimated total manufacturing overhead cost for the period?
Longobardi 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 Corporation estimated the labor-hours for the upcoming year at 49,200 labor-hours. The estimated variable manufacturing overhead was $6.38 per labor-hour and the estimated total fixed manufacturing overhead was $1,383,504. The actual labor-hours for the year turned out to be 46,400 labor-hours. The predetermined overhead rate for the recently completed year was closest to:
If estimated annual factory overhead is $768,000; overhead is applied using direct labor hours; estimated annual direct labor hours are 240,000; actual March factory overhead is $68,800; and actual March direct labor hours are 21,000; then overhead is:
27) Metalica Company applies overhead based on machine hours. At the beginning of 20x1, the company estimated that manufacturing overhead would be $500,000, and machine hours would total 20,000. By 20xl year-end, actual overhead totaled $525,000, and actual machine hours were 25,000. On the basis of this information, the 20x1 predetermined overhead rate was: A) S20 per machine hour. B) S0.05 per machine hour. O $0.04 per machine hour. D) $25 per machine hour. E) $21 per machine hour.
please explain in steps
Brothern Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below: Estimates made at the beginning of the year: Estimated machine-hours 34,200 Estimated variable manufacturing overhead $ 5.47 per machine-hour Estimated total fixed manufacturing overhead $ 769,842 Actual machine-hours for the year 30,600 The predetermined overhead rate for the recently completed year was closest to: Multiple
Thomlin Company forecasts that total factory overhead for the current year will be $11,808,000 with 164,000 total machine hours. Year to date, the actual overhead is $7,507,500, and the actual machine hours are 97,500 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is O a. $487,500 underapplied O b. $332,500 overapplied Oc. $487,500 overapplied O d. $332,500 underapplied
For the current year BSJ Industries estimated overhead would be $2,145,000 and there would be 78,000 machine hours. Using machines hours as the allocation base, how much overhead would be assigned to each of the jobs listed below? (Do not round intermediate calculations.) Job Machine Hours 246 6,700 247 4,750
Kingsley Products estimated that direct labor for the year would be 64,320 hours. The company also estimated that the fixed overhead cost for the year would be $160,800. They further estimated the variable overhead cost to be $4.00 per direct labor-hour. All overhead at Kingsley Products is applied on the basis of direct labor-hours. During the year, fixed overhead costs were exactly as planned ($160,800). Variable overhead was incurred at $4.50 per direct labor-hour. Underapplied overhead for the year was calculated as $18,600.

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