General accounting question Atlas Manufacturing estimates manufacturing overhead of$2,400,000 for 2024 and plans to apply overhead basedon 500,000 machine hours. During 2024, Atlas used:•Raw materials: $1,200,000•Direct labor: $3,600,000Actual machine hours: 495,000.Units produced: 1,500,000

Step 1: Predetermined overhead rate Predetermined overhead rate = Estimated manufacturing…

Answered: Atlas Manufacturing estimates…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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Patterson Corporation expects to incur 70,000 of factory overhead and 60,000 of general and administrative costs next year. Direct labor costs at 5 per hour are expected to total 50,000. If factory overhead is to be applied per direct labor hour, how much overhead will be applied to a job incurring 20 hours of direct labor? a. 120 b. 260 c. 28 d. 140
Green Bay Cheese Company estimates its overhead to be $375,000. It expects to have 125,000 direct labor hours costing $1,500,000 in labor and utilizing 15,000 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
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A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
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Bramble Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead . . Actual results for 2022 are as follows: . BRAMBLECOMPANY Standard Cost Card . Standard Quantity 4 pounds 3 hours 3 hours O = Standard Price X $3 8 The company expected to produce 32,500 units of Product A in 2022 using 97,500 direct labor hours. C 4 C Standard Cost $12 24 - 12 $48 33,510 units of Product A were produced. Actual direct labor costs were $807,700 for 98.500 direct labor hours worked. Actual direct materials purchased and used during the year cost $380.875 for 138,500 pounds. Actual variable overhead incurred was $169.000 and actual fixed overhead incurred was $221.000 Compute the following variances showing all computations to support your answers. Indicate whether the variances are favor unfavorable.
Assume you made the following two predictions for 2022 for one of your production facilities: Total manufacturing overhead for the year $15,000,000Total direct labor hours for the year 800,000 Actual results for July 2022 were as follows: Manufacturing overhead $1,238,500Direct labor hours 98,500 Calculate the predetermine overhead rate per direct labor hour for 2022.
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Anderson Manufacturing estimates direct labor costs and manufacturing overhead costs for the upcoming year to be $850,000 and $600,000, respectively. Anderson allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are 19,000 hours and 7,500 hours, respectively. What is the predetermined overhead allocation rate? (Round your answer to the nearest cent.)
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Atlas Manufacturing estimates manufacturing overhead of $2,400,000 for 2024 and plans to apply overhead based on 500,000 machine hours. During 2024, Atlas used: • Raw materials: $1,200,000 • Direct labor: $3,600,000 Actual machine hours: 495,000 . Units produced: 1,500,000