Bonita Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Actual Standard Raw materials unit cost $2.20 $2 Raw materials units 11,300 10,900 Direct labor payroll $166,500 $159,600 Direct labor hours 15,000 15,200 Manufacturing overhead incurred $210,420 Manufacturing overhead applied $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $473,000. Selling and administrative expenses were $44,400. Assume that the amount of raw materials purchased equaled the amount used.

Bonita Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Actual Standard Raw materials unit cost $2.20 $2 Raw materials units 11,300 10,900 Direct labor payroll $166,500 $159,600 Direct labor hours 15,000 15,200 Manufacturing overhead incurred $210,420 Manufacturing overhead applied $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $473,000. Selling and administrative expenses were $44,400. Assume that the amount of raw materials purchased equaled the amount used.

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Description: Bonita Corporation accumulates the following data relative to jobs started and finished during the month of June 2022.Costs and Production DataActualStandardRaw materials unit cost$2.20$2Raw materials units11,30010,900Direct labor payroll$166,500$15

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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Jackson Inc. listed the following data for 2019: Budgeted factory overhead $1,155,000 Budgeted direct labor hours 70,000 Budgeted machine hours 42,000 Actual factory overhead 1,100,900 Actual direct labor hours 87,500 Actual machine hours 40,600 Assuming Jackson Inc. applied overhead based on direct labor hours, the firm's predetermined overhead rate for 2019 is (round calculations to 2 significant digits): Multiple Choice $15.34 per direct labor hour. $13.05 per direct labor hour. $16.39 per direct labor hour. $16.50 per direct labor hour. $17.02 per direct labor hour.
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