Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, itestimated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company alsoestimated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm'sactual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours.Required:1. Compute the predetermined overhead rate.2. During the year, Tech Solutions started and completed the Kavier Company engagement. The following information was availablewith respect to this job:Direct materialsDirect labor costDirect labor-hours workedCompute the total job cost for the Xavier Company engagement.Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 2Compute the total job cost for the Xavier Company engagement. (Round your intermediate calculations to 2 decimal places.)Direct materialsDirect labor$ 41,700$ 28,800390Overhead appliedTotal manufacturing cost$ Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, itestimated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company alsoestimated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm'sactual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours.Required:1. Compute the predetermined overhead rate.2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was availablewith respect to this job:Direct materialsDirect labor costDirect labor-hours workedCompute the total job cost for the Xavier Company engagement.$ 41,700$ 28,800390Complete this question by entering your answers in the tabs below.Required Required 2Compute the predetermined overhead rate. (Round your answer to 2 decimal places.)Predetermined overhead rateper DLH

The predetermined overhead rate is calculated as follows: Predetermined overhead rate = Estimated…

ch Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it timated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company also timated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's tual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours. equired: Compute the predetermined overhead rate. During the year, Tech Solutions started and completed the Kavier Company engagement. The following information was available ith respect to this job: Direct materials Direct labor cost Direct labor-hours worked ompute the total job cost for the Xavier Company engagement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 $ 41,700 $ 28,800 390 Required 2 Compute the total job cost for the Xavier Company engagement. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Overhead applied

ch Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it timated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company also timated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's tual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours. equired: Compute the predetermined overhead rate. During the year, Tech Solutions started and completed the Kavier Company engagement. The following information was available ith respect to this job: Direct materials Direct labor cost Direct labor-hours worked ompute the total job cost for the Xavier Company engagement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 $ 41,700 $ 28,800 390 Required 2 Compute the total job cost for the Xavier Company engagement. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Overhead applied

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 43,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $537,000 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 $702,019 and its actual total direct labor was 43,500 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
Cullumber Company estimates that annual manufacturing overhead costs will be $768,000. Estimated annual operating activity bases are: direct labor cost $588,800, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $769,280 and the actual direct labor cost for the year was $583,680. Actual direct labor hours totaled 39,800 and machine hours totaled 79,000. Cullumber applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over- or underapplied and the amount. (Round predetermined overhead rate to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 1,525.) Predetermined overhead rate $ Manufacturing overhead applied $ $ per direct labor hour
Strong Company applies overhead based on machine hours. At the beginning of 2018, the company estimated that manufacturing overhead would be OMR 120,000, and machine hours would total 15,000. By 2018 year-end, actual overhead totaled OMR 140,000, and actual machine hours were 20,000. On the basis of this information, the 2018 predetermined overhead rate was:
Benson Corporation expects to incur indirect overhead costs of $98,000 per month and direct manufacturing costs of $13 per unit. The expected production activity for the first four months of the year are as follows. Estimated production in units January 5,300 Required a. Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Required A Required B b. Allocate overhead costs to each month using the overhead rate computed in Requirement a. c. Calculate the total cost per unit for each month using the overhead allocated in Requirement b. Complete this question by entering your answers in the tabs below. Required C February March 8,500 4,600 April 6,100 per unit Calculate a predetermined overhead rate based on the number of units of product expected to be made during the first four months of the year. Predetermined overhead rate
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 20,000 direct labor-hours would be required for the period’s estimated level of production. The company also estimated $94,000 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 $123,900 and its actual total direct labor was 21,000 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. Note: Round your answer to 2 decimal places.
Cavy Company estimates that the factory overhead for the following year will be $2,829,000. The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 34,500 hours. There are 4,690 machine hours for all of the jobs in the month of April. What amount will be applied to all of the jobs for the month of April?
Pocono Cement Forms expects $700,000 in overhead during the next year. It does not know whether it should apply overhead on the basis of its anticipated direct labor hours of 50,000 or its expected machine hours of 25,000. Determine the product cost under each predetermined allocation rate if the last job incurred $1,560 in direct material cost, 102 direct labor hours, and 85 machine hours. Wages are paid at $15 per hour. Labor Hours Machine Hours Cost of the job $ $
As the lead accountant, describe the accounting and reporting for bonds payable and explain the use of the times interest earned ratio. Respond to the discussion with a maximum of 200 words and reply to two classmates with more than 100 words.
Kingsley Products estimated that direct labor for the year would be 64,000 hours. The company also estimated that the fixed overhead cost for the year would be $160,000. 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 ($160,000). Variable overhead was incurred at $4.50 per direct labor-hour. Underapplied overhead for the year was calculated as $18,000. Required: How many direct labor-hours were worked during the period?
Adams Corporation estimated its overhead costs would be $23,000 per month except for January when it pays the $179,400 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $202,400 ($179,400 + $23,000). The company expected to use 7,700 direct labor hours per month except during July, August, and September when the company expected 9,900 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company's actual direct labor hours were the same as the estimated hours. The company made 3,850 units of product in each month except July, August, and September, in which it produced 4,950 units each month. Direct labor costs were $23.80 per unit, and direct materials costs were $11.50 per unit. Required a. Calculate a predetermined overhead rate based on direct labor hours. b. Determine the total allocated overhead cost for January, March, and August. c. Determine…
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A company estimates its manufacturing overhead will be $630,000 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: 72,000 $______ per direct labor hour B. Budgeted direct labor expense: $1,800,000 $_____ per direct labor dollar C. Estimated machine hours: 120,000 $_____ per machine hour