Charm Corp. uses machine hours to determine its factory overhead rate The following information is available for the year 2030: Budgeted Factory Overhead Actual Factory Overhead Applied Factory Overhead Estimated Machine Hours P761,600 P759,360 P770,000 952,000 hrs What was the total actual machine hours worked for the year? a. 618,240 c. 949,200 050

Charm Corp. uses machine hours to determine its factory overhead rate The following information is available for the year 2030: Budgeted Factory Overhead Actual Factory Overhead Applied Factory Overhead Estimated Machine Hours P761,600 P759,360 P770,000 952,000 hrs What was the total actual machine hours worked for the year? a. 618,240 c. 949,200 050

Name: 53.Charm Corp. uses machine hours to determine its factory overhead r
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Description: 53.Charm Corp. uses machine hours to determine its factory overhead rate.The following information is available for the year 2030:Budgeted Factory OverheadActual Factory OverheadApplied Factory OverheadEstimated Machine HoursP761,600P759,360P770,000

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 following information has been extracted from the cost information system of Kevian manufacturers ltd for the last 12 weeks in the year ended 31st December 2020 Week Machine Hours Direct Labour Hours Production department Overhead Cost 1 68 30 1,190,000 2 88 35 1,211,000 3 62 36 1,004,000 4 72 20 917,000 5 60 47 770,000 6 96 68 1,456,000 7 78 44 1,180,000 8 46 38 710,000 9 72 68 1,316,000 10 94 30 1,032,000 11 68 29 752,000 12 48 38 963,000 Required: 1. Using the high-low cost estimation method develop a cost estimation function for Production department Overhead Cost using the Machine hours as the activity level. 2. Using the high-low cost estimation method develop a cost estimation function for Production department Overhead Cost using the Direct hours as the activity level. 3. The actual Production Department Overhead Cost in week 12 from…
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
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P11.2 (LO 2, 3, 4), AP Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Instructions Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Actual $2.25 10,600 $120,960 14,400 $189,500 Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Standard $2.10 10,000 $120,000 15,000 $193,500 42,500 $55,250 $3.00 $1.30 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 $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. a. Compute all of the variances for (1) direct materials and (2) direct labor. LQV $4,800 F b. Compute…
The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
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H13.
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