Company applies following available for November: Standard: Direct labor hours (DLH) per unit Variable overhead per DLH Fixed overhead per DLH (based on 8,900 DLH) Actual Units produced Direct labor hours Variable overhead 1,800 8,900 $6,400 5 $0.75 $1.90

Company applies following available for November: Standard: Direct labor hours (DLH) per unit Variable overhead per DLH Fixed overhead per DLH (based on 8,900 DLH) Actual Units produced Direct labor hours Variable overhead 1,800 8,900 $6,400 5 $0.75 $1.90

Name: Selena Company applies overhead based on direct labor hours and has t
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Description: Selena Company applies overhead based on direct labor hours and has thefollowing available for November:Standard:Direct labor hours (DLH) per unitVariable overhead per DLHFixed overhead per DLH (based on 8,900 DLH)ActualUnits producedDirect labor ho

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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Problem 7-50 (Algo) Estimate Direct Labor Costs from Overhead Data (LO 7-2) Kenmore Fabrication estimated that direct labor cost for the year would be $651,200. The company also estimated that fixed overhead would be $488,400 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($488,400) and variable overhead was also incurred as expected. There was $32,100 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost
The following standard cost card is provided for Navid Company's Product A: Direct material (3 lbs. @ $3.00 per lb.) Direct labor (2 hr @ $8.00 per hr.) Variable overhead (2 hr. @ $3.00 per hr.) Fixed overhead (1 hr. @ $3.00 per hr.) $ 9.00 16.00 6.00 3.00 Total standard cost per unit $34.00 The fixed overhead rate is based on total budgeted fixed overhead of $12,000. During the period, the company produced and sold 5,600 units at the following costs: Direct material 12,200 pounds @ $2.50 per pound Direct labor 5,350 hours @ $16.00 per hour Overhead $29,940 The standard manufacturing cost per unit is $34.00. What is the actual manufacturing cost per unit? (Do not round intermediate calculations.)
If estimated annual factory overhead is $980,500; overhead is applied using direct labor hours; estimated annual direct labor hours are 265,000; actual March factory overhead is $88,800; and actual March direct labor hours are 23,500; then overhead is: Multiple Choice $1,450 overapplied. $850 overapplied. $1,450 underapplied. $850 underapplied. $1,850 underapplied.
- ok k int ences w 3 E Overhead information for Cran-Mar Company for October follows: Total factory overhead cost incurred Budgeted fixed factory overhead cost Total standard overhead rate per machine hour (MH) D Standard variable factory overhead rate per MH Standard MHS allowed for the units manufactured here to search Required: 1. What is the standard fixed factory overhead rate per machine hour (MH)? 2. What is the denominator activity level that was used to establish the fixed factory overhead application rate? 3. Two-way analysis (breakdown) of the total factory overhead cost variance: calculate the following factory overhead cost variances for October and indicate whether each variance is favorable (F) or unfavorable (U). a. Total flexible-budget variance. b. Production volume variance. c. Total overhead cost variance. 4. Calculate the production volume variance and indicate whether the variance is favorable (F) or unfavorable (U). Complete this question by entering your answers…
ator=&inpr... 18 R Print Item Calculating Departmental Overhead Rates and Applying Overhead to Production At the beginning of the year, Glaser Company estimated the following: Assembly Testing Department Department Total Overhead $364,000 $371,280 $735,280 Direct labor hours 157,500 118,125 275,625 Machine hours 50,500 54,540 105,040 Glaser uses departmental overhead rates. In the assembly department, overhead is applied on the basis of direct labor hours. In the testing department, overhead is applied on the basis of machine hours. Actual data for the month of March are as follows: Assembly Testing Department Department Total Overhead $43,680 $44,554 $88,234 Direct labor hours 18,900 14,175 33,075 Machine hours 6,060 6,545 12,605 Required: 1. Calculate the predetermined overhead rates for the assembly and testing departments. Round your answers to the nearest cent. Assembly department overhead rate per direct labor hour Testing department overhead rate per machine hour Check My Work 4…
Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,100 yards) Direct labor Variable manufacturing overhead Total $36,360 $ 7,070 $ 3,030 During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $18.00 3.50 Total $ 46,980 $ 9,990 $ 4,590 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 1.50 $23.00 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production. Per Set of Covers $ 17.40 3.70 1.70 $22.80 Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency…
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Standard Hours Standard Rate Standard Cost Fixed manufacturing overhead 2 hours $ 6.00 per hour $ 12.00 During the most recent period, the following additional information was available: The total actual fixed overhead cost was $275,000. The budgeted amount of fixed overhead cost was $285,000. 46,000 direct labor-hours were actually used to produce 24,190 units. How much fixed overhead was applied to work in process? Multiple Choice $289,280 $286,280 $290,280 $288,280
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iven a predetermined overhead rate of $1.60 per direct labor hour, a capacity of 50,000 hours and 42,000 actual hours, the cost of unused capacity is
Urban Company reports the following information regarding its production cost: Units produced Direct labor Direct materials Variable overhead Fixed overhead Compute product cost per unit under variable costing. Multiple Choice O $24.00 $47.46 $54.00 26,000 units $ 19 per unit $ 24 per unit $ 11 per unit $ 116,000 in total $19.00
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