Consider the following information:Budgeted overheadActual overhead$250,000$240,000Budgeted machine hours8,000Actual machine hours7,800Net income before overhead adjustment $75,000Compute the ADJUSTED Net Income

Name: Consider the following information:Budgeted overheadActual overhead$2
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Description: Consider the following information:Budgeted overheadActual overhead$250,000$240,000Budgeted machine hours8,000Actual machine hours7,800Net income before overhead adjustment $75,000Compute the ADJUSTED Net Income

Adjusted net income is equal to the net income after making necessary adjustments such as over or…

Business

Accounting

Consider the following information: Budgeted overhead Actual overhead $ 250,000 240,000 Budgeted machine hours Actual machine hours Net income before overhead adjustment | $ 8,000 7,800 75,000 Compute the ADJUSTED Net Income

Consider the following information: Budgeted overhead Actual overhead $ 250,000 240,000 Budgeted machine hours Actual machine hours Net income before overhead adjustment | $ 8,000 7,800 75,000 Compute the ADJUSTED Net Income

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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Direct labor hours are estimated as 1,800 in Quarter 1; 1,900 in Quarter 2; 1,700 in Quarter 3; and 2,100 in Quarter 4. Indirect material per hour $1.00 Supervisory salaries $18,000 Indirect labor per hour 1.20 Maintenance Salaries 5,000 Maintenance per hour 0.20 Property taxes and insurance 6,000 Utilities per hour 0.50 Depreciation 3,500 Prepare a manufacturing overhead budget using the above overhead information. blankManufacturing Overhead BudgetFor the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Variable Costs $- Select - $- Select - $- Select - $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Total Variable Manufacturing Costs $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 $fill in the blank 29 Fixed Costs…
The following information was gathered for the Milestone Company for the year: Budgeted overhead cost $300,000 Actual overhead cost $295,000 Budgeted activity 30,000 machine hours Actual activity 28,000 machine hours The overhead application rate is a.$9.83 b.none of these c.$10.54 d.$10.71 e.$10.00
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step in overhead planning and control. After much effort and analysis, you estimated the following cost formulas and gathered the following actual cost data for March: Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,100 + $0.15 per machine-hour $38,100 + $1.60 per machine-hour $0.50 per machine-hour $94,500 + $2.10 per machine-hour $67,700 Actual Cost in March $ 20,450 $ 59,100 $ 8,300 $ 131,100 $ 69,400 During March, the company worked 15,000 machine-hours and produced 9,000 units. The company originally planned to work 17,000 machine-hours during March. Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the spending variances for March. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…
BUDGETED DATA: Budgeted machine hours 60,000 machine hours Budgeted direct labor hours 400,000 direct labor hours Budgeted direct labor costs $6,000,000 Budgeted manufacturing overhead costs $10,000,000 Company allocates manufacturing overhead using direct labor hours used ACTUAL DATA: Actual manufacturing overhead costs incurred $9,700,000 Actual machine hours used 62,000 machine hrs used Actual direct labor hours used 380,000 actual DL hours used 1. Calculate budgeted (applied) manufacturing overhead rate per direct labor hour 2. Calculate applied (allocated) manufacturing overhead:
Total Cost FormulaDavis Company has analyzed its overhead costs and derived a general formula for their behavior: $55,000 + $14 per direct labor hour employed. The company expects to use 50,000 direct labor hours during the next accounting period. What overhead rate per direct labor hour should be applied to jobs worked during the period? Round answer to two decimal places. Overhead rate per direct labor hour $_________
Estimated overhead to be $ 500000 , Direct labor hours are 50000 , Machine hours are to be 25000 , overhead applied based on Direct labor What is the predtermined overhead rate?
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