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Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Activity Usage Assembly Budgeted Cost $575,250 88,500 29,500 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) 13,000 1,500 Product design Electricity Setup Total 11,800 590 73,750 Setups $ 767,000 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 680 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 320 45 60 6 Job 42 680 51 60 Complete this question by entering your answers in the tabs below.

Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Activity Usage Assembly Budgeted Cost $575,250 88,500 29,500 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) 13,000 1,500 Product design Electricity Setup Total 11,800 590 73,750 Setups $ 767,000 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 680 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 320 45 60 6 Job 42 680 51 60 Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
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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Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Activity Usage Budgeted Cost $ 575,250 88,500 29,500 73,750 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) 13,000 1,500 11,800 590 Setups $ 767,000 Activity Assembly Product design Electricity Setup Total Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 680 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 320 45 60 Job 42 680 51 60 8 Check my work Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Activity Usage Budgeted Cost $ 575,250 88,500 29,500 73,750 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) 13,000 1,500 11,800 590 Setups $ 767,000 Activity Assembly Product design Electricity Setup Total Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 680 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 320 45 60 Job 42 680 51 60 8 Check my work Complete this question by entering your answers in the tabs below.
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