Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Assembly Budgeted Cost $575,250 88,500 29,500 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Product design Budgeted Activity Usage 13,000 1,500 11,800 590 Electricity 73,750 Setups $ 767,000 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.

Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Assembly Budgeted Cost $575,250 88,500 29,500 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Product design Budgeted Activity Usage 13,000 1,500 11,800 590 Electricity 73,750 Setups $ 767,000 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.

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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