Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year. Budgeted Actual Overhead cost $1,122,000 $1,092,000 Machine hours 56,200 48,700 Direct labor hours 102,000 98,000 1. Compute the predetermined overhead rate. 2. Determine the amount of overhead applied for the year.
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- Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year.Overhead cost Machine hours Direct labor hoursBudgeted$975,000 50,000 100,000Actual$950,000 45,000 92,000Overhead is applied on the basis of direct labor hours. (a) Compute the predetermined overhead rate. (b) Determine the amount of overhead applied for the year.Can you please solve this accounting question?A company has identified the following overhead costs and cost drivers for the coming year. Overhead item Cost driver Budgeted Activity Budgeted Overhead Machine set – up Number of sets – up 200 P 20,000 Inspection Number of inspections 6,500 P130,000 Material handling Number of materials moves 8,000 P 80,000 Engineering Number of engineering hours 1,000 P 50,000 Total P 280,000 The following information was collected on three jobs that were completed during the year: Job 101 Job 102 Job 103 Direct materials P 5,000…
- Need help with this accounting questionsyear, Kralik Kralik's Ice Cream Shop allocates overhead based on machine hours. At the beginning of the estimated $18,000 of overhead costs and 5,500 machine hours would be used. During the year, $16,050 of overhead was incurred and 7,000 machine hours were used. What was the predetermined overhead rate? (Round answer to the nearest cent.) $2.57 per direct labor hour. $2.29 per direct labor hour. $2.92 per direct labor hour. $3.27 per direct labor hour.Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, the company must forecast its total overhead cost. The actual machine hours and total overhead cost are presented below for the past six months. Total Machine Month Overhead Hours Jan. $6, 288 1,980 Feb. 6,460 2,090 Mar. 5,987 1,745 Apr. 5,559 1,560 Мay 6,032 1,865 June 6,341 2,012 Using the high-low method, total monthly fixed overhead cost is calculated to be:
- A company estimates its manufacturing overhead will be $630,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? When required, round your answers to nearest cent. A. Budgeted direct labor hours: 72,000 $______ per direct labor hour B. Budgeted direct labor expense: $1,800,000 $_____ per direct labor dollar C. Estimated machine hours: 120,000 $_____ per machine hourFlagler Company allocates overhead based on machine hours. It estimated overhead costs for the year to be $420,000. Estimated machine hours were 50,000. Actual hours and costs for the year were 46,000 machine hours and $380,000 of overhead. (a) Calculate the overhead application rate for the year.(b) What is the amount of applied overhead for the year?(c) What is the amount of under or overapplied overhead for the year? Indicate whether it is over or underapplied.Archangel Manufacturing calculated a predetermined overhead allocation rate at the beginning of the year based on direct labor costs. The production details for the year are given below: Total manufacturing overhead costs estimated at the beginning of the year Total direct labor costs estimated at the beginning of the year Total direct labor hours estimated at the beginning of the year Actual manufacturing overhead costs for the year Actual direct labor costs for the year Actual direct labor hours for the year 11,000 di 10,000 di Calculate the manufacturing overhead allocation rate for the year based on the above data (Round your final answer to two decimal places.) A. 28.00% B. 11.43% OC. 43.75% OD. 264.29%
- A manufacturing company estimates it will incur $240,000 of overhead costs in the next year. The company allocates overhead using machine hours, and estimates it will use 1,600 machine hours in the next year. During the month of June, the company used 80 machine hours on Job 1 and 70 machine hours on Job 2. 1. Compute the predetermined overhead rate to be used to apply overhead during the year. Predetermined Overhead Rate Estimated Overhead Costs Estimated Activity Base 2. Determine how much overhead should be applied to Job 1 and to Job 2 for June. OH Applied x Predetermined OH rate Machine Hours Used 80 hours 70 hours 150 hours Job 1 Job 2 Total 3. Prepare the journal entry to record overhead applied for June. General Journal Work in Process Inventory Factory Overhead Debit Credit Learning Objective P3: Describe and record the flow of overhead costs in job order costingKindly help me Accounting questionThe following information is provided for the year: Actual overhead $225,000 Actual machine hours worked 25,000 Budgeted machine hours 20,000 Applied overhead $200,000 The budgeted overhead used to calculate the predetermined rate must have been