Direct labor cost Factory overhead Direct labor hours Machine hours Dept. A $ 69,000 $115,920 Dept. B $49,000 $54,855 6,900 2,900 9,900 15,900 of the year, the company made the following What predetermined overhead rate would be used in Department A and Department B, respectively? Multiple Choice 168% and 345%. 168% and $3.45. ) $1.68 and 345%. $1.68 and $3.45.

Direct labor cost Factory overhead Direct labor hours Machine hours Dept. A $ 69,000 $115,920 Dept. B $49,000 $54,855 6,900 2,900 9,900 15,900 of the year, the company made the following What predetermined overhead rate would be used in Department A and Department B, respectively? Multiple Choice 168% and 345%. 168% and $3.45. ) $1.68 and 345%. $1.68 and $3.45.

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Description: Direct labor costFactory overheadDirect labor hoursMachine hoursDept. A$ 69,000$115,920Dept. B$49,000$54,8556,9002,9009,90015,900of the year, the company made the followingWhat predetermined overhead rate would be used in Department A and Department

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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QUESTION 7 Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following information was estimated at the beginning of the year: Estimated Manufacturing Overhead $83,000 Estimated Machine Hours 13,000 Actual overhead totaled $72,000. During the year, the company produced 8,500 units of product using 14,000 machine hours and 60,000 direct labor hours. How much manufacturing overhead was allcoated to the product during the year? Round your answer to whole dollars.
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…
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses Sales a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $ 2,600,000 Cost of goods sold Gross profit 1,800,000 $1,218,000 522,000 87,000 130,500 1,957,500 $ 800,000 $60,000 25,000 85,000
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ob Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $332,500, and budgeted direct labor hours were 19,000. The average wage rate for direct labor is expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $22,700 $33,700 $18,600 $1,300 Materials requisitioned 20,500 20,200 13,800 15,700 Direct labor cost 11,600 17,300 8,450 6,600 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods…
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 $645,600. The company also estimated that fixed overhead would be $484,200 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 ($484,200) and variable overhead was also Incurred as expected. There was $31,050 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost
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