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. $18,000 5,000 6,000 3,500 Indirect material per hour $1.00 Supervisory salaries Indirect labor per hour 1.20 Maintenance Salarles Maintenance per hour 0.20 Property taxes and Insurance Utilities per hour 0.50 Depreciation Prepare a manufacturing overhead budget using the above overhead Information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Variable Costs Indirect Material Indirect Labor Maintenance Utilities Total Variable Manufacturing Costs Fixed Costs Supervisory Salaries Maintenance Salaries Property Taxes and Insurance Depreciation Total Fixed Manufacturing Costs Total Manufacturing Overhead 1,800 $ 1,900 $ 1,700 $ 2,100 $ 2,160 2,280 2,040 2,520 360 340 900 850 5,220 18,000 $ 5,000 6,000 3,500 32,500 37,720 $ +A 380 950 5,510 $ Quarter 4 4,930 18,000 $ 18,000 $ 5,000 5,000 6,000 6,000 3,500 3,500 32,500 $ 32,500 38,010 $ 37,430 $ 420 1,050 6,090 18,000 $ 5,000 6,000 3,500 32,500 $ 38,590 $ Total 7,500 9,000 1,500 3,750 21,750 72,000 20,000 24,000 14,000 130,000 151,750

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. $18,000 5,000 6,000 3,500 Indirect material per hour $1.00 Supervisory salaries Indirect labor per hour 1.20 Maintenance Salarles Maintenance per hour 0.20 Property taxes and Insurance Utilities per hour 0.50 Depreciation Prepare a manufacturing overhead budget using the above overhead Information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Variable Costs Indirect Material Indirect Labor Maintenance Utilities Total Variable Manufacturing Costs Fixed Costs Supervisory Salaries Maintenance Salaries Property Taxes and Insurance Depreciation Total Fixed Manufacturing Costs Total Manufacturing Overhead 1,800 $ 1,900 $ 1,700 $ 2,100 $ 2,160 2,280 2,040 2,520 360 340 900 850 5,220 18,000 $ 5,000 6,000 3,500 32,500 37,720 $ +A 380 950 5,510 $ Quarter 4 4,930 18,000 $ 18,000 $ 5,000 5,000 6,000 6,000 3,500 3,500 32,500 $ 32,500 38,010 $ 37,430 $ 420 1,050 6,090 18,000 $ 5,000 6,000 3,500 32,500 $ 38,590 $ Total 7,500 9,000 1,500 3,750 21,750 72,000 20,000 24,000 14,000 130,000 151,750

Name: Direct labor hours are estimated as 1,800 In Quarter 1; 1,900 In Quar
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Description: 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.$18,0005,0006,0003,500Indirect material per hour $1.00 Supervisory salariesIndirect labor per hour1.20 Maintenance SalarlesMainten

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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Crane Corporation accumulates the following data relative to jobs started and finished during the month of June 2022 Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor, hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $2.20 11.200 $169,500 15,000 $214,452 Standard $2 10,400 $161,120 15,200 $209,760 41.500 $3.10 $1.50 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $458,000. Selling and administrative expenses were $35,700. Assume that the amount of raw materials purchased equaled the amount used.
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:
Greenway Irrigation Systems uses job order costing and applies manufacturing overhead to individual jobs by using predetermined overhead rates. In the Fabrication Department, overhead is applied on the basis of machine-hours, and in the Installation Department, it is applied on the basis of direct labor hours. At the beginning of the current year, management made the following budget estimates as a step toward determining the overhead application rates. Fabrication Installation Direct labor $ 132,000 $ 300,000 Manufacturing overhead $ 600,000 $ 180,000 Machine-hours 8,000 1,200 Direct labor hours 6,000 15,000 Production of a 5,350 linear-foot irrigation system for Thompson Orchards (job no. 399) was started and completed in March of the current year. Cost records for this job reveal the following information. Fabrication Installation Job no. 399 (5,350 linear-foot system): Cost of materials used on job…
compute the budgeted factory overhead rate (i.e., the $ rate per activity base hour, etc.) for department x
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Island Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $375,000 and budgeted machine hours were 12.500 Actual factory overhead was $387920 and actual machine hours were 13150 Required a Compute the overhead application rate b Compute the amount of overhead applied to production c. Determine the amount of over or underappled overhead
A company budgets $106,800 for overhead and 7,060 direct labor hours for the year. The company's Basic model uses 2 direct labor hours per unit and its Premium model uses 3 direct labor hours per unit. The direct labor rate is $43 per hour. Direct materials cost $13 per unit for the Basic model and $19 per unit for the Premium model. Enter answers in the tabs below. Required Required Required 1 2 3 Compute overhead. cost per unit for each model. Basic Premium Plantwide Direct Labor Overhead Hours per Unit Rate Overhead Cost per Unit