During the year, 3,600 units were produced, 14,500 hours were worked, and the actual manufacturing overhead was $49,000. Actualfixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on directlabour hours.(a)Calculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g.15.25.)Variable manufacturing overhead$Fixed manufacturing overhead$Total manufacturing overhead$Rate2.25

Given information:- Actual manufacturing overhead: $49,000- Direct labor hours worked: 14,500- Total…

Answered: During the year, 3,600 units were…

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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Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Compute over- or underapplied overhead. Note: Do not round your intermediate calculations. Manufacturing overhead 89 Req 2B SEP 17 Req 1 Next > NT A O P
Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) estimated machine-hours to be worked during the period of 54,500 hours, (3) manufacturing overhead applied to production during the period of $432,000, and (4) estimated fixed manufacturing overhead of $330,000 per period. The estimated total manufacturing overhead cost for the period is closest to: Multiple Choice 19:14 $436,000. $430,000. $428.037. $434,037.
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Assume (1) estimated fixed manufacturing overhead for the coming period of $211,000, (2) estimated variable manufacturing overhead of $2.00 per direct labor hour, (3) actual manufacturing overhead for the period of $320,000, (4) actual direct labor-hours worked of 54,000 hours, and (5) estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to which of the following? Round intermediate calculations to two decimal places. Multiple Choice $325,926. $327,044. $321,000. $315,360. MacBook Air ... ...
k A ances Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 28,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $525,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $668,325 and its actual total direct labor was 28,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
Assume the following: 1. Estimated fixed manufacturing overhead for the coming period of $220,000 2. Estimated variable manufacturing overhead of $2.00 per direct labor hour 3. Actual manufacturing overhead for the period of $320,000 4. Actual direct labor-hours worked of 54,000 hours 5. Estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Note: Round your intermediate value of "Predetermined overhead rate" to two decimal places. Multiple Choice $325,926. $324,000. $336,004.
Company has gathered the following information: Variable manufacturing overhead costs $12,240 Fixed manufacturing overhead costs $9,270 Normal production level in labour hours 9,000 Standard labour hours 9,500 During the year, 3,230 units were produced, 10,600 hours were worked, and the actual manufacturing overhead was $20,200. Actual fixed overhead totalled $9,290. Bonita applies overhead based on direct labour hours. (a) Calculate the total, fixed, and variable predetermined overhead rates. (Round calculations and final answer to 2 decimal places, e.g. 15.25.) Fixed predetermined ovehead rate $ per DL hour Variable predetermined ovehead rate $ per DL hour Total predetermined ovehead rate $ per DL hour
Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Estimated machine-hours 72,500 Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead $ 3.20 per machine-hour $838,700 The predetermined overhead rate for the recently completed year was closest to:
1.
A company estimates its manufacturing overhead will be $525,000 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: 42,000 per direct labor hour B. Budgeted direct labor expense: $1,050,000 per direct labor dollar C. Estimated machine hours: 70,000 per machine hour
Crosshill Company's total overhead costs at various levels of activity are presented below: Month April May June July Machine-Hours 70,000 60,000 80,000 90,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows: Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) Total overhead cost Total Overhead Cost $200,200 $177,300 $223,100 $246,000 $ 48,000 21,000 108,300 $177,300 The company wants to break down the maintenance cost into its variable and fixed cost elements. Maintenance cost in July Required: 1. Estimate how much of the $246,000 of overhead cost in July was maintenance cost. (Hint: To do this, first betermine how much of the $246,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range.) (Round the "Variable cost per unit" to 2 decimal places.)
Crosshill Company's total overhead costs at various levels of activity are presented below: Month Machine- Hours Total Overhead Cost April 70,000 $ 202,200 May 60,000 $ 180,300 June 80,000 $ 224,100 July 90,000 $ 246,000 Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows: Utilities (variable) $ 52,200 Supervisory salaries (fixed) 21,000 Maintenance (mixed) 107,100 Total overhead cost $ 180,300 The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $246,000 of overhead cost in July was maintenance cost. (Hint: To do this, first determine how much of the $246,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range.) (Round the "Variable cost per unit" to 2 decimal places.) 2. Using the high-low…

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