E23-9B Sophia Company's manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials $13,000 Indirect labor 10,000 Utilities 8,000 Maintenance 6,000 Fixed Costs Supervisory salaries Depreciation Property taxes and insurance Maintenance $36,000 7,000 6,000 5,000 Actual variable costs were: indirect materials $16,000, indirect labor $9,700, utilities $8,700, and maintenance $5,500. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $5,900. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. Instructions (a) Prepare a flexible manufacturing overhead budget report for the first quarter. (b) Prepare a responsibility report for the first quarter.

E23-9B Sophia Company's manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials $13,000 Indirect labor 10,000 Utilities 8,000 Maintenance 6,000 Fixed Costs Supervisory salaries Depreciation Property taxes and insurance Maintenance $36,000 7,000 6,000 5,000 Actual variable costs were: indirect materials $16,000, indirect labor $9,700, utilities $8,700, and maintenance $5,500. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $5,900. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. Instructions (a) Prepare a flexible manufacturing overhead budget report for the first quarter. (b) Prepare a responsibility report for the first quarter.

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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Pinnacle Corp. budgeted $226,430 of overhead cost for the current year. Actual overhead costs for the year were $213,870. Pinnacle's plantwide allocation base, machine hours, was budgeted at 51,960 hours. Actual machine hours were 53,550. A total of 102,150 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is: Oa. $4.12 per machine hour Ob. $4.36 per machine hour Oc. $2.22 per machine hour Od. $2.09 per machine hour
The following describes production activities of Mercer Manufacturing for the year. Actual direct materials used 18,000 lbs. at $4.15 per lb. Actual direct labor used 5,555 hours for a total of $106,656 Actual units produced 30,060 Budgeted standards for each unit produced are 0.50 pound of direct material at $4.10 per pound and 10 minutes of direct labor at $20.20 per hour.AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)(2) Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no…
The following data pertain to the current year:Budgeted manufacturing overhead: OMR 450,000Actual manufacturing overhead: OMR 390,000Budgeted machine hours: 30,000 hrs.Actual machine hours: 33,000 hrs.Overhead applied to production totaled: Select one: a.449,000 b.495,000 c.435,000 d.355,000
-730 i= The master manufacturing overhead budget for the month based on the normal productive capacity of 20,400 direct labour hours (10,200 units) shows total variable costs of $81,600 ($4.00 per labour hour) and total fixed costs of $61,200 ($3.00 per labour hour). Normal production capacity is 20,400 direct hours. Overhead is applied based on direct labour hours. Actual costs for producing 9,970 units in November were as follows: Direct materials (20,500 kg) $108,650 Direct labour (19,940 hours) 228,313 Variable overhead 79,560 Fixed overhead 60,180 Total manufacturing costs $476,703 The purchasing department normally buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
5) Hakan&Ahmet Manufacturing Company uses applied overhead rate for allocating its manufacturing overhead to its products. The following information is estimated for the upcoming year of 2024: BUDGETED COSTS AND ESTIMATED ACTIVITY LEVELS Budgeted MOH Budgeted Direct Materals Cost Budgeted Direct Labor Cost Estimated Direct Labor Hours Estimated Machine Hours AMOUNTS and HOURS $ 720,000 $ 600,000 $ 480,000 72,000 dlh 120,000 mh At the end of the first week of January 2024, the company completed only one job order. Actual costs and actual usage of dlh and mh for this unit were as follows: Job Order Direct Material Cost ($) 100 GRS-34 Direct Labor Direct Labor Cost ($) 150 Hours 15 Machine Hours 30 Q1) Calculate a predetermined manufacturing overhead rate (applied overhead rate) by using each of the cost drivers of "direct materials cost", "direct labor hours", "direct labor costs" and "machine hours". Q2) By using each of these rates, calculate the unit cost of this job order.
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The following information was taken from the annual manufacturing overhead cost budget of Cinnamon Manufacturing Variable manufacturing overhead costs $186.000 Fixed manufacturing overhead costs $124,000 Normal production level in direct labor hours 62.000 Normal production level in units 31,000 During the year, 30,000 units were produced 64,000 hours were worked, and the actual manufacturing overhead costs were $322.000. The actual fixed manufacturing overhead costs did not deviate from the budgeted foxed manufacturing overhead costs Overhead is applied on the basis of direct labor hours Compute the total fixed, and variable predetermined manufacturing overhead rates Item Rate Variable Overhead S Fixed Overhead
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Marigold provided the following information from its accounting records for 2022: Expected production Actual production Budgeted overhead Actual overhead 33200 labour hours 31200 labour hours $1660000 $1610000 How much is the overhead application rate if Marigold bases the rate on direct labour hours? O $51.60 per direct labour hour O $48.49 per direct labour hour O $50.00 per direct labour hour O $53.21 per direct labour hour
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