Elite Manufacturing established its predetermined overhead rate for jobs produced during 2023 using the following cost predictions: Overhead cost: $400,000 Direct materials cost: $300,000 At year-end 2023, the company's records show that actual overhead costs for the year were $900,000. Determine the predetermined overhead rate for 2023.
Q: In its 2022 annual report, Bargersville Inc. Please answer the general accounting question
A: Calculation of Return on AssetsReturn on Assets = Net Income / Average Total AssetsWhere,Average…
Q: 1. Shyne Incorporated calculates cost for an equivalent unit of production using the…
A: Question 1Step 1: Calculate Equivalent Units of Production (EUP)Under the weighted-average method,…
Q: Please give me answer general accounting question
A: Step 1:The money he needs to have in his account today is equal to the present value of the annual…
Q: Provide answer
A: Step 1:Calculate the average total assets as follows:Average total assets = Average total…
Q: Ans
A: To calculate the price-earnings (P/E) ratio, we need to find the earnings per share (EPS) and the…
Q: What were the liabilities at December 31 on these general accounting question?
A: Explanation: In the given case, we are provided with the balance of assets and stockholders' equity…
Q: Do fast given answer general Accounting question
A: Step 1: Define Financial RatiosIn managerial accounting, financial ratios are important ratios. In…
Q: What is the direct labor efficiency variance?
A: Step 1: Define Direct Labor Efficiency VarianceThe labor efficiency variance measures the difference…
Q: General Accounting Question
A: Step 1: Define Definition of Predetermined Overhead RateThe predetermined overhead rate (POHR) is…
Q: I don't need ai answer accounting question
A: Step 1: Definition of Materials Price VarianceMaterials Price Variance: It measures the difference…
Q: What was the sales price variance for the year on these financial accounting question?
A: Explanation: The formula to calculate the sales price variance is as follows:Sales price variance =…
Q: What is the firm's ROA ?
A: To calculate the Return on Assets (ROA), we use the formula: ROA = Net Income / Total Assets We know…
Q: How can you calculate the contribution margin on these general accounting question?
A: Step 1: Define Degree of Operating Leverage (DOL)Degree of Operating Leverage (DOL) is a financial…
Q: General accounting
A: To determine the correct journal entry for the first semi-annual interest payment, let's break it…
Q: Answer? ? Financial accounting question
A: Step 1: Define Annual Percentage RateThe annual percentage rate showcases the yearly rate at which…
Q: What would be Rally`s share price
A: Step 1: Identify the firm's total equity value (equal to its total assets as an all-equity firm)Step…
Q: Compute the compony gross profit percentage for 2019.
A: Explanation of Gross Profit:Gross profit represents the difference between a company's net sales…
Q: Lawler Clothing sold manufacturing equipment for $20,000. Lawler originally purchased the equipment…
A: Concept of Book ValueBook value refers to the net value of an asset recorded in a company's…
Q: A company has a significant amount of deferred tax assets on its balance sheet. Discuss the…
A: Accounting Treatment for Deferred Tax Assets (DTAs): Recognition:Deferred tax assets arise when…
Q: The beginning inventory of finished goods must have been
A: Explanation of Gross Margin:Gross Margin represents the difference between sales revenue and the…
Q: Please give me answer general accounting question
A: Necessary Journal Entries and Adjustment Entries:1.Borrowed SR 80,000 by signing a note payable of…
Q: General Accounting
A: The gross profit percentage is calculated using the formula: Gross Profit Percentage = (Gross Profit…
Q: In an attempt to locate fuser potential coverage needs, a producer interviews a prospective client…
A: Approach to solving the question:Freeform Detailed explanation: Certain categories of property, such…
Q: What is the net income under absorption costing for this general accounting question?
A: Step 1: Define Variable and Absorption CostingUnder variable costing, fixed manufacturing overhead…
Q: Compute the correct cost of goods sold for 2022.
A: Explanation of Beginning Inventory:Beginning inventory refers to the value of a company's inventory…
Q: What is the primary purpose of the systematic allocation principle ?
A: The systematic allocation principle is a key accounting concept used to match costs with the periods…
Q: Hii expert please given correct answer general Accounting question
A: Step 1: Define Variable Cost per UnitVariable cost per unit measures the change in total cost as…
Q: Calculate the net profit? General accounting
A: Step 1: Define Income StatementAn income statement summarizes a company's revenues, costs, and…
Q: none
A: Step 1: Definition of Realized Gain or LossRealized gain or loss is the difference between the…
Q: Quick answer of this accounting questions
A: We can calculate the required values using the following formulas: Equity Multiplier (EM): Equity…
Q: Calculate the company's price earnings ratio?
A: Step 1: Use the formula for Earnings per Share (EPS)Step 2: Substitute the given values to calculate…
Q: ??!!!
A: Explanation of Net Cash from Operating Activities: Net cash from operating activities, which is…
Q: Comparables?
A: Step 1:Calculate the P/E Ratio for FedExStep 2:Multiply the P/E Ratio (FedEx) by the EPS of UPS to…
Q: The beginning inventory of finishing goods must have been?
A: Explanation of Cost of Goods Manufactured (COGM): This represents the total manufacturing cost of…
Q: Gary receives $51,000 worth of Quantro, Inc., common stock from his late grandmother's estate. Early…
A: The problem requires the determination of the gross income. Gross income refers to the total income…
Q: ??
A: To calculate the balance of the ending work in process inventory, we need to determine the total…
Q: A customer has requested that Astral Manufacturing fill a special order for.... Please answer the…
A: Step 1: Definition of Impact on Net Operating IncomeThe impact on net operating income is calculated…
Q: Sheffield Corp. sells its product for $75 per unit. During 2016, it produced 70,000 units and sold…
A: Absorption costing is a costing method where all manufacturing costs, both variable (e.g., direct…
Q: If the federal government spends 12% of GDP and collects revenues of 10% of GDP, what is the deficit…
A: A deficit occurs when an entity, such as a government, spends more money than it earns or collects…
Q: What is Anderson Technologies' TIE ratio on these financial accounting question?
A: Step 1: Define TIE RatioThe Times Interest Earned (TIE) ratio measures a company's ability to meet…
Q: Gest Inc. has provided the following data for the month of November. The balance in the Finished…
A: Explanation of Adjusted Cost of Goods Sold (COGS):The Adjusted Cost of Goods Sold represents the…
Q: General accounting question
A: Explanation for a: The formula to calculate dividend yield is as follows:Dividend yield = Dividend…
Q: Kindly help me with accounting questions
A: Step 1: Calculation of Total Appraised AssetsLand = $1.8 millionBuildings = $3.6 millionInventory =…
Q: Financial Accounting
A: Step 1: Define Overhead AllocationOverhead is allocated to products or services based on the…
Q: R owns a condominium. The individual unit owners are assessed $10,000 each for an uninsured…
A: Under the HO-06 (Unit-Owners Form), there is a provision called Loss Assessment Coverage, which…
Q: General Accounting
A: To determine how many pounds of direct materials were used to produce August's output, we need to…
Q: Please answer the general accounting question
A: Step 1: Define Actual Direct Materials CostThe actual direct materials cost is the total cost…
Q: Answer? ? General Accounting question
A: To calculate the total cash collected from customers during 2024, we use the following formula: Cash…
Q: 1. Clean Angling Incorporated processes king salmon for various distributors. Two departments are…
A: 1. Total Equivalent Units for Materials (Weighted-Average Method)Given:Beginning WIP Inventory:…
Q: What is the capital turnover for the Rodney Division?
A: Explanation of Sales Revenue: Sales revenue represents the total amount of money generated from…
Financial Accounting Question need help
Step by step
Solved in 2 steps
- Michael Scott Paper Co. uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required.At the beginning of 2020, the company expected to incur the following:Michael Scott Paper Co.Beginning of 2020 Manufacturing overhead costs $1,001,910 Direct labor costs $1,512,800 Number of Machine hours to be used 73,400 At the end of 2020, the company had actually incurred:Michael Scott Paper Co.End of 2020 Direct labor costs $1,219,700 Depreciation on manufacturing plant equipment $596,400 Property taxes on plant $39,600 Sales Salaries $28,400 Delivery drivers wages $25,600 Plant janitor's wages $17,100 Number of Machine hours actually used 65,700 (Round your answers to two decimal places when needed and use rounded answers for all future calculations).1. Compute the predetermined overhead allocation rate. Total estimated overhead cost ? Total estimated quantity of the overhead allocation base =…Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What was the amount of manufacturing overhead applied to Job A-101? $24,000. $44,000. $18,000. $16,000.Strong Company applies overhead based on machine hours. At the beginning of 2018, the company estimated that manufacturing overhead would be OMR 120,000, and machine hours would total 15,000. By 2018 year-end, actual overhead totaled OMR 140,000, and actual machine hours were 20,000. On the basis of this information, the 2018 predetermined overhead rate was:
- Determine whether the manufacturing overhead for 2023 was overallocated of underallocatedCalculate the predetermined overhead rate for 2017, assuming Lott Company estimates total manufacturing overhead costs of $907,200, direct labor costs of $756,000, and direct labor hours of 21,600 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rateSimPle Tech Corporation bases its predetermined overhead rate on the estimatedmachine-hours for the upcoming year.At the beginning of 2020, the Corporation estimated the machine-hours for the upcoming year at 10,000 machine-hours. The estimated variable manufacturing overhead was $6.82 per machine-hour and the estimated total fixed manufacturing overhead was $230,200. The predetermined overhead rate for 2020 is estimated at _____________.A. $29.84 per machine hourB. $23.15 per machine hourC. $23.02 per machine hourD. $6.82 per machine hour Give workings for your answer
- Determine the predetermined overhead rate for the yearDrew Company’s predetermined overhead rate for 2022 is $12.00 per direct labor hour. Drew’s actual overhead costs in July 2022 were $1,250,000, and actual direct labor hours were 100,000. Calculate the amount of any overapplied or underapplied overhead in July. (If underapplied, enter your answer as a negative number by typing a minus “–” sign in front of your answer. Do not include a $ sign.)Need help
- During march 2019....accounting questionsBrandi Manufacturing estimates manufacturing overhead of $3,500,000 for 2024 and will apply overhead to units produced based on 800,000 machine hours. During 2024, Brandi used $1,850,000 of raw materials, paid $5,210,000 in direct labor, generated 790,000 machine hours, and produced 2,500,000 units. Required: Calculate Brandi's predetermined overhead rate and cost per unit of production for 2024.During 2022, Carla Vista Company incurred the following direct labor costs: January $19,200 and February $28,800. Carla Vista uses a predetermined overhead rate of 120% of direct labor cost. Estimated-overhead for the 2 months, respectively, totaled $18,720 and $34,272. Actual overhead for the 2 months, respectively, totaled $24,000 and $32,160. Calculate overhead applied. January February $ Determine if overhead is over- or underapplied for each of the two months and the respective amounts. January $ February I