Determine the predetermined overhead rate for 2023 on these general accounting question Elite Manufacturing established its predetermined overheadrate for jobs produced during 2023 using the following costpredictions: Overhead cost: $400,000 Direct materials cost:$300,000 At year-end 2023, the company's records show thatactual overhead costs for the year were $900,000. Determinethe predetermined overhead rate for 2023.

Step 1: Analysis of the information givenEstimated overhead cost = $400,000Estimated direct…

Answered: Elite Manufacturing established its…

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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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:
Calculate 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 rate
SimPle 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
Drew 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.)
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During march 2019....accounting questions
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
Swifty Corporation provide the information from its accounting records for 2019: Expected production 80000 labor hours, Actual production 76000 labor hours, Budgeted overhead 1500000, Actual overhead 1440000. How much is the overhead application rate if Swifty Corporation bases it on direct labor hours?
Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the beginning of 2023, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor hours at 7,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # 222. Job stats are as follows: Direct Materials $173,250 Direct Labour Cost $240,000 Direct Labour Hours 500 hours Special Design Cost $8,750 Distribution quote from haulage company $21,700 Units of product produced 400 cartons Compute Miguel’s Manufacturing Company predetermined manufacturing overhead rate for 2023.
In december. ...accounting question

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