Financial Accounting Estimated or budgeted cost and operating data for threecompanies for 2013 are given below:Company X Company Y Company ZUnits to be produced 10,0008,00012,000Machine-hours50,00010,0006,000Direct labour-hours12,00016,00036,000Direct labour cost$48,000$64,000$150,000Factory overhead cost 150,00040,00060,000Calculate the predetermined overhead rate to be used in eachcompany during 2013.

To calculate the predetermined overhead rate for each company, we use the following formula:…

Answered: Estimated or budgeted cost and…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What is the direct materials price variance? $60,000 favorable. $60,000 unfavorable.
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
Selected operating information on three different companies for a recent year is given below Company Full-capacity machine-hours Budgeted machine-hours* Actual machine-hours Standard machine-hours allowed for actual production 38,000 37,000 37,000 27,000 25, 500 26,700 28,000 28, 000 27,000 37,200 24,900 28,000 *Denominator activity for computing the predetermined overhead rate. Requlred: For each company, state whether the volume variance would be favorable or unfavorable. (Indlcate the eflect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero varlance.). Company A Company B Company C
Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA $ 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What was the total quantity of direct materials allowed based on the standards? 45,000. 50,000.
Selected operating information on three different companies for a recent year is given below: Company B Full-capacity machine-hours Budgeted machine-hours* Actual machine-hours" Standard machine-hours allowed for actual Company A Company B Company C A 31,000 30,000 30,000 30,500 production 18,600 "Denominator activity for computing the predetermined overhead rate. F U 20,000 19,000 700 None 21,000 21,000 20,000 Required: For each company, state whether the volume variance would be favorable or unfavorable. (Indicate the effect of each variar selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.)) 21,000
Classify each of the costs in table A into variable and fixed cost?
Selected data for the CJ Manufacturing Company for the year 2021 follow: Budgeted for Year Direct labor hours 260,000 Manufacturing Overhead Fixed P 585,000 Variable 1,092,000 Total P 1,677,000 Actual for Year Direct labor hours 248,300 Manufacturing Overhead Fixed P 578,400 Variable 1,039,940 Total P 1,618,340 Overhead is applied on the basis of direct labor hours. What is the over or under applied overhead for the year? (A) P16,805 under applied B) P15,800 under applied P16,805 over applied P15,800 over applied
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 10,500 $ 237,600 201,600 267,000 $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.5 hour per unit $ 28.50 per direct labor-hour $ 207,480 (53,200 liters) 176,472 (5,160 hours) 272,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variance- Note: Do not round intermediate calculations. Indicate the effect of each veriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
Company had the following information:Budgeted variable factory overhead P66,000Budgeted fixed factory overhead P46,500Actual variable factory overhead P70,500Actual fixed factory overhead P55,500Budgeted cost-driver activity levels:Direct-labor hours 32,000Direct-labor costs P150,000Machine hours 60,000Production setups 15,000Actual cost-driver activity levels:Direct-labor hours 31,500Direct-labor costs P165,600Machine hours 56,190Production setups 14,280The budgeted factory-overhead rate using direct-labor hours as the cost driver is _____. a) P4.00 b) P3.57 c) P3.52 d) P3.81
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