Hey expert need help these general accounting question 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.

When calculating predetermined overhead rates, companies can choose different bases for allocation…

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.
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.
Below is the selected information for a company for last year: Budgeted fixed manufacturing overhead cost Denominator activity (machine-hours) Standard machine-hours allowed per unit Actual number of units produced Underapplied fixed manufacturing overhead $270,000 45,000 3 14,000 $15,200 Actual fixed cost for last year was: 236,800 O 267,200 254,800 285,200
Classify each of the costs in table A into variable and fixed cost?
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.
Costing information for Emily Elephant Limited is as follows:Direct material cost per unitDirect labour cost per unitVariable manufacturing overhead cost per unitVariable selling and administrative overhead cost per unitFixed manufacturing overhead for the year£41 £43£6£4£44,000Budgeted production for the year was 4,000 units. What is the budgeted unit product cost according to an absorption costing system? a. £90 b. £101 c. £105d. £94
A company estimates its manufacturing overhead will be $630,000 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: 72,000 $______ per direct labor hour B. Budgeted direct labor expense: $1,800,000 $_____ per direct labor dollar C. Estimated machine hours: 120,000 $_____ per machine hour
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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.
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activity cost pools are shown in the following table: Budgeted Activity Activity Budgeted Cost Activity Cost Driver Product A Product B Product C $ 70,000 $ 45,000 $ 82,000 Square feet Units inspected Activity 1 6,000 9,000 20,000 Activity 2 Activity 3 7,000 15,000 8,000 Setups 2,500 1,000 1,625 What are the activity rates for the three activities under activity-based costing? Multiple Choice (1) $2.00 per square foot; (2) $3.00 per unit; (3) $3.50 per setup. (1) $3.50 per square foot; (2) $1.50 per unit; (3) $32,80 per setup. (1) $3.50 per square foot; (2) $3.00 per unit; (3) $16.00 per setup. (1) $2.00 per square foot: (2) $1.50 per unit; (3) $16.00 per setup.
A company uses activity-based costing to determine the costs of its three products: A, B, and C. The budgeted cost and activity for each of the company's three activities are shown in the following table: Activity Activity 1 Activity 2 Activity 3 Budgeted Cost $ 74,000 $ 49,000 $ 90,000 Select one: O a. $83,708.19 O b. $65,450.72 Oo. $213,000.00 O d. $74,000.00 Oe. $63,322.32 Activity Cost Driver Square feet Units inspected Setups Budgeted Activity Product B Product A 6,400 7,400 2,900 9,400 15,400 1,400 Product C 20,400 8,400 2,025 How much overhead will be assigned to Product B using activity-based costing? (Do not round intermediate calculations and round the final answer to 2 decimal places.)

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