*Exercise 11-12 (Video) Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 125,000 units per year. The total budgeted overhead at normal capacity is $812,500 comprised of $312,500 of variable costs and $500,000 of fixed costs. Byrd applies overhead on the basis of direct labor hours. During the current year, Byrd produced 88,200 putters, worked 87,700 direct labor hours, and incurred variable overhead costs of $143,325 and fixed overhead costs of $513,300. V Your answer is correct. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Variable Fixed Predetermined Overhead Rate X Your answer is incorrect. Try again. Compute the applied overhead for Byrd for the year. Overhead Applied 570,050 7 Your answer is partially correct. Try again. Compute the total overhead variance. Total Overhead Variance 86,575 Unfavorable

*Exercise 11-12 (Video) Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 125,000 units per year. The total budgeted overhead at normal capacity is $812,500 comprised of $312,500 of variable costs and $500,000 of fixed costs. Byrd applies overhead on the basis of direct labor hours. During the current year, Byrd produced 88,200 putters, worked 87,700 direct labor hours, and incurred variable overhead costs of $143,325 and fixed overhead costs of $513,300. V Your answer is correct. Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Variable Fixed Predetermined Overhead Rate X Your answer is incorrect. Try again. Compute the applied overhead for Byrd for the year. Overhead Applied 570,050 7 Your answer is partially correct. Try again. Compute the total overhead variance. Total Overhead Variance 86,575 Unfavorable

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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0 Required information [The following information applies to the questions displayed below] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $11 per pound Direct labor: 3 hours at $12 per hour $ 55 36 Variable overhead: 3 hours at $7 per hour 21 Total standard cost per unit $ 112 The planning budget for March was based on producing and selling 21,000 units. However, during March the company actually produced and sold 26,600 units and incurred the following costs: a. Purchased 154,000 pounds of raw materials at a cost of $9.50 per pound. All of this material was used in production. b. Direct laborers worked 63,000 hours at a rate of $13 per hour. c. Total variable manufacturing overhead for the month was $510,930. 5. If Preble had purchased 178,000 pounds of materials at $9.50 per pound and used 154,000 pounds in production,…
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Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $706,200 for 2,140 production hours. Each unit requires 12 minutes of cell process time. During March, 960 DVR players were manufacture the cell. The materials cost per unit is $66. The following summary transactions took place during March: 1. Materials were purchased for March production. 2. Conversion costs were applied to production. 3.960 DVR players were assembled and placed in finished goods. 4.910 DVR players were sold for $234 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. per unit
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Subject: Acounting