Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities $230,000 20,000 81,000 200,000 58,000

Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities $230,000 20,000 81,000 200,000 58,000

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Description: Required informationExercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5)[The following information applies to the questions displayed below.]The following information pertains to Trenton Glass Works for the year just ended.Budgeted direc

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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View Policies Current Attempt in Progress The predetermined overhead rate for Crane Company is $4, comprised of a variable overhead rate of $2 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $120000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $4. Actual overhead for June was $8600 variable and $5900 fixed, and 2000 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is $2000 F. $1500 F. $1500 U. $2000 U.
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Required information Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 Exercise 3-34 Part 2 $230,000 20,000 81,000 200,000 58,000 30,000 301,000 79,000 177 48,000 93,000 62,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)
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Department Personnel Custodial Services Maintenance Printing Binding Personnel Custodial Services Maintenance Printing Binding Total budgeted cost Total Labor- Square Feet of Space Occupied Printing Department Binding Department Total hours Hours 16,000 8,200 14,300 30,600 108,000 177,100 Budgeted overhead costs in each department for the current year are shown below: $ 300,000 66,000 93,400 Req 1 Req 2 12,400 3,100 10,500 40,400 20,900 87,300 Machine-Hours 2,400 500 2,900 414,000 170,000 $ 1,043,400 Number of Employees 22 49 69 Req 3A 105 300 545 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Machine- Hours Required: 1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the…
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Problem 7-50 (Algo) Estimate Direct Labor Costs from Overhead Data (LO 7-2) Kenmore Fabrication estimated that direct labor cost for the year would be $645,600. The company also estimated that fixed overhead would be $484,200 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($484,200) and variable overhead was also Incurred as expected. There was $31,050 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost
A2