15esBecause Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwideoverhead rate with departmental rates that would also be based on machine-hours. The company gathered the followingadditional information to enable calculating departmental overhead rates:Direct materialsDirect labor costActual machine-hours used:MoldingFabricationTotalEstimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourThe direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows:Job P$ 21,000$ 27,400Foundational 2-15 (Algo)Molding Fabrication2,5001,500$ 16,200$ 3.00$ 12,000$2.202,5001,4003,900Job Q$ 12,000$ 10,700Total1,6001,7003,3004,000$ 28,200Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year.Required:For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours asthe allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates withmachine-hours as the allocation base in both departments.15. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.)

MoldingFabrication Fixed cost $ 12,000 $ 16,200 machine hrs 2,500…

formation to enable calculating departmental overhead rates: Molding terials bor cost chine-hours used: total machine-hours used total fixed manufacturing overhead variable manufacturing overhead per machine-hour materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follo Job Q $ 12,000 $ 10,700 2,500 $ 12,000 $ 2.20 Job P $ 21,000 $ 27,400 Fabrication 1,500 $ 16,200 $ 3.00

formation to enable calculating departmental overhead rates: Molding terials bor cost chine-hours used: total machine-hours used total fixed manufacturing overhead variable manufacturing overhead per machine-hour materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follo Job Q $ 12,000 $ 10,700 2,500 $ 12,000 $ 2.20 Job P $ 21,000 $ 27,400 Fabrication 1,500 $ 16,200 $ 3.00

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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- ok k int ences w 3 E Overhead information for Cran-Mar Company for October follows: Total factory overhead cost incurred Budgeted fixed factory overhead cost Total standard overhead rate per machine hour (MH) D Standard variable factory overhead rate per MH Standard MHS allowed for the units manufactured here to search Required: 1. What is the standard fixed factory overhead rate per machine hour (MH)? 2. What is the denominator activity level that was used to establish the fixed factory overhead application rate? 3. Two-way analysis (breakdown) of the total factory overhead cost variance: calculate the following factory overhead cost variances for October and indicate whether each variance is favorable (F) or unfavorable (U). a. Total flexible-budget variance. b. Production volume variance. c. Total overhead cost variance. 4. Calculate the production volume variance and indicate whether the variance is favorable (F) or unfavorable (U). Complete this question by entering your answers…
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
STEP DOWN METHOD Furnishing manufacturing company total overheads allocated and apportioned to the production and service departments as follows: Assembly $55,000 Finishing 34,000 Maintenance 32,000 Canteen 15,600 A suitable basis for sharing out the maintenance costs is the time spent servicing equipment. The amount of time spent by the maintenance department servicing equipment in the Assembly and Finishing department has been analyses as follows: Assembly 60% Finishing 40% The Canteen department’s overheads are to be reapportioned on the basis of the number of employees in the other three departments. Number of employees: Assembly 20, finishing 35, Maintenance 15, Canteen 5. You are required to: reapportion the overhead expenses to the production from the service department.
ator=&inpr... 18 R Print Item Calculating Departmental Overhead Rates and Applying Overhead to Production At the beginning of the year, Glaser Company estimated the following: Assembly Testing Department Department Total Overhead $364,000 $371,280 $735,280 Direct labor hours 157,500 118,125 275,625 Machine hours 50,500 54,540 105,040 Glaser uses departmental overhead rates. In the assembly department, overhead is applied on the basis of direct labor hours. In the testing department, overhead is applied on the basis of machine hours. Actual data for the month of March are as follows: Assembly Testing Department Department Total Overhead $43,680 $44,554 $88,234 Direct labor hours 18,900 14,175 33,075 Machine hours 6,060 6,545 12,605 Required: 1. Calculate the predetermined overhead rates for the assembly and testing departments. Round your answers to the nearest cent. Assembly department overhead rate per direct labor hour Testing department overhead rate per machine hour Check My Work 4…
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