Stewart Company, a recent entrant to the market, manufacturers a popular robotic toy. There aretwo production departments-Assembly and Finishing. Selected budgeted and actual data arebelow.Assembly$276,000$343,20080,0001,300Budgeted overheadFinishing$288,000Actual overhead$198,000Expected direct labor hoursExpected machine hours24,960120,000During the year, 10,000 units of the toy were produced and 9,700 units were sold. Actual datarelated to this production are below.Direct materials cost$540,012$48,600Direct labor costDirect labor hours used:AssemblyFinishingMachine hours used:82,56026,880AssemblyFinishing1,680130,940Stewart uses departmental overhead rates-Assembly is based on direct labor hours andFinishing is based on machine hours.If necessary, round final answers to 2 decimal places.Required:1. Compute the departmental overhead rates for a) Assembly and b) Finishing.2. Using the departmental rates, compute the overhead costs assigned to production?3. For Finishing only, compute the overhead variance and label it as under- or overapplied.4. Compute the per-unit manufacturing costs for the production (assuming normal costing).

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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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