Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute over- or underapplied overhead. Note: Do not round your intermediate calculations. Manufacturing overhead SEP < Req 1 < Prev ‒‒‒ 2 of 8 ‒‒‒ tv Req 2A > Next > ST AO

Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actual direct labor hours for the year were $265,000 and 22,200 hours, respectively. Required: 1. Compute over- or underapplied overhead. 2a. Which accounts will be affected by the over- or underapplied manufacturing overhead? 2b. Will the accounts be increased or decreased to adjust for the over- or underapplied manufacturing overhead? Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute over- or underapplied overhead. Note: Do not round your intermediate calculations. Manufacturing overhead SEP < Req 1 < Prev ‒‒‒ 2 of 8 ‒‒‒ tv Req 2A > Next > ST AO

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Description: Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimatesmanufacturing overhead cost for the year to be $252,000 and direct labor hours to be 20,000. Actual overhead and actualdirect labor h

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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← Doric Agricultural Corporation uses a predetermined overhead allocation rate based on the direct labor cost. The manufacturing overhead cost allocated during the year is $280,000. The details of production and costs incurred during the year are as follows: Actual direct materials cost Actual direct labor cost $811,000 $170,000 $262,000 5,520 hours Actual overhead costs incurred Total direct labor hours What is the predetermined overhead allocation rate applied by the corporation? (Round your answer to two decimal places.) OA. 164.71% OB. 34.53% OC. 93.57% O D. 64.89% XXID
Assume the following: 1. Estimated fixed manufacturing overhead for the coming period of $220,000 2. Estimated variable manufacturing overhead of $2.00 per direct labor hour 3. Actual manufacturing overhead for the period of $320,000 4. Actual direct labor-hours worked of 54,000 hours 5. Estimated direct labor-hours to be worked in the coming period of 55,000 hours. The amount of overhead applied to production during the period is closest to: Note: Round your intermediate value of "Predetermined overhead rate" to two decimal places. Multiple Choice $325,926. $324,000. $336,004.
Hultquist Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at the beginning of the period to calculate predetermined overhead rates: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Forming Customizing Total 6,000 4,000 10,000 $20,400 $ 2.50 $9,600 $30,000 $ 5.00 During the period, the company started and completed two jobs-Job C and Job L. Data concerning those two jobs follow: Job C Job L $15,500 $9,100 $22,300 $9,300 1,250 4,750 1,250 2,750 Direct materials Direct labor cost Forming machine-hours Customizing machine-hours
11. Subject:- Accounting
Carver Company uses a plantwide overhead rate based on direct labor costs. Suppose that Carver raises its wage rate for direct labor during the year. How would that affect the overhead applied? The total cost of jobs?
2. Fairchild, Inc., manufactures two products, Regular and Deluxe, and applies overhead on the basis of direct labor hours. Anticipated overhead and direct labor time for the upcoming accounting period are $1,600,000 and 25,000 hours, respectively. Information about the company's products follows.
d. Assume that the actual level of activity next year was 36,000 direct labor hours and that manufactur- ing overhead was $341,550. Determine the underapplied or overapplied manufacturing overhead at the end of the year. e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year. e. Describe two ways of handling any underapplied or overapplied manufacturing overhead at the end of the year.
Manufacturing overhead was estimated to be OMR 400,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. Which of the following would be correct? O a. None of the given answer is correct b. Overhead is overapplied by OMR 5,000. C. Overhead is underapplied by OMR 5,000. d. Overhead is overapplied by OMR 15,000. e. Overhead is underapplied by OMR 15,000.
Please help complete parts of question 1 1a. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production at is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit it: 1b. If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit: 1c. If the selling price is $22 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round you answer to 2 decimal places.) 1d. If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this leve production? (Do not round…
Coronado Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under-or overapplication of overhead for the period? Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $3100000 $2940000 350000 280000 O $2480000 applied and $460000 overapplied O $2940000 applied and neither under- nor overapplied O $2480000 applied and $460000 underapplied O $3100000 applied and $460000 overapplied
XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR43,000. What was the estimated manufacturing overhead for the year? Select one: a. None of the answers given O b. OMR49,200 O c. OMR51,600 O d. OMR39,600 O e. OMR46,800