Please give me answer general accounting Harold Hill Corp, a manufacturer of musicalinstruments, uses a budgeted factory overhead rate toapply overhead to production.The Amount Budgeted factory overhead 675,000Budgeted machine hours 20,000Actual direct labor cost 482,000Budgeted direct labor costs 450,000If the company uses estimated direct labor costs as itsactivity base, what is the overhead application rate?

Step 1: Define Overhead ApplicationIn the domain of accounting, the direct costs are the costs which…

Answered: Harold Hill Corp, a manufacturer of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
If a company bases its predetermined overhead rate on 100,000 machine hours, and It actually has 100,000 machine hours, would there be an under applied or over applied overhead?
SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.
Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?
Please provide correct solution
A company has the following overhead costs and activities: Estimated Expected Activity Product V Product W Product X Overhead Activities and Activity Measures Machine setups (setups) Processing customer orders (orders) Assembling products (assembly-hours) $9,178.00 Cost $7,234.50 $3,565.50 69 12 10 20 9 21 492 697 111 1. If the company allocates overhead to products using assembly hours as the single allocation base, how much overhead will be allocated to product X? A. $1,706 B. $784 C. $618 D. $304 2. How much overhead cost would be assigned to Product V using the activity-based costing system? A. $158 B. $91,722 C. $10,385 D. $5,485
HH Electric reports the following information. Direct labor rate Non-materials-related overhead Materials-related overhead Target profit margin (on both conversion and direct materials) a. Compute the time charge per hour of direct labor. b. Compute the materials markup percentage. c. What price should the company quote for a job requiring four direct labor hours and $600 in materials? a. Time charge per hour of direct labor b. Materials markup c. Time and materials price $ 45 per DLH $ 25 per DLH 5% of direct materials cost 20% %
For many years, Yotsuya Company has used a manufacturing overhead rate based on direct labor hours. A new plant accountant has suggested that the company may be able to assign overhead costs to products more accurately by using an activity-based costing system. The accountant explains that by creating an overhead rate for each production activity that causes overhead costs, the resulting product costs will reflect an accurate measure of overhead cost. The direct material cost is P120 per unit. The budgeted hours is 8,030 direct labor hours. The accountant has identified activity centers to which overhead costs are assigned. The cost pool amounts for theses centers and their selected activity drivers for 2019: Activity Centers Costs Activity Drivers Materials handling P60,000 1,200 times handled Scheduling and setups 80,000 400 setups Design section 10,750 100 changes No. of parts 50,000 500 parts P200,750 The company’s products…
Manji
Skrunchy Company produces two products, Lower and Upper. The following two tables give pertinent information about these two products. Solve, a. What is the cost per unit of Lower if Skrunchy uses traditional overheadallocation based on direct labor hours? b. What is the cost per unit of Lower if Skrunchy uses activity-based costing to allocate overhead?
what is the predetermind rate?

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