In December 2018, Crescent Fabrication established its predetermined overhead rate for jobs produced during 2019 using the following cost estimates: overhead cost of $300,000 and direct materials cost of $250,000. Determine the predetermined overhead rate for 2019.
Q: What is the degree of operating leverage?
A: Note:Degree of operating leverage is a measure of how sensitive companies operating income (profit)…
Q: I Want Answer
A: Concept of Variable Manufacturing Overhead:Variable manufacturing overhead refers to production…
Q: In 2020, it cost Jason Manufacturing $14 per unit to produce component R8. In 2021, it has increased…
A: Step 1: DefinitionsConcept of Differential Cost:Differential cost is the difference in total cost…
Q: Solve both questions appropriately.
A: Part 3: Materials Quantity VarianceGiven:Standard cost = $3.80 per poundStandard quantity = 6 pounds…
Q: Consider the information given calculate the gross profit
A: Explanation of Gross Profit: Gross profit represents the difference between a company's net sales…
Q: How much is cost of goods sold for the year?
A: Explanation of Cost of Goods Sold (COGS): Cost of Goods Sold represents the direct costs…
Q: General accounting
A: Step 1: Definition of GoodwillGoodwill is an intangible asset that arises when a company is…
Q: I need Financial Accounting question answer
A: Step 1: Define Underallocated or Overallocated Manufacturing OverheadUnderallocated or overallocated…
Q: Choice correct answer with accounting question
A: The debt to assets ratio is calculated using the formula:Debt to Assets Ratio = Total Liabilities /…
Q: I need solution step by step plz.
A: Formula:Cost of Equity = Risk-Free Rate + Beta × (Market Return - Risk-Free Rate)Given:Beta =…
Q: Can you help me solve this financial accounting question using valid financial accounting…
A: Step 1: Define Return on Investment (ROI):Return on Investment (ROI) is a financial performance…
Q: Please provide the correct answer to this general accounting problem using accurate calculations.
A: Step 1: Define Days in InventoryDays in inventory measures how long it takes, on average, for a…
Q: I need help finding the accurate solution to this financial accounting problem with valid methods.
A: Step 1: Definition of Shares OutstandingShares outstanding refer to the number of shares of a…
Q: I am looking for the correct answer to this general accounting problem using valid accounting…
A: Step 1: Definition of Absorption Costing and Variable Costing Income DifferenceThe difference…
Q: I need solution with step by step correct approach......?????
A: Step 1: Bank Statement Reconciliation FormulaBank balance = Book balance + Deposits in transit -…
Q: ABC Company has the following financial data: Cash: $30,000Accounts Receivable: $50,000Inventory:…
A: 1. Current AssetsCurrent assets are composed of:Cash: $30,000Accounts Receivable: $50,000Inventory:…
Q: SUBJECT: GENERAL ACCOUNTING
A: Explanation of Return on Assets: Return on Assets (ROA) is a financial ratio that measures how…
Q: I need help with this financial accounting question using the proper accounting approach.
A: Step 1: DefinitionDiscounted Payback Period The discounted payback period is the time it takes for a…
Q: Qantas Industries has fixed costs of $250,000 and profit of $125,000. What is its degree of…
A: To calculate the Degree of Operating Leverage (DOL), use the following formula:DOL = Contribution…
Q: I am looking for help with this financial accounting question using proper accounting standards.
A: Step 1: Define Return on Common Stockholders' Equity (ROE)Return on Common Stockholders' Equity…
Q: Please provide problem with accounting question
A: Step 1: Definition of Issuing Bonds at a DiscountWhen a company issues bonds at a discount, it means…
Q: Problem???
A: Solution:Calculate the predetermined overhead rate (based on direct labor hours):Predetermined…
Q: Please provide the solution to this financial accounting question using proper accounting…
A: Step 1: Define Gross ProfitGross Profit is the difference between a company's net sales and the cost…
Q: Hii teacher please provide for General accounting question answer do fast
A: Step 1: Define Retained EarningsRetained earnings represent the portion of a company's net income…
Q: Need help
A: Explanation of Contribution Margin: Contribution margin represents the difference between total…
Q: Cary Fabrication uses a normal cost system and had the following data available for 2022:
A: Concept of Direct Materials Inventory:Direct materials inventory refers to the raw materials that a…
Q: Please explain the correct approach for solving this general accounting question.
A: Step 1: Definition of Return on Equity (ROE)The Return on Equity (ROE) measures the profitability of…
Q: Answer me
A: Return on Common Stockholders' Equity (ROE) is calculated using the formula:ROE = (Net Income -…
Q: Please help me solve this general accounting question using the right accounting principles.
A: To calculate the number of units completed during the period, we need to account for the units…
Q: Please provide the answer to this general accounting question using the right approach.
A: Step 1: Define Break-even PointThe break-even point is the level of sales at which total revenue…
Q: Solve this
A: Provided Data:Estimated total overhead = $19,500,000Estimated total machine hours = 300,000…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: Step 1: Define Net IncomeNet income is the total profit of a company after subtracting all expenses,…
Q: I am searching for the accurate solution to this general accounting problem with the right approach.
A: Step 1: Definition of Revenue and Variable ExpensesRevenue refers to the total income generated from…
Q: Frank Corp. has sales of $740,000 and costs of $328,000. Interest expense is $30,000 and…
A: Step 1: Definitions Concept of Net Income:Net income is the final profit a company earns after all…
Q: need explanation more and discuss
A: Step 1: Calculate the predetermined overhead rateThe predetermined overhead rate is calculated by…
Q: Whatx does the current ratio measure?a) Profitabilityb) Debt levelsc) Liquidityd) Efficiency
A: The correct answer is:c) LiquidityExplanation:The current ratio measures a company's ability to pay…
Q: What was Vazya cost of goods sold for the period ?
A: Provided Data:Finished Goods Inventory, beginning = $85,400Finished Goods Inventory, ending =…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Define Income from Continuing OperationsIncome from continuing operations is the profit or…
Q: A machine has a cost of $18,500, an estimated residual value of $4,500, and an estimated useful life…
A: Concept of Cost of Asset:The cost of an asset includes all expenses incurred to acquire the asset…
Q: How much is the standard cost per direct labor hour for variable overhead?
A: Concept of Standard Cost:Standard cost is a predetermined or estimated cost of producing a product…
Q: I don't need ai answer general accounting question
A: Given:Standard hours per unit = 2 hoursStandard rate per hour = $12Actual hours used = 2,080…
Q: Please help me solve this general accounting question using the right accounting principles.
A: Step 1: Definition of Direct Labor Cost VarianceThe Direct Labor Cost Variance (DLCV) measures the…
Q: ??!
A: To find the proportion of Martech Solutions that is financed by non-owners (which means financed…
Q: Proof solution...?????
A: Question 1.1.13:The correct answer is: b) Relative sales value methodQuestion 1.1.14:Calculation of…
Q: how will you solve both questions??
A: Part 3: Materials Quantity VarianceTo compute the materials quantity variance:Standard Quantity…
Q: Please provide my problem with accounting
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate…
Q: What amount of materials cost is included in ending work in process inventory?
A: Explanation of Work-in-Process Inventory: Work-in-Process (WIP) inventory represents partially…
Q: Please provide the accurate answer to this general accounting problem using appropriate methods.
A: Step 1: Definition of Debt to Assets RatioThe Debt to Assets Ratio measures the proportion of a…
Q: Cendrin Corporation uses direct labor hours in its predetermined overhead rate. At the beginning of…
A: Provided Data:Estimated Direct Labor Hours = 40,500 hoursEstimated Manufacturing Overhead =…
Q: What would be the total combined direct labor cost for the two months?
A: Concept of Direct Labor Hours:Direct labor hours refer to the time workers spend specifically on…
I'm waiting for answer
Step by step
Solved in 2 steps
- In December 2018, Crescent Fabrication established its predetermined overhead rate for jobs produced during 2019 using the following cost estimates: overhead cost of $300,000 and direct materials cost of $250,000. Determine the predetermined overhead rate for 2019. HelpDetermine the predetermined overhead rate for 2019.Determine the predetermined overhead rate for 2022.
- Determine the predetermined overhead rate for 2022.In December 2019, Solar Systems Inc. management establishes the 2020 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $920,000 of overhead costs and $600,000 of direct labor cost in year 2020. During March 2020, Solar Systems began and completed Job No. 20-78. What is the predetermined overhead rate for year 2020?a) Compute Everlast Manufacturing Company predetermined manufacturing overhead rate for 2020. b) Determine how much manufacturing overhead was allocated to Job #B4000? c) Calculate the total cost & quotation price of Job #B4000, given that a margin of 20% is applied.
- During 2019, Sheridan Company expected Job no. 59 to cost $200000 of overhead, $500000 of materials, and $100000 in labor. Sheridan applied overhead based on direct labor cost. Actual production required an overhead cost of $195000, $660000 in materials used, and $310000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead? $5000 overapplied $5000 underapplied $425000 overapplied $425000 underappliedChecker Inc. produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $12.70 per machine hour was established for 2019. Required: If 9,000 machine hours were expected to be used during 2019, how much overhead was expected to be incurred? Actual overhead incurred during 2019 totaled $121,650, and 9,100 machine hours were used during 2019. Calculate the amount of over- or underapplied overhead for 2019. (Input the amount as positive value.) Whether the overapplied or underapplied overhead for the year is normally transferred to cost of goods sold in the income statement?During 2019, Bramble Corp. expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Bramble applied overhead based on direct labor cost. Actual production required an overhead cost of $280000, $550000 in materials used, and $210000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $1060000 $1040000 $1000000 $1075000
- During 2019, Vaughn Manufacturing expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Vaughn applied overhead based on direct labor cost. Actual production required an overhead cost of $210000, $470000 in materials used, and $130000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $795000 $810000 $900000 $1000000Midwest Corporation has provided the following data concerning manufacturing overhead for 2020: Estimated manufacturing overhead for the year $ 30,000 Estimated direct labor hours for the year 2,000 Two jobs were worked on during the year: Job A-101 and Job A-102. The number of direct labor-hours spent on Job A-101 and Job A-102 were 1,200 and 1,000, respectively. The actual manufacturing overhead was $37,000.What was the amount of manufacturing overhead applied to Job A-101? $24,000. $44,000. $18,000. $16,000.Superior Manufacturing uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to production jobs. For 2024, the company's budget includes estimated manufacturing overhead of $720,000 and estimated direct labor hours of 20,000. In March, the production department completed Job #304, which required $8,200 in direct materials and $4,500 in direct labor (representing 250 hours at $18 per hour). The cost accountant needs to determine the predetermined overhead rate, the manufacturing overhead allocated to Job #304, and the total cost of this job.
