In November 2023, Moviemax Studios established its predetermined overhead rate for productions in 2024 using these estimates: overhead costs, $3,105,000, and direct labor costs, $690,000. At the end of 2024, actual overhead costs were $2,981,250. Actual direct labor costs were assigned as follows: ⚫ Completed and released films: $600,000 Films in production: $66,000 Total actual direct labor cost: $666,000
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- Assume you made the following two predictions for 2022 for one of your production facilities: Total manufacturing overhead for the year $15,000,000Total direct labor hours for the year 800,000 Actual results for July 2022 were as follows: Manufacturing overhead $1,238,500Direct labor hours 98,500 Calculate the predetermine overhead rate per direct labor hour for 2022.A company estimates its manufacturing overhead will be $525,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? When required, round your answers to nearest cent. A. Budgeted direct labor hours: 42,000 per direct labor hour B. Budgeted direct labor expense: $1,050,000 per direct labor dollar C. Estimated machine hours: 70,000 per machine hourAt the beginning of a year, a company predicts total direct materials costs of $1,050,000 and total overhead costs of $1,180,000. If the company uses direct materials costs as its activity base to allocate overhead, what is the predetermined overhead rate it should use during the year? Choose Numerator: Predetermined overhead rate / Choose Denominator: 1 1 = = Rate Rate
- For the last quarter of 2020, Carica’s cost records indicate the following: Materials Requisitions (MR) Utility Services (US) Machining Assembly Total Budgeted overhead costs before any inter- department cost allocations $200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000 Support work supplied by MR (Number of requisitions) 0 25% 40% 35% 100% Support work supplied by US (Power costs) 10% 0 30% 60% 100% Questions: 1. Allocate the two support departments’ costs to the two operating departments using the following methods: a.Direct method. b. Step-down method (allocate MR first). c. Step-down method (allocate US first) d. The Algebraic. Answer quicklyAaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year to be $770,000 and $500,000, respectively. Aaron allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are 17,000 hours and 5,000 hours, respectively. What is the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A. $29.41 per labor hour B. $1.54 per labor hour C. $154.00 per machine hour D. $100.00 per machine hourAt the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,840,000, and direct labor costs, $460,000. At year-end, the company’s actual overhead costs for the year are $1,829,800 and actual direct labor costs for the year are $460,000. Determine the predetermined overhead rate using estimated direct labor costs. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Please see picture for format.
- At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $2,484,000, and direct labor costs, $460,000. At year-end, the company's actual overhead costs for the year are $2,473,900 and actual direct labor costs for the year are $460,000. 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the predetermined overhead rate using estimated direct labor costs. Numerator: I 1 1 Overhead Rate Denominator: Required 1 = = Overhead Rate Overhead…Aaron Company estimates direct labor costs and manufacturing overhead costs for the coming year to $900,000 and $700,000, respectively. Aaron allocates overhead costs based on labor hours. the estimated total labor hours and machine hours for the coming year are 16,000 hours and 10,000 hours, respectively., What's the predetermined overhead allocation rate?At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,862,000, and direct labor costs, $490,000. At year-end, the company's actual overhead costs for the year are $1,852,000 and actual direct labor costs for the year are $490,000. 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine…
- At the beginning of the year, a company predicts total direct materials costs of $900,000 and total overhead costs of $1,170,000. If the company uses direct materials costs as its activity base to apply overhead, what is the predetermined overhead rate it should use during the year?The Jethro Company’s costing system has teo direct-cost categories: direct materials and direct manufacturing labor. MOH is allocated based on machins hours (MHrs.) At the beginning of 2023, the Jethro Company budgeted production of 2,000 units for the period and adopted the followung standards for its manufacturing costs: Direct Materials: (Input) 10 ft. at $6 per foot; (Cost per Output Unit) $60 Direct Manufacturing Labor: (Input) 4 hrs. at $20 per hr.; (Cost per Output Unit) $80 Variable MOH: (Input) 2 MHrs. at $25 per hr.; (Cost per Output Unit) $50 Input price variances are isolated upon purchase. Input efficiency variances are isolated at the time of usage. The records for the period indicate the following: Direct Materials Purchased - 25,000 ft. at $6.10 per ft. Direct Materials Used - 18,900 ft. Direct Manufacturing Labor - 7,600 hrs. at a total of $167,200 Actual VMOH Cost - $94,300 Machine Hours Used - 4,100 MHrs. Actual Production - 1,890 Output Units Required (show…At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $2,310,000, and direct labor costs, $420,000. At year-end, the company’s actual overhead costs for the year are $2,298,400 and actual direct labor costs for the year are $420,000. 1. Determine the predetermined overhead rate using estimated direct labor costs.2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year.3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.
