Round to two decimal places please Lane Companny manufacturees a single product and applies overhead cost to that product using standard direct labor-hours. Thebudgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is$1140,000 per yearThe standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours perunit is 1.5 hours and the standard labor rate is $12.80 per hour.The company planned to operate at a denominator activity level of 150.000 direct labor-hours and to produce 100,000 units of productduring the most recent year. Actual activity and costs for the year were as follows:Actual uber of units producedActual direct labor-hours workedActual variable nanufacturing overhead cost incurredActual fixed anufacturing overhead cost incurred120,000195,000$ 429, e00$1,170,000Required:1. Compute the predetermined overhead rate for the year. Break the rate down into varlable and fixed elements.2 Prepare a standard cost card for the company's product.3a. Compute the standard direct labor-hours allowed for the year's production.3b. Complete the following Manufacturing Overhead T-account for the year4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate andefficiency variances and the fixed overhead budget and volume varlances.Complete this question by entering your answers in the tabs below.Reg 1Reg 2Reg 3AReg 35Reg 4

Pre-determined overhead rate is defined as the rate that is used in order to apply the manufacturing…

Lane Company manufacures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $140,000 per year The standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours per unit is 15 hours and the standard labor rate is $12.80 per hour The company planned to operate at a denominator activity level of 150,000 direct labor-hours and to produce 100,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual ber of units produced Actal rect labon-hours worked Actual variable nanufacturing overhead cost incurred Actal fed aufacturing overhead cost incurred 120,800 195,000 $4 429,000 $1,170,000

Lane Company manufacures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $3.60 per direct labor-hour and the budgeted fixed manufacturing overhead is $140,000 per year The standard quantity of materials is 4 pounds per unit and the standard cost is $7.00 per pound. The standard direct labor-hours per unit is 15 hours and the standard labor rate is $12.80 per hour The company planned to operate at a denominator activity level of 150,000 direct labor-hours and to produce 100,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Actual ber of units produced Actal rect labon-hours worked Actual variable nanufacturing overhead cost incurred Actal fed aufacturing overhead cost incurred 120,800 195,000 $4 429,000 $1,170,000

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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