MaintenanceDepreciationManager's salaryIndirect suppliesUtilitiesOtherDirect Labor Hours.MaintenanceDepreciationManager's salaryIndirect suppliesUtilitiesOther2,000 hours$ 12,0008,00045,0003,2001,0008,500Use this information to create the overhead budget for 2,800 direct labor employee hours.3,000 hours$ 17,0008,00045,0004,7001,2009,000BudgetedOverhead

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Description: MaintenanceDepreciationManager's salaryIndirect suppliesUtilitiesOtherDirect Labor Hours.MaintenanceDepreciationManager's salaryIndirect suppliesUtilitiesOther2,000 hours$ 12,0008,00045,0003,2001,0008,500Use this information to create the overhead b

The mixed costs comprise both fixed and variable elements. The fixed costs remain constant at every…

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Maintenance Depreciation Manager's salary Indirect supplies Utilities Other Direct Labor Hours 2,000 hours 3,000 hours $ 12,000 $ 17,000 8,000 8,000 45,000 45,000 3,200 4,700 1,000 1,200 8,500 9,000 Use this information to create the overhead budget for 2,800 direct labor employee hours Budgeted

Maintenance Depreciation Manager's salary Indirect supplies Utilities Other Direct Labor Hours 2,000 hours 3,000 hours $ 12,000 $ 17,000 8,000 8,000 45,000 45,000 3,200 4,700 1,000 1,200 8,500 9,000 Use this information to create the overhead budget for 2,800 direct labor employee hours Budgeted

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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Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Assembly Product design Budgeted Activity Usage 13,000 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Electricity 1,000 10,500 420 Setups Setup Total Budgeted Cost $ 409,500 63,000 21,000 52,500 $ 546,000 Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 220 direct labor hours and Job 42 used 500 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Activity Usage Job 31 220 28 52 4 Job 42 500 34 62 6 Complete this question by entering your…
A partial responsibility accounting report for a cost center is below. The value of letter (c) would be: Over (Under) Budget Controllable Costs Budgeted Actual Direct materials.... $52,800 $ a Direct labor....... 24,000 26,000 Utilities 19,200 C Totals... $96,000 $96,600 A $19,000 B $19,400 C) $54,000 D) $2,000 E None of the above $(1,200) b (200) $ 600
Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours. Assembly 12,600 direct labor hours 5,400 machine hours Department Assembly Finishing Total $ 1,461,600 QS 17-8 (Algo) Allocating overhead with departmental rates LO P2 Allocate overhead to a job that uses 76 direct labor hours in the Assembly department and uses 62 machine hours in the Finishing department. Departmental Overhead Rate Hours Used $939,400 Finishing 19,400 direct labor hours 15,400 machine hours $ $ Overhead Allocated 0 0 0
For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Rent Totals Budget Snowmobile $ 20,590 11,500 ATV $ 28,600 Snowmobile $ 20,520 Actual ATV $ 30,030 11,870 22,450 5,500 5,500 21,600 5,400 6,300 4,510 1,010 470 6,800 650 7,400 4,270 440 6,400 $ 49,270 $ 65,560 $ 49,000 1,070 610 7,400 $ 67,060 s Exercise 22-1 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the snowmobile department. Note: Under budget amounts should be indicated by a minus sign. Responsibility Accounting Performance Report Manager, Snowmobile Department For Year Ended December 31 Totals Controllable Costs Budgeted Actual Over (Under) Budget
ces. Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments.. Budgeted Data Overhead cost Direct labor hours Machine hours Assembly $1,437,500 12,500 direct labor hours 5,500 machine hours Finishing $914,500 19,500 direct labor hours 15,500 machine hours QS 17-8 (Algo) Allocating overhead with departmental rates LO P2 Allocate overhead to a job that uses 75 direct labor hours in the Assembly department and uses 60 machine hours in the Finishing department Department Departmental Overhead Rate Hours Used Overhead Allocated Assembly S 1,437 000 per direct labor hour 12.500 DLHS $ 17.962.500,000 Finishing $ 914,500 per direct labor hour i 19.500 OLHS 17,832,750,000 Total $ 35.795.250.000
Direct Method Eilers Company has two producing departments and two support departments. The following budgeted data pertain to these four departments: Support Departments Producing Departments General Factory Receiving Assembly Finishing Direct overhead $430,000 $170,000 $45,000 $76,000 Square footage 2,500 5,000 5,000 Number of receiving orders 320 1,900 1,200 Direct labor hours 28,000 45,000 The company has decided to simplify its method of allocating support service costs by switching to the direct method. Required: 1. Allocate the costs of the support departments to the producing departments using the direct method. Round allocation ratios to four significant digits. Round allocated costs to the nearest dollar. Use the rounded values for subsequent calculations. Allocation ratios: Assembly Finishing Square footage Number of receiving orders
Department Personnel Custodial Services Maintenance Printing Binding Personnel Custodial Services Maintenance Printing Binding Total budgeted cost Total Labor- Square Feet of Space Occupied Printing Department Binding Department Total hours Hours 16,000 8,200 14,300 30,600 108,000 177,100 Budgeted overhead costs in each department for the current year are shown below: $ 300,000 66,000 93,400 Req 1 Req 2 12,400 3,100 10,500 40,400 20,900 87,300 Machine-Hours 2,400 500 2,900 414,000 170,000 $ 1,043,400 Number of Employees 22 49 69 Req 3A 105 300 545 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Machine- Hours Required: 1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the…
Static budget versus flexible budget The production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: Hagerstown Company Machining Department Monthly Production Budget Wages Utilities Depreciation Total $1,090,000 49,000 82,000 $1,221,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced 100,000 91,000 82,000 May June July The Machining Department supervisor has been very pleased with this performance because actual expenditures for May-July have been significantly less than the monthly static budget of 1,221,000. However, the plant manager believes that the budget should not remain fixed for every month but should "flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows: $1,150,000 1,095,000 1,042,000…
Consider Derek's budget information: materials to be used, $63,300; direct labor, $199,200; factory overhead, $397,400; work in process inventory on January 1, $189,300; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$655,100 b.$849,200 c.$659,900 d.$194,100
Aspen Technologies has the following budget data: Estimated direct labor hours 9,400 Estimated direct labor dollars $56,600 Estimated factory overhead costs $178,600 If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is
Budgeted overhead £100,000 Actual overhead £90,000 Budgeted labour hours 20,000 Actual labour hours 21,000 Calculate the amount of under/over recovery of overheads. A Over absorption £15,000 B Over absorption £5,000 C Under absorption £15,000 D Under absorption £5,000
S Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Activity Usage Budgeted Cost $ 555,750 85,500 28,500 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) 13,000 1,500 11,400 570 71,250 Setups $ 741,000 Activity Assembly Product design Electricity Setup Total Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 680 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required 1 Required 2 Activity Usage Job 31 Required 3 320 43 56 6 Complete this question by…