Metal Company budgeted $572,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overhead:Budgeted Level for CostDriverOverhead Cost PoolMaterials handlingMachine setupMachine repairInspectionsDirect laborDirect materialsMachine setupMachine hoursInspectionsRequirements for Job # 971 which manufactured 4 units of product:Multiple ChoiceO $550.OBudgeted OverheadThe total overhead of Job # 971 under the Activity-Based Costing costing is:$11,435.Cost$ 196,00019,6001,60016,500$185.20 hours220 pounds30 setups16,700 machine hours15 inspections4,900 pounds560 setups32,000 machine hours330 inspectionsOverhead Cost DriverWeight of materialsNumber of setupsMachine hoursNumber of inspections

Name: Metal Company budgeted $572,000 manufacturing direct wages, 2,500 dir
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Metal Company budgeted $572,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overhead:Budgeted Level for CostDriverOverhead Cost PoolMaterials handlingMachine setupMachine repairInspectionsDirect laborDir

Using activity-based costing, the overhead is assigned to the production on the basis of different…

Business

Accounting

Metal Company budgeted $572,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overh Budgeted Overhead Budgeted Level for Cost Driver 4,900 pounds Overhead Cost Pool Materials handling Machine setup Machine repair Inspections Direct labor Direct materials equirements for Job # 971 which manufactured 4 units of product: achine setup achine hours nspections Cost $196,000 19,600 1,600 16,500 Multiple Choice 20 hours 220 pounds 30 setups 16,700 machine hours 15 inspections 560 setups 32,000 machine hours 330 inspections total overhead of Job #971 under the Activity-Based Costing costing is: Overhead Cost Driver Weight of materials Number of setups Machine hours Number of inspections

Metal Company budgeted $572,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overh Budgeted Overhead Budgeted Level for Cost Driver 4,900 pounds Overhead Cost Pool Materials handling Machine setup Machine repair Inspections Direct labor Direct materials equirements for Job # 971 which manufactured 4 units of product: achine setup achine hours nspections Cost $196,000 19,600 1,600 16,500 Multiple Choice 20 hours 220 pounds 30 setups 16,700 machine hours 15 inspections 560 setups 32,000 machine hours 330 inspections total overhead of Job #971 under the Activity-Based Costing costing is: Overhead Cost Driver Weight of materials Number of setups Machine hours Number of inspections

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Multiple Production Department Factory Overhead Rates The total factory overhead for Bardot Marine Company is budgeted for the year at $1,290,000, divided into two departments: Fabrication, $772,500, and Assembly, $517,500. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require three direct labor hours in Fabrication and two direct labor hours in Assembly. The bass boats require one direct labor hour in Fabrication and four direct labor hours in Assembly. Each product is budgeted for 7,500 units of production for the year. If required, round all per unit answers to the nearest cent. a. Determine the total number of budgeted direct labor hours for the year in each department. Fabrication direct labor hours Assembly direct labor hours b. Determine the departmental factory overhead rates for both departments. Fabrication per dlh Assembly per dlh c. Determine the factory overhead allocated per unit for each product using the department factory…
The following information for Donoghue Manufacturing Company for the period just ended: Actual: Variable manufacturing overhead $96,000 Fixed manufacturing overhead $90,000 Actual production completed 84,000 units Actual machine hours worked 30,000 hours Standard and Budgeted: Standard variable overhead rate per machine hour $3 Standard fixed overhead rate per machine hour $2 Standard machine processing time make 2 units per hour Budgeted machine hours 41,000 machine hours Budgeted production 82,000 units The fixed overhead budget variance for Donoghue Manufacturing Company is: A. $6,000 U B. $2,000 F C. $8,000 U D. $4,000 F E. None of the above.
sanju
Multiple production department factory overhead rates The total factory overhead for Cypress Marine Company is budgeted for the year at $567,500, divided into two Fabrication, $311,250, and Assembly, $256,250. Cypress Marine manufactures two types of boats: speedboats speedboats require two direct labor hours in Fabrication and three direct labor hours in Assembly. The bass boa labor hour in Fabrication and two direct labor hours in Assembly. Each product is budgeted for 5,000 units of pri If required, round all per unit answers to the nearest cent.
Factory depreciation Indirect labor Factory electricity Indirect materials Selling expenses Administrative expenses Total costs Tortilla chips Potato chips Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: Budgeted Volume Processing Hours (Cases) Per Case Pretzels Total Tortilla chips Potato chips $24,012 59,508 6,000 6,000 1,200 13,200 Pretzels 6,786 14,094 33,408 18,792 $156,600 Total If required, round all per-case answers to the nearest cent. a. Determine the single plantwide factory overhead rate. per processing hour 0.12 0.15 b. Use the overhead rate in (a) to determine the amount of total and per-case overhead allocated to each of the three products under generally accepted accounting principles. Total Per-Case Factory Overhead Factory Overhead 0.10
The Ring The Bells, Co. collected the following data regarding production of one of its products. Budgeted units 12,500 units Standard direct labor hours per unit of output 1.2 DL hours per unit Predetermined variable factory overhead rate $2.50 Per DL hour Predetermined fixed factory overhead rate $1.75 Per DL hour Actual finished units produced 11,800 units Actual direct labor hours 13,900 hrs. Actual variable overhead costs incurred $ 37,530 Actual fixed overhead costs incurred $ 28,500 Compute the variable overhead cost variance. a. $2,780U b. $30F c. $30U d. $2,130U e. $2,130F
23: Siding Company manufactures 3 types of siding for homes: Tin, Wood and Vipak The budgeted factory overhead cost is $3,000,000. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volumes and direct labor hours / unit: Expected Volume Direct Labor Hours / Unit Tin 5,000 units 4,000 units 5.0 Wood 3.0 Vival 2,000 units 7.0 Calculate 1: the Single Plantwide Overhead Rate, and 2: The overhead allocated to each product. Round any answers to 2 decimal places. Hint: you will need to calculate the total activity base as it is not given! Rate: Overhead Per Unit: Tin Wood Vival
Facebo... PIUK Lea se Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X DepartmentY on Direct materials $1400,000 $200,000 Direct manufacturing labor $400,000 $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct maternals: $50,000 Direct labor: Department X Department Y s 16,000 $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department X, the manufacturing overhead allocation rate is: Select one: a. 300% b. 33% C. 100% d. 66%% 23°C uaio
Production Department 1 (PD1) and Production Department 2 (PD2) had factory overhead budgets of $26,000 and $48,000, respectively. Each department was budgeted for 5,000 direct labor hours of production activity. Product T required 5 direct labor hours in PD1 and 2 direct labor hours in PD2. What is the factory overhead cost associated with Product T, assuming that factory overhead is allocated using the multiple production rate method? a. $40.40 b. $45.20 c. $26.00 d. $58.40
if job 10 consists of 50 units of product, what is the unit cost of this job?
A Company produces items to order and had the following budgeted overheads for the year on normal activity levels. Department Assembly Machining Painting Packing Labour: Budgeted Overheads Selling and administrative overheads are 10% of Factory Cost. The company received an order for 500 widgets, made as Batch 2024 and incurred the following costs. Assembly Dept: Machining Dept. Painting Dept. Packing Dept. Required: 36.000 86 000 40 000 30.000 Overhead Absorption Base 1500 per labour hours 2.500 per machine hours 1 800 per labour hours 1000 per labour hours 256 hours (2) $4.25 per hour 904 hours $2.50 per hour 180 hours) $3.25 per hour 350 hours @ $5.25 per hour Calculate the OAR's for each department. Calculate the total cost of the Batch showing clearly: i. Prime Cost ii. Factory Cost iii. Total Cost of the Batch