Monty Corporation compiled the following information for the current period. Monty uses direct labor cost as a cost driver. How muchmanufacturing overhead did Monty apply during the current period?Budgeted Manufacturing OverheadBudgeted Direct Labor HoursBudgeted Direct Labor CostBudgeted Machine Hours$651000200000 hours$310000100000 machine hoursActual Manufacturing Overhead incurred$510000Actual Direct Labor Hours used150000 hoursActual Direct Labor Cost incurred$335000目

Name: Monty Corporation compiled the following information for the current
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Monty Corporation compiled the following information for the current period. Monty uses direct labor cost as a cost driver. How muchmanufacturing overhead did Monty apply during the current period?Budgeted Manufacturing OverheadBudgeted Direct Labor

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Monty Corporation compiled the following information for the current period. Monty uses direct labor cost as a manufacturing overhead did Monty apply during the current period? Budgeted Manufacturing Overhead Budgeted Direct Labor Hours $651000 200000 hours Budgeted Direct Labor Cost $310000 Budgeted Machine Hours 100000 machine hours Actual Manufacturing Overhead incurred $510000 Actual Direct Labor Hours used 150000 hours Actual Direct Labor Cost incurred $335000

Monty Corporation compiled the following information for the current period. Monty uses direct labor cost as a manufacturing overhead did Monty apply during the current period? Budgeted Manufacturing Overhead Budgeted Direct Labor Hours $651000 200000 hours Budgeted Direct Labor Cost $310000 Budgeted Machine Hours 100000 machine hours Actual Manufacturing Overhead incurred $510000 Actual Direct Labor Hours used 150000 hours Actual Direct Labor Cost incurred $335000

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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Chang Company provided the following data for this year: Manufacturing overhead costs incurred: Indirect materials. Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 16,600 146,000 9,600 86,000 252,700 11,600 $ 522,500 $ 416,000 $ 76,000 $ 21,600 $ 31,600 $ 41,600 $ 71,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 21,300 machine- hours were used during the year. Required: 1. Compute the underapplied or overapplied overhead cost. 2. Prepare a schedule of cost of goods manufactured.
Swifty Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $1660000 $1555000 320000 100000 O $1660000 applied and $1036250 overapplied O $1555000 applied and neither under-nor overapplied O $518750 applied and $1036250 underapplied O $518750 applied and $1036250 overapplied
The related data of Manushi Company: Actual direct labor hours 10,000 Actual overhead cost 682,500 Overapplied factory overhead 125,700 Factory overhead is based on direct labor hours. How much is the predetermined rate?
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Crane Corporation accumulates the following data relative to jobs started and finished during the month of June 2022 Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor, hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $2.20 11.200 $169,500 15,000 $214,452 Standard $2 10,400 $161,120 15,200 $209,760 41.500 $3.10 $1.50 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $458,000. Selling and administrative expenses were $35,700. Assume that the amount of raw materials purchased equaled the amount used.
step in overhead planning and control. After much effort and analysis, you estimated the following cost formulas and gathered the following actual cost data for March: Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,100 + $0.15 per machine-hour $38,100 + $1.60 per machine-hour $0.50 per machine-hour $94,500 + $2.10 per machine-hour $67,700 Actual Cost in March $ 20,450 $ 59,100 $ 8,300 $ 131,100 $ 69,400 During March, the company worked 15,000 machine-hours and produced 9,000 units. The company originally planned to work 17,000 machine-hours during March. Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the spending variances for March. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…
Coronado Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under-or overapplication of overhead for the period? Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours $3100000 $2940000 350000 280000 O $2480000 applied and $460000 overapplied O $2940000 applied and neither under- nor overapplied O $2480000 applied and $460000 underapplied O $3100000 applied and $460000 overapplied
Island Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $375,000 and budgeted machine hours were 12.500 Actual factory overhead was $387920 and actual machine hours were 13150 Required a Compute the overhead application rate b Compute the amount of overhead applied to production c. Determine the amount of over or underappled overhead
ps//camdenccinstructure.com/courses/3788/assignmen LU Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100000 for the year. Cost Driver Activity Cost Pool Ordering and Receiving Orders Est. Overhead $ 130000 Machine Setup Setups 306000 Machining Machine hours 1537500 Assembly Parts 1220000 Inspection 310000 Inspections If overhead is applied using traditional costing based on direct labor hours, the overhead application rate is O $35.04. O $12.20. O $9.89. O $15.38. ip
Reyes Corporation applies overhead using an actual... Reyes Corporation applies overhead using an actual costing approach. Budgeted factory overhead was $271,008, and budgeted machine-hours were 18,820. Actual factory overhead was $289,520, and actual machine-hours were 19,370. How much overhead would be applied to production? Multiple Choice $271,008 $275,920 $281,159 $289,520
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Multiple Choice $685 per order $675 per order $544 per order $665 per order