Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Actual $144,000 27,000 $210,000 $350,000 Budget $150,000 30,000 Overhead Machine hours Direct materials Direct labor A. What is the predetermined overhead rate? 5 per machine hour B. How much overhead was applied during the year? 135,000 machine hours C. Was overhead over- or underapplied, and by what amount? Underapplied 9,000 ✓

Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Actual $144,000 27,000 $210,000 $350,000 Budget $150,000 30,000 Overhead Machine hours Direct materials Direct labor A. What is the predetermined overhead rate? 5 per machine hour B. How much overhead was applied during the year? 135,000 machine hours C. Was overhead over- or underapplied, and by what amount? Underapplied 9,000 ✓

Name: Mountain Peaks applies overhead on the basis of machine hours and rep
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Mountain Peaks applies overhead on the basis of machine hours and reports the following information:Actual$144,00027,000$210,000$350,000Budget$150,00030,000OverheadMachine hoursDirect materialsDirect laborA. What is the predetermined overhead rate?5

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

Reynolds Manufacturers Inc. has estimated total factory overhead costs of $88,800 and expected direct labor hours of 11,100 for the current fiscal year. If job number 117 incurs 2,000 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for Oa. $88,800 b. $2,000 Oc. $44,400 Od. $16,000
The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,056,000 $1,138,000
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. Activity Cost Pool Ordering and Receiving Machine Setup Machining Assembly I Inspection ( Cost Driver $1.20 per direct labor hour. $240 per order. $0.12 per part. $6,834 per order. Orders Setups Machine hours Parts Inspections Est. Overhead $ 120,000 297,000 1,500,000 1,200,000 MA 300,000 Cost Driver Activity W 500 orders 450 setups If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is 125,000 MH 1,000,000 parts 500 inspections P s 240
Bobby Pte Ltd charges manufacturing overhead to products by using a pre-determined overhead rate, computed on the basis of labour hours. The following data pertain to the current year:Budgeted manufacturing overhead $480,000Actual manufacturing overhead $440,000Budgeted labour hours 20,000Actual labour hours 16,000How much is overhead over-applied or under-applied, stating clearly whether it is over or under applied.
C Ltd has two departments A & B. Overhead is applied based on direct labour hours in department A and machine hours in department B. The following additional information is available: i) ii) iii) Budgeted Overheads Budgeted direct labour hours Budgeted direct labour cost Budgeted machine hours Department A Department B $300,000 $360,000 50,000 40,000 $240,000 $330,000 68,000 80,000 Compute the overhead rate for Department A. Compute the overhead rate for Department B. Given that the actual overheads were as follows Direct labour hours Direct labour cost Machine hours Actual overheads Dept. A 45,000 $60,000 25,000 $285,000 Dept. B 35,000 $50,000 75,000 $320,000 Calculate the under- or over-applied overheads for each department and for the organization as a whole.
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
Answer question D
Huxtabie charges manutacturing overhead to products by using a predelermned appicaton rate, comped on the basis of machine hours. The tolowing data pertain to the curent year Budgeted manufacturing overhead $470,000 Actual manutacturing overhead $ 428 900 Budgeted machine hours 23.500 Actual machine hours 18530 Overhead applied to production totaied $33800 $536600 $370.600 some other ahount
Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $420,000 $418,000 Machine hours 70,000 68,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing Overhead
Using the attached, Was the overhead underallocated or overallocated? By how much?
Direct labor hours are estimated as 1,900 in Quarter 1; 2,000 in Quarter 2; 1,800 in Quarter 3; and 2,200 in Quarter 4. Indirect material per hour $1.00 Supervisory salaries $16,000 Indirect labor per hour 1.25 Maintenance Salaries 4,000 Maintenance per hour 0.25 Property taxes and insurance 6,000 Utilities per hour 0.50 Depreciation 3,500 Prepare a manufacturing overhead budget using the above overhead information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Variable Costs Total Variable Manufacturing Costs $ Fixed Costs Total Fixed Manufacturing Costs Total Manufacturing Overhead