Mountain tops applies overhead on the basis of direct labor hours and reports the followinginformation: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000Direct 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, orunder applied and by how much?

A. 6B. 462,000C. Overapplied by 10,000Explanation:A. Predetermined Overhead Rate = Budgeted Overhead…

Answered: Mountain tops applies overhead on the…

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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The following information was gathered for the Milestone Company for the year: Budgeted overhead cost $300,000 Actual overhead cost $295,000 Budgeted activity 30,000 machine hours Actual activity 28,000 machine hours The overhead application rate is a.$9.83 b.none of these c.$10.54 d.$10.71 e.$10.00
Swifty Corporation provide the information from its accounting records for 2019: Expected production 80000 labor hours, Actual production 76000 labor hours, Budgeted overhead 1500000, Actual overhead 1440000. How much is the overhead application rate if Swifty Corporation bases it on direct labor hours?
Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $300,000 $292,000 Machine hours 50,000 47,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? $fill in the blank 3535e800bfde05e_1 per machine hour B. How much overhead was applied during the year? $fill in the blank 3535e800bfde05e_2 machine hours C. Was overhead over- or underapplied, and by what amount? $fill in the blank 3535e800bfde05e_4 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. fill in the blank 3f6f32f8efd7f8a_2 fill in the blank 3f6f32f8efd7f8a_3 fill in the blank 3f6f32f8efd7f8a_5 fill in the blank 3f6f32f8efd7f8a_6
A company estimated 120,000 direct labor hours and $1,200,000 in overhead. The actual overhead was $1,205,400, and there were 119,700 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year? Predetermined overhead rate $ per direct labor hour Overhead applied
A company estimated 80,000 direct labor hours and $640,000 in overhead. The actual overhead was $645,100, and there were 79,800 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year? Predetermined overhead rate $fill in the blank 1 Overhead applied per direct labor hour
During the year, 3,600 units were produced, 14,500 hours were worked, and the actual manufacturing overhead was $49,000. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours. (a) Calculate the total, fixed, and variable predetermined manufacturing overhead rates. (Round answers to 2 decimal places, e.g. 15.25.) Variable manufacturing overhead $ Fixed manufacturing overhead $ Total manufacturing overhead $ Rate 2.25
Lake Balboa Manufacturing Company decides to relate total factory overhead costs to direct labor hours (DLH) to develop a cost-volume formula in the form of y = a + bx. Observations from 2019 are collected. They are given and on the excel file. Month Direct Labor Hours Factory Overhead January 9,000 13,000 February 19,000 20,000 March 11,000 14,000 April 14,000 16,000 May 23,000 25,000 June 12,000 20,000 July 12,000 20,000 August 22,000 23,000 September 7,000 14,000 October 13,000 22,000 November 15,000 18,000 December 17,000 18,000 Total 174,000 hours $225,000 In October of 2020, the company used 13,000 direct labor hours. Using the cost formula for factory overhead calculated using the High-Low Method, calculate the factory overhead for October 2020.
Consider the following information: Budgeted overhead Actual overhead $ 250,000 $ 240,000 Budgeted machine hours 8,000 Actual machine hours 7,800 Net income before overhead adjustment $ 75,000 Compute the ADJUSTED Net Income
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.
Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $450,000 $441,000 Machine hours 50,000 48,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? $4 per machine hour B. How much overhead was applied during the year? $4 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.
The following annual amounts pertain to the Wolf Company: Estimated Overhead Costs Estimated Direct Labor hours $ 191,079 73,492 If actual overhead costs for the year amounted to $198,400 and actual direct labor worked amounted to 75.500 hours, then overhead would be Multiple Choice overapplied by $2112 underapplied by $2,112 underapplied by $2,100.
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:

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