es!Required informationUse the following information for the Quick Studies below. (Algo)Rafner Manufacturing has the following budgeted data for its two production departments.Budgeted DataOverhead costDirect labor hoursMachine hoursAssembly13,000 direct labor hours5,000 machine hours$ 1,560,000QS 17-6 (Algo) Computing plantwide overhead rates LO P11. What is the company's single plantwide overhead rate based on direct labor hours?Actual Direct labor costsActual Direct materialsActual machine hoursActual overhead costsBudgeted direct labor costsBudgeted direct labor hours2. What is the company's single plantwide overhead rate based on machine hours?Finishing19,000 direct labor hours15,000 machine hours$ 1,035,000

Overhead Rate :— It is the ratio of estimated overhead cost and estimated overhead cost driver. It…

Answered: -omputing plantwia 1. What is 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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how to i get total direct labor for a company with hours and cost number available?
Job order costing and process costing both: O a. All the given answers are correct. O b. assign direct materials cost, direct labor cost, and manufacturing overhead costs to products. O c. compute product cost per unit in the same manner. O d. use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. e. both allocate applied manufacturing overhead cost to product cost.
Manufacturing overhead is what is left after subtracting direct labor and direct material from total manufacturing costs. True or False True False
Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expens than the home consoles. The company only recently began producing the home model. Since the introduction of the new product. profits have been steadily declining. Management believes that the accounting system is not accurately allocating costs to products particularly because sales of the new product have been increasing Management has asked you to investigate the cost allocation problem. You find that manufacturing overhead is currently assigned to products based on their direct labor costs. For your investigation, you have data from last year. Manufacturing overhead was $1,366,000 based on production of 340.000 handheld consoles and 89,000 home consoles. Direct labor and direct materials costs were as follows. Direct labor Materials Handheld $1,294, 500 790,000 Cost Driver Number of production runs Quality tests performed Shipping orders processed Total overhead…
How do I calculate manufacturing overhead based on direct labor hours
Total manufacturing cost in a job-sheet for job-order costing, includes: a. Actual direct materials costs b. None of the given costs in the answers. С. Actual direct labor costs d. All of the given costs in the answers. e. Applied manufacturing overhead costs
Which of the following statement(s) islare correct? I. Manufacturing overhead includes all manufacturing costs except direct labor and direct materials II. Prime costs consist of direct material and direct labor. Conversion cost is essentially direct labor O A. I only O B. Il only O C. Both I & II D. Neither I nor II
E
In traditional approach, overheads are absorbed based on: a. Machine hours b. Direct labour c. All the options listed d. Direct wages
Use of a plantwide factory overhead rate assumes that the activities causing overhead costs are the same across all departments and products. True False
Required information [The following information applies to the questions displayed below.] Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all $684,000 of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Estimated Overhead. Cost $ 235,200 $73,600 $ 80,000 $ 295,200 Activity Cost Pool Machining Machine setups Product design General factory Activity Measure Machine-hours Number of setups Number of products Direct labor-hours: Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Product Y Product Z 6,600 5,400 40 120 1 7,600 6,800 Expected Activity 12,000 MHS 160 setups 2 products 14,400 DLHS
1. Overhead is most often applied to production on the basis ofa. direct labor hours.b. machine hours.c. raw material usage.d. number of units made.e. direct labor costs.

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-omputing plantwia 1. What is the company's single plantwide overhead rate based on direct labor hours? 2. What is the company's single plantwide overhead rate based on machine hours? Actual Direct labor costs AntenLD