Parsons Company is planning to produce 1,400 units of product in 2017. Each unit requires 3.40 pounds of materials at $5.80 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 50% of direct labor. Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.)
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- Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Arsons company is planning to produce 2,100 units of product in 2017. Each unit requires 1.60 pounds of materials at $6.40 per pound and a half-hour of labor at $16.00 per hour. The overhead rate is 60% of direct labor. Required A. Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. B. Compute the standard cost of one unit of production (round answer to 2 decimal places).
- Parsons Company is planning to produce 2,100 units of product in 2017. Each unit requires 2.20 pounds of materials at $6.20 per pound and a half-hour of labor at $12.00 per hour. The overhead rate is 40 % of direct labor. (a) Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. (b) Compute the standard cost of one unit of product.Parsons Company is planning to produce 1,900 units of product in 2020. Each unit requires 2.20 pounds of materials at $6.80 per pound and a half-hour of labor at $14.00 per hour. The overhead rate is 40% of direct labor. (a) Compute the budgeted amounts for 2020 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor Overhead (b) Standard cost $ Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.) $ $Henry Company is planning to produce 3,100 units of product in 2011. Each unit requires 3 pounds of materials at $6 per pound and a half hour of labor at $12 per hour. The overhead rate is 60% of direct labor. Compute the budgeted amounts for 2011 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor $ Applied overhead $ Compute the standard cost of one unit of product. (Round intermediate calculations and your answer to 2 decimal places, e.g. 10.50.) $
- Aaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year to be $770,000 and $500,000, respectively. Aaron allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are 17,000 hours and 5,000 hours, respectively. What is the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A. $29.41 per labor hour B. $1.54 per labor hour C. $154.00 per machine hour D. $100.00 per machine hourAns the followingJack and John Company make clocks. The fixed overhead costs for 2020 total $900,000. The company uses direct labor hours for fixed overhead allocation and anticipates 200,000 hours during the year for 330,000 units. An equal number of units are budgeted for each month. During June, 32,000 clocks were produced and $72,000 was spent on fixed overhead. a. Determine the fixed overhead rate for 2020 based on units of inputs. b. Determine the fixed overhead static-budget variance for June. c. Determine the production-volume overhead variance for June.
- Aaron, Inc. estimates direct labor costs and manufacturing overhead costs for the coming year to be $760,000 and $500,000, respectively. Aaron allocates overhead costs based on machine hours. The estimated total labor hours and machine hours for the coming year are 16,000 hours and 5,000 hours, respectively. What is the predetermined overhead allocation rate? (Round your answer to the nearest cent.) OA. $1.52 per labor hour OB. $100.00 per machine hour OC. $152.00 per machine hour O D. $31.25 per labor hourScotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.70 Total $10.85 At the start of 2021, Scotch Brand planned to produce 20,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $18,000 and the variable overhead costs are budgeted at $1.80 per case. The following information summarizes the results for 2021: Actual production, 21,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…Scotch Brand Products produces packaging tape and has determined the following to be its standard cost of producing one case of budget packaging tape: Material (3.50 ounces at $1.30 per ounce) $4.55 Labor (0.30 hour at $12.00 per hour) 3.60 Overhead 2.40 Total $10.55 At the start of 2021, Scotch Brand planned to produce 80,000 cases of tape during the year. Overhead is allocated based on the number of cases of tape produced. Annual fixed overhead is budgeted at $64,000 and the variable overhead costs are budgeted at $1.60 per case. The following information summarizes the results for 2021: Actual production, 81,000 cases Purchased 275,000 ounces of material at a total cost of $343,750 Used 266,250 ounces of material in production Employees worked 22,000 hours, total labor cost $275,000 Actual overhead incurred,…