Predetermined factory overhead rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: DATA Disposable supplies $413, 200 Depreciation expense 103, 400 Utilities 44,100 Nurse salaries 384, 200 Technician wages 175, 100 Total operating room overhead $1, 120,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. The number of hours per day and days per week that Poehling Medical Center expects to use the operating room and the number of weeks per year for general repairs are provided

Predetermined factory overhead rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: DATA Disposable supplies $413, 200 Depreciation expense 103, 400 Utilities 44,100 Nurse salaries 384, 200 Technician wages 175, 100 Total operating room overhead $1, 120,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. The number of hours per day and days per week that Poehling Medical Center expects to use the operating room and the number of weeks per year for general repairs are provided

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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Single Plantwide Factory Overhead Rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory depreciation $21,267 Indirect labor 52,706 6,010 12,483 29,589 16,644 $138,699 Factory electricity Indirect materials Selling expenses Administrative expenses Total costs Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: Processing Hours Budgeted Volume (Cases) Per Case Tortilla chips Potato chips Pretzels Tortilla chips Potato chips Pretzels Total 1,500 3,300 6,300 11,100 $ Total If required, round all per-case answers to the nearest cent. a. Determine the single plantwide factory overhead rate. per processing hour b. Use the overhead rate in (a) to determine the amount of total and per-case overhead allocated to each of the three products under…
Your Company uses a predetermined overhead rate in applying overhead to production orders on a labor cost basis in Department A and on a machine-hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates: Dept. A Dept. B Direct labor cost $56,000 $33,000 Manufacturing overhead $67,200 $45,000 Direct labor hours 8,000 9,000 Machine hours 4,000 15,000 The Johnson job used 300 machine hours and incurred $5,000 of labor costs. What was the total overhead applied to this job?
Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, the annual operating room overhead is estimated to be: Disposable supplies $222,000 Depreciation expense 40,000 Utilities 23,300 Nurse salaries 333,400 Technician wages 109,300 Total operating room overhead $728,000 The overhead costs will be assigned to procedures, based on the number of surgical room hours. Poehling Medical Center expects to use the operating room an average of eight hours per day, seven days per week. In addition, the operating room will be shut down two weeks per year for general repairs. a. Determine the predetermined operating room overhead rate for the year.$ per…
Service Department Cost Allocation Overhead rate per hour, etching: $10.602 (rounded) Maintenance department costs allocated to finishing: $87,111Using Celestial Artistry Company is developing departmental overhead rates based on direct-labor hours for its two production departments, Etching and Finishing. The Etching Department employs 20 people, and the Finishing Department employs 80 people. Each person in these two departments works 2,000 hours per year. The production-related overhead costs for the Etching Department are budgeted at $200,000, and the Finishing Department costs are budgeted at $320,000. Two service departments, Maintenance and Computing, directly support the two production departments. These service departments have budgeted costs of $48,000 and $250,000, respectively. The production departments’ overhead rates cannot be determined until the service departments’ costs are allocated. The following schedule reflects the use of the Maintenance Department’s and…
Activity-Based Costing: Factory Overhead Costs NOORGOGUO The total factory overhead for Bardot Marine Company is budgeted for the year at $1,205,100, divided into four activities: fabrication, $528,000; assembly, $192,000; setup, $262,350; and inspection, $222,750. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each product by each activity are as follows: Fabrication 8,250 dih 24,750 33,000 dih Assembly 24,000 dih 8,000 32,000 din 495 setups Each product is budgeted for 6,000 units of production for the year. a. Determine the activity rates for each activity. Fabrication per direct labor hour Assembly per direct labor hour Setup per setup. Inspection per inspection b. Determine the activity-based factory overhead per unit for each product. Round to the nearest whole dollar. Speedboat Bass boat Speedboat Bass boat per unit per unit Setup 59 setups 436 Inspection 103 inspections 722 825 inspections
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urrent Attempt in Progress During January, its first month of operations, Ayayai Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor $6.700, and utilities payable $2,100. In January, requisitions of raw materials for production are as follows: Job 1 $960, Job 2 $1,200, Job 3 $790, and general factory use $680. Record raw materials used. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45)) Accumulated costs Direct materials used Indirect materials used Ending balance Raw Materials Inventory $ 5400 $ Manufacturing Costs Factory Labor 6700 Manufacturing Overhead 2100 Work in Proc
Single Plantwide factory Overhead Rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory depreciation Indirect labor $20,770 51,474 Factory electricity Indirect materials Selling expenses Administrative expenses Total costs 5,870 12,192 28,898 16,255 $135,459 Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: Budgeted Volume Processing Hours (Cases) Per Case Tortilla chips 5,100 0.12 Potato chips 3,300 0.15 Pretzels 4,500 0.10 Total 12,900 If required, round all per-case answers to the nearest cent. a. Determine the single plantwide factory overhead rate. $ ✗ per processing hour b. Use the overhead rate in (a) to determine the amount of total and per-case overhead allocated to each of the three products under generally accepted accounting…
Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
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