**Predetermined Factory Overhead Rate**Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:- Engine parts: $843,900- Shop direct labor: $616,000- Shop and repair equipment depreciation: $65,900- Shop supervisor salaries: $183,300- Shop property taxes: $32,300- Shop supplies: $25,500- Advertising expense: $16,900- Administrative office salaries: $72,600- Administrative office depreciation expense: $9,300Total costs and expenses: $1,865,700The average shop direct labor rate is $14 per hour.Determine the predetermined shop overhead rate per direct labor hour. **Round the answer to the nearest whole cent.**$_____ per direct labor hour

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Description: **Predetermined Factory Overhead Rate**Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:- Engine parts: $843,900- Shop dire

Shop Equipment Dep 65,900 Sup. Salary 183,300 Property taxes 33,300 Supplies 25,500…

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Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $843,900 Shop direct labor 616,000 Shop and repair equipment depreciation 65,900 Shop supervisor salaries 183,300 Shop property taxes 33,300 Shop supplies 25,500 Advertising expense 16,900 Administrative office salaries 72,600 Administrative office depreciation expense 9,300 Total costs and expenses $1,866,700 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour

Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $843,900 Shop direct labor 616,000 Shop and repair equipment depreciation 65,900 Shop supervisor salaries 183,300 Shop property taxes 33,300 Shop supplies 25,500 Advertising expense 16,900 Administrative office salaries 72,600 Administrative office depreciation expense 9,300 Total costs and expenses $1,866,700 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour

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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Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used. Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,287,800 940,000 50,300 139,800 25,400 19,500 25,800 110,800 14,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,613,600
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redetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $637,100 Shop direct labor 465,000 Shop and repair equipment depreciation 51,100 Shop supervisor salaries 142,000 Shop property taxes 25,800 Shop supplies 19,800 Advertising expense 12,700 Administrative office salaries 54,800 Administrative office depreciation expense 7,000 Total costs and expenses $1,415,300 The average shop direct labor rate is $15 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$ per direct labor hour
I need ALL parts of this question answered Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,350 Raw materials $ 3,350 Work in process 15,350 Finished goods 19,350 38,050 Property, plant, and equipment (net) 229,350 Total assets $277,750 Liabilities and Stockholders’ Equity: Accounts payable $ 15,175 Retained earnings 262,575 Total liabilities and stockholders’ equity $277,750 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,350 (2) Raw materials used in production (direct materials) $ 50,350 (3) Raw materials used in production (indirect materials) $ 7,175 (4) Direct labor paid in cash $…
Predetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $949,400 Shop direct labor 693,000 Shop and repair equipment depreciation 59,300 Shop supervisor salaries 164,900 Shop property taxes 29,900 Shop supplies 23,100 Advertising expense 19,000 Administrative office salaries 81,600 Administrative office depreciation expense 10,400 Total costs and expenses $2,030,600 The average shop direct labor rate is $21 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
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Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $6,240 Job 11-102 9,000 Job 11-103 7,210 Job 11-104 6,750 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
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