Predetermined Factory Overhead RateRoad 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 partsShop direct laborShop and repair equipment depreciationShop supervisor salariesShop property taxesShop suppliesAdvertising expenseAdministrative office salariesAdministrative office depreciation expenseTotal costs and expensesThe average shop direct labor rate is $22 per hour.$1,054,900770,00039,700110,40020,00015,40021,10090,70011,600$2,133,800Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.per direct labor hour

To compute: Predetermined shop overhead rate = (Shop and repair equipment depreciation + Shop…

Answered: Predetermined Factory Overhead Rate…

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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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 $901,500 Shop direct labor 658,000 Shop and repair equipment depreciation 70,400 Shop supervisor salaries 195,800 Shop property taxes 35,500 Shop supplies 27,300 Advertising expense 18,000 Administrative office salaries 77,500 Administrative office depreciation expense 9,900 Total Cost and Expenses $1,993,900 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$fill in the blank 1 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
Predetermined Factory Overhead Rate Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $400,000 Shop direct labor 1,992,000 Shop and repair equipment depreciation 64,220 Shop supervisor salaries 210,000 Shop property taxes 57,390 Shop supplies 14,500 32,000 230,000 12,000 $3,012,110 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $40.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
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 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 $ 35,000 $ 39,000 9,980 56,000 Required 134 Required 2 and 5 20,900 33,500 Cost of direct labor used $ 183,000 200,000 1. In the Raw Materials Inventory T-account, Insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, Insert amounts for…
Predetermined Factory Overhead Rate Spring Street 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 $753,500 Shop direct labor 550,000 Shop and repair equipment depreciation 31,000 Shop supervisor salaries 86,300 Shop property tax 15,700 Shop supplies 12,000 Advertising expense 15,100 Administrative office salaries 64,800 Administrative office depreciation expense 8,300 Total costs and expenses $1,536,700 The average shop direct labor rate is $22 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$fill in the blank 1 per direct labor hour
Predetermined Factory Overhead Rate Novus 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 $767,200 Shop direct labor 560,000 Shop and repair equipment depreciation 68,500 Shop supervisor salaries 190,400 - Shop property taxs 34,600 Shop supplies 26,500 Advertising expense 15,300 . Administrative office salaries 66,000 Administrative office depreciation expense 8,400 Total costs and expenses $1,736,900 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round your answer to the nearest cent. %24 per direct labor hour
work Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process $ 29,000 9,600 51,000 Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Incurred other overhead costs (record credit to Other Accounts). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet
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 $1,233,000 900,000 79,900 222,200 40,300 31,100 24,700 106,000 13,600 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 $2,650,800
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
Brooklyn Company produces leather bags for individual or corporates. On December 1, there were three jobs in process with the following costs attached below Questions : If overhead is applied on the basis of electricity consumed, what is the overhead rate? If overhead is applied on the basis of direct material consumed, what is the overhead rate? Please compute the overhead allocated for each job if the basis used is electricity consumed.

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