Predetermined Overhead Rate, Application of Overhead Findley Company and Lemon Company both use predetermined overhead rates to apply manufacturing overhead to production. Findley's is based on machine hours, and Lemon's is based on materials cost. Budgeted production and cost data for Findley and Lemon are as follows: Manufacturing overhead Units Machine hours Required: Materials cost At the end of the year, Findley Company had incurred overhead of $915,000 and had produced 19,600 units using 47,780 machine hours and materials costing $445,000. Lemon Company had incurred overhead of $972,000 and had produced 61,500 units using 32,650 machine hours and materials costing $1,777,500. Findley Lemon 1. Compute the predetermined overhead rates for Findley Company and Lemon Company. Predetermined Overhead Rate per machine hour % of materials cost By how much? Findley $912,000 20,000 48,000 $450,000 $1,800,000 00 Lemon 2. Was overhead over- or underapplied for each company? Findley Lemon Findley: $ $990,000 60,000 33,750 Lemon: $

Predetermined Overhead Rate, Application of Overhead Findley Company and Lemon Company both use predetermined overhead rates to apply manufacturing overhead to production. Findley's is based on machine hours, and Lemon's is based on materials cost. Budgeted production and cost data for Findley and Lemon are as follows: Manufacturing overhead Units Machine hours Required: Materials cost At the end of the year, Findley Company had incurred overhead of $915,000 and had produced 19,600 units using 47,780 machine hours and materials costing $445,000. Lemon Company had incurred overhead of $972,000 and had produced 61,500 units using 32,650 machine hours and materials costing $1,777,500. Findley Lemon 1. Compute the predetermined overhead rates for Findley Company and Lemon Company. Predetermined Overhead Rate per machine hour % of materials cost By how much? Findley $912,000 20,000 48,000 $450,000 $1,800,000 00 Lemon 2. Was overhead over- or underapplied for each company? Findley Lemon Findley: $ $990,000 60,000 33,750 Lemon: $

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Description: **Predetermined Overhead Rate, Application of Overhead**Findley Company and Lemon Company both use predetermined overhead rates to apply manufacturing overhead to production. Findley’s is based on machine hours, and Lemon’s is based on materials cos

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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Har
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
Overhead rate per hour?
answer must be in table format or i will give down vote
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