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- 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: 150,000Costprovide the correct answr
- The following costs were incurred in May: Direct materials $33,000 Direct labor $13,000 Manufacturing overhead $23,000 Selling expenses $16,000 Administrative expenses $34,000 Prime costs during the month totaled: Multiple Choice $69,000 $46,000 $119,000 $36,000Direct materials $47,900 Direct labor $36,000 Manufacturing overhead $30,200 Selling expenses $20,800 Administrative expenses $32,300 Conversion costs during the month totaled: Multiple Choice $66,200 $78,100 $167,200 $83,900Answer question D
- The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses Conversion costs during the month totaled: O $54,000 O $133,000 O $59,000 O $87,000 $ 41,000 $ 13,000 $ 46,000 $ 18,000 $ 15,000NoneMachine-hours 61,000Manufacturing overhead cost $ 1,324,000Inventories at year-end:Raw materials $ 16,000Work in process (includes overhead applied of $115,900) $ 188,000Finished goods (includes overhead applied of $208,620) $ 338,400Cost of goods sold (includes overhead applied of $834,480) $ 1,353,600The predetermined overhead rate was based on a cost formula that estimates $1,368,000 of total manufacturing overhead for an estimated activity level of 72,000 machine-hours.Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry.What is the journal entry amount?I have the entries ( COGS & Finished Goods).
- Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual $150,000 30,000 Overhead Machine hours Direct materials Direct labor $144,000 27,000 $210,000 $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? UnderappliedMountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $420,000 $418,000 Machine hours 70,000 68,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing OverheadSpree Party Lights overhead expenses are: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.00 Variable maintenance per unit $0.75 Variable utilities per unit $0.10 Supervisor salaries $9,000 Maintenance salaries $9,000 Insurance $3,000 Depreciation $1,600 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 2,900, and 2,700, respectively.
