Read the requirements. CETTE Requirement 1. Compute Metal's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. = Predetermined overhead.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I need the answer of last three requirement

I need the answer of last three requirement

I need the answer of last three requirement

 

please answer within the format by providing formula the detailed working
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Please provide answer in text (Without image)
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Metal Foundry in Youngstown, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to
individual jobs based on the machine hours required. At the beginning of the year, the company expected o incur
the following:
View the costs.
Read the requirements.
Requirement 1. Compute Metal's predetermined manufacturing overhead rate.
Determine the formula to calculate the predetermined overhead rate, then calculate the rate.
Costs
+
Requirements
***
Manufacturing overhead costs
Direct labor cost
Machine hours
At the end of the year, the company had actually incured the following:
Direct labor cost
$ 1,200,000
Depreciation on manufacturing plant and equipment. $ 480,000
Property taxes on plant
...... $
20,000
Sales salaries
$
26,000
Delivery drivers' wages
. $
15,500
Plant janitors' wages
$
9,000
Machine hours
... 56,500 hours
Print
Print
.. ... ►
Done
.. •
.........
*** •
Done
M Predetermined overhead rate
$ 570,000
$ 1,450,000
71,250
1. Compute Metal's predetermined manufacturing overhead rate.
2. How much manufacturing overhead was allocated to jobs during the year?
3. How much manufacturing overhead was incurred during the year? Is
manufacturing overhead underallocated or overallocated at the end of
the year? By how much?
4. Were the jobs overcosted or undercosted? By how much?
Transcribed Image Text:Metal Foundry in Youngstown, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected o incur the following: View the costs. Read the requirements. Requirement 1. Compute Metal's predetermined manufacturing overhead rate. Determine the formula to calculate the predetermined overhead rate, then calculate the rate. Costs + Requirements *** Manufacturing overhead costs Direct labor cost Machine hours At the end of the year, the company had actually incured the following: Direct labor cost $ 1,200,000 Depreciation on manufacturing plant and equipment. $ 480,000 Property taxes on plant ...... $ 20,000 Sales salaries $ 26,000 Delivery drivers' wages . $ 15,500 Plant janitors' wages $ 9,000 Machine hours ... 56,500 hours Print Print .. ... ► Done .. • ......... *** • Done M Predetermined overhead rate $ 570,000 $ 1,450,000 71,250 1. Compute Metal's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By how much?
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