Homework Help is Here – Start Your Trial Now!
Business
Accounting
rent companies use different bases in computing their predetermined overhead rates. From the following data compute the predetermined rate used by each company. Direct labor-hours Direct labor cost Manufacturing Overhead Cost Basis for determining predetermined overhead rate Company Information Machine-hours Rock Paper Scissors Total estimated overhead cost ? Assume the actual hours and cost data were: Rock Rock 2. Compute the overhead for each company. Actual Quantity of Company the Allocation Base ? Used by Each 100,100 50,700 $805,000 $394,450 (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the overhead for each company. Direct labor cost Information Rock Paper Scissors Machine-hours Direct labor-hours 110,600 190,800 137,600 44,800 48,000 40,400 Direct labor cost $846,500 $704,700 $397,800 Manufacturing Overhead Cost $459,000 $399,700 $373,900 base 20,300 48,700 Total estimated quantity of the overhead allocation Paper $741,400 $447,066 Direct labor- hours Predetermined Overhead Allocation Rate Scissors 11 125,100 38,300 $407,900 $421,587 Machine- hours 11 = Overhead Allocation Predetermined Rate Job Allocated Manufacturing Overhead Cost

rent companies use different bases in computing their predetermined overhead rates. From the following data compute the predetermined rate used by each company. Direct labor-hours Direct labor cost Manufacturing Overhead Cost Basis for determining predetermined overhead rate Company Information Machine-hours Rock Paper Scissors Total estimated overhead cost ? Assume the actual hours and cost data were: Rock Rock 2. Compute the overhead for each company. Actual Quantity of Company the Allocation Base ? Used by Each 100,100 50,700 $805,000 $394,450 (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the overhead for each company. Direct labor cost Information Rock Paper Scissors Machine-hours Direct labor-hours 110,600 190,800 137,600 44,800 48,000 40,400 Direct labor cost $846,500 $704,700 $397,800 Manufacturing Overhead Cost $459,000 $399,700 $373,900 base 20,300 48,700 Total estimated quantity of the overhead allocation Paper $741,400 $447,066 Direct labor- hours Predetermined Overhead Allocation Rate Scissors 11 125,100 38,300 $407,900 $421,587 Machine- hours 11 = Overhead Allocation Predetermined Rate Job Allocated Manufacturing Overhead Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Topic Video
Question
Please provide answer in text (Without image)
Different companies use different bases in computing their predetermined overhead rates. From the following data compute the predetermined rate used by each company. Information Machine-hours Direct labor-hours Direct labor cost Manufacturing Overhead Cost Basis for determining predetermined overhead rate Total estimated Company overhead cost Rock Paper Scissors Assume the actual hours and cost data were: (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the overhead for each company. 2. Compute the overhead for each company. Actual Quantity of Company the Allocation Base Used by Each Rock Paper Scissors Rock Date Information Rock Paper Scissors 110,600 190,800 137,600 Machine-hours Direct labor-hours 44.800 48,000 40,400 Direct labor cost $846,500 $704,700 $397,800 Manufacturing Overhead Cost $459,000 $399,700 $373,900 Paper Date ? Scissors Date Description Description Description ? 100,100 50,700 $805,000 $394,450 V V V Direct labor cost Rock Total estimated quantity of the overhead allocation. Debit Debit base Debit 20,300 48,700 $741,400 $447,066 Direct labor- hours Predetermined Overhead Allocation Rate Paper Credit Credit 3. Prepare the journal entries to adjust for overallocated or underallocated overhead to Cost of Goods Sold for each company. Credit = = = - = Scissors = 125,100 38,300 $407,900 $421,587 Machine- hours. Predetermined Overhead Allocation Rate Job Allocated Manufacturing Overhead Cost
Transcribed Image Text:Different companies use different bases in computing their predetermined overhead rates. From the following data compute the predetermined rate used by each company. Information Machine-hours Direct labor-hours Direct labor cost Manufacturing Overhead Cost Basis for determining predetermined overhead rate Total estimated Company overhead cost Rock Paper Scissors Assume the actual hours and cost data were: (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the overhead for each company. 2. Compute the overhead for each company. Actual Quantity of Company the Allocation Base Used by Each Rock Paper Scissors Rock Date Information Rock Paper Scissors 110,600 190,800 137,600 Machine-hours Direct labor-hours 44.800 48,000 40,400 Direct labor cost $846,500 $704,700 $397,800 Manufacturing Overhead Cost $459,000 $399,700 $373,900 Paper Date ? Scissors Date Description Description Description ? 100,100 50,700 $805,000 $394,450 V V V Direct labor cost Rock Total estimated quantity of the overhead allocation. Debit Debit base Debit 20,300 48,700 $741,400 $447,066 Direct labor- hours Predetermined Overhead Allocation Rate Paper Credit Credit 3. Prepare the journal entries to adjust for overallocated or underallocated overhead to Cost of Goods Sold for each company. Credit = = = - = Scissors = 125,100 38,300 $407,900 $421,587 Machine- hours. Predetermined Overhead Allocation Rate Job Allocated Manufacturing Overhead Cost
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS