Answered: Required: 1. Compute the predetermined…

Name: Hamilton Company applies manufacturing overhead costs to products bas
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimatesmanufacturing overhead cost for the year to be $254,000 and direct labor hours to be 20,000. Actual overhead for the year was$270,000

Business

Accounting

Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 22,400 direct labor hours, how much manufacturing overhead is applied to their job?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jazz Man, Inc. makes saxophones. Applied Overhead for the period was $24,400. Actual Overhead was $25,321. In this situation the Factory Overhead Account would have a ______________ balance and the Factory Overhead would be _____________________. credit, overapplied debit, underapplied debit, overapplied credit, underapplied
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the yea the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively?
Figuring a predetermined overhead rate using direct materials as the allocation base. $130500 estimated manufacturing overhead cost and $87000 as allocation base. Then whats next in the formula
Hultquist Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at the beginning of the period to calculate predetermined overhead rates: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Forming Customizing Total 6,000 4,000 10,000 $20,400 $ 2.50 $9,600 $30,000 $ 5.00 During the period, the company started and completed two jobs-Job C and Job L. Data concerning those two jobs follow: Job C Job L $15,500 $9,100 $22,300 $9,300 1,250 4,750 1,250 2,750 Direct materials Direct labor cost Forming machine-hours Customizing machine-hours
Computing Total Job Costs and Unit Product Costs Using a Plantwide Predetermined Overhead Rate Mickley Company’s plantwide predetermined overhead rate is $14.00 per direct labor-hour and its direct labor wage rate is $ 17.00 per hour. The following information pertains to Job A-500: Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 40 units, what is the unit product cost for this job?
2.A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $82,749 and the cost drivers for Product 1 is 359 and 282 for Product 2. The assembling activity pool has estimated costs of $63,039 and the cost drivers for Product 1 is 200 and 300 for Product 2. Direct labor hours for Product 1 is 497and 303 for Product 2. What is the total manufacturing overhead cost to be assigned to Product 1 using a single overhead rate as under tradional cost accounting? Round your final answer to the nearest whole dollar and do not put a dollar sign in your answer.
Carver Company uses a plantwide overhead rate based on direct labor costs. Suppose that Carver raises its wage rate for direct labor during the year. How would that affect the overhead applied? The total cost of jobs?
Mickley Company's plantwide predetermined overhead rate is $20.00 per direct labor-hour and its direct labor wage rate is $10.00 per hour. The following information pertains to Job A-500: Direct materials. Direct labor $ 260 $ 50 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 80 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) 1. Total manufacturing cost 2. Unit product cost per unit
Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
Ee.78.
Single Plantwide Factory Overhead Rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory depreciation Indirect labor Factory electricity Indirect materials Selling expenses Tortilla chips Potato chips Pretzels Administrative expenses Total costs Factory overhead is allocated to the three products on the basis of processing hours. The products had the following production budget and processing hours per case: I Budgeted Volume (Cases) Total If required $20,857 51,690 5,894 3,300 2,400 5,700 11,400 12,243 29,019 16,323 $136,026 Processing Hours Per Case 0.10 0.15 0.12
True/false 1) Activity-based costing information is recorded on a job sheet each month which is later posted to the general ledger at the end of the year. ________ 2. A factory production manager’s salary is considered an organizational sustaining activity cost. ________ 3. First stage allocation is the process by which overhead costs are assigned to activity cost pools in an activity-based costing system. ________ 4. Interviewing operating-level managers is a poor way of determining cost pools in first-stage allocation. ________ 5. Production accountants applying activity rates to cost pools in activity-based costing will be able to calculate standard costs. ________ 6. The process of budgeting often takes place during the process of evaluation. ________ 7. Preparation of the cash budget often precedes the preparation of the sales budget. ________ 8. The self-imposed budget is the same as a top-down budget. ________ 9. The Chief Executive Officer of a corporation…