! Required information EX 3-35,3-36 (Algo) Predetermined Overhead Rate; Various Cost Drivers (LO 3-4) [The following information applies to the questions displayed below.] The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate Cost Drivers (a) Machine hours (b) Direct-labor hours (c) Direct-labor dollars EX 3-35 (Algo) Part 2 Calculate the overapplied or underapplied overhead... 2. Calculate the overapplied or underapplied overhead for the year using each of the following cost drivers. Note: Round intermediate calculation to 2 decimal places. Overapplied overhead Underapplied overhead Overapplied overhead $ $ $ Amount $ 205,000 338,000 10,000 20,000 $14 60,400 8,400 61,800 $364,000 11,000 18,000 $ 17
! Required information EX 3-35,3-36 (Algo) Predetermined Overhead Rate; Various Cost Drivers (LO 3-4) [The following information applies to the questions displayed below.] The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate Cost Drivers (a) Machine hours (b) Direct-labor hours (c) Direct-labor dollars EX 3-35 (Algo) Part 2 Calculate the overapplied or underapplied overhead... 2. Calculate the overapplied or underapplied overhead for the year using each of the following cost drivers. Note: Round intermediate calculation to 2 decimal places. Overapplied overhead Underapplied overhead Overapplied overhead $ $ $ Amount $ 205,000 338,000 10,000 20,000 $14 60,400 8,400 61,800 $364,000 11,000 18,000 $ 17
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Required information
EX 3-35,3-36 (Algo) Predetermined Overhead Rate; Various Cost Drivers (LO 3-4)
[The following information applies to the questions displayed below.]
The following data pertain to the Oneida Restaurant Supply Company for the year just ended.
Budgeted sales revenue
Actual manufacturing overhead
Budgeted machine hours (based on practical capacity)
Budgeted direct-labor hours (based on practical capacity)
Budgeted direct-labor rate
Budgeted manufacturing overhead
Actual machine hours
Actual direct-labor hours
Actual direct-labor rate
EX 3-35 (Algo) Part 2 Calculate the overapplied or underapplied overhead...
2. Calculate the overapplied or underapplied overhead for the year using each of the following cost drivers.
Note: Round intermediate calculation to 2 decimal places.
Cost Drivers
(a) Machine hours
(b) Direct-labor hours
(c) Direct-labor dollars
Overapplied overhead
Underapplied overhead
Overapplied overhead
$
$
$
$ 205,000
338,000
10,000
20,000
$ 14
$364,000
11,000
18,000
$17
Amount
60,400
8,400
61,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F693c70a1-d109-4c6c-8ade-70bd8d4207fb%2Fa44d155e-a209-493b-9cd4-3cc5fb653145%2F6nmcocw_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
EX 3-35,3-36 (Algo) Predetermined Overhead Rate; Various Cost Drivers (LO 3-4)
[The following information applies to the questions displayed below.]
The following data pertain to the Oneida Restaurant Supply Company for the year just ended.
Budgeted sales revenue
Actual manufacturing overhead
Budgeted machine hours (based on practical capacity)
Budgeted direct-labor hours (based on practical capacity)
Budgeted direct-labor rate
Budgeted manufacturing overhead
Actual machine hours
Actual direct-labor hours
Actual direct-labor rate
EX 3-35 (Algo) Part 2 Calculate the overapplied or underapplied overhead...
2. Calculate the overapplied or underapplied overhead for the year using each of the following cost drivers.
Note: Round intermediate calculation to 2 decimal places.
Cost Drivers
(a) Machine hours
(b) Direct-labor hours
(c) Direct-labor dollars
Overapplied overhead
Underapplied overhead
Overapplied overhead
$
$
$
$ 205,000
338,000
10,000
20,000
$ 14
$364,000
11,000
18,000
$17
Amount
60,400
8,400
61,800
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Step 1: Introduce to predetermined overhead rate
VIEWStep 2: Working for budgeted and actual direct labor dollars
VIEWStep 3: Working for overapplied or underapplied overhead using machine hours
VIEWStep 4: Working for overapplied or underapplied overhead using direct labor hours
VIEWStep 5: Working for overapplied or underapplied overhead using direct labor dollars
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