Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Rex Industries data Activity Machine setups Machine hours Inspections Overhead per Activity $155,000 352,800 120,750 Annual Usage 4,000 14,112 3,500 Overhead Rate per Activity $ Complete the chart and compute the overhead rate for each activity. Round to the nearest penny, two decimal places.

Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Rex Industries data Activity Machine setups Machine hours Inspections Overhead per Activity $155,000 352,800 120,750 Annual Usage 4,000 14,112 3,500 Overhead Rate per Activity $ Complete the chart and compute the overhead rate for each activity. Round to the nearest penny, two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Geometrigo Inc. has three producing departments (Sine, Cosine, and Tangent) and two service departments (Rhombus and Triangle). Data that summarize overhead activity for January are: How much is the total overhead of Rhombus Department under reciprocal approach? Round your answer to two decimal places. 2. How much is the total overhead of Sine Department under reciprocal approach? Round your answer to whole number. 3. How much is the overhead rate if direct labor hour will be used for Cosine Department? Round your answer to two decimal places.
1. What is the activity rate for Activity 1, Activity 2, and Activity 3? (figures only, round off 2 decimal places). 2.What is the overhead cost attributed to Product A and Product B?
Company has gathered the following information: Variable manufacturing overhead costs $12,240 Fixed manufacturing overhead costs $9,270 Normal production level in labour hours 9,000 Standard labour hours 9,500 During the year, 3,230 units were produced, 10,600 hours were worked, and the actual manufacturing overhead was $20,200. Actual fixed overhead totalled $9,290. Bonita applies overhead based on direct labour hours. (a) Calculate the total, fixed, and variable predetermined overhead rates. (Round calculations and final answer to 2 decimal places, e.g. 15.25.) Fixed predetermined ovehead rate $ per DL hour Variable predetermined ovehead rate $ per DL hour Total predetermined ovehead rate $ per DL hour
Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity Estimated Expected Activity Activity Overhead Activity Cost Pools Labor-related Measures Cost Product Z1 Product Z8 Total DLHS $112,190 40,440 609,770 600 2,000 Machine setups Оrder size 2,600 1,200 6, 200 setups 500 700 MHs 3,000 3,200 $762,400 The activity rate for the Machine Setups activity cost pool under activity-based costing is closest to: Multiple Cholce $203.26 per setup $190.55 per setup $122.97 per setup 92 F AQI 61 nere to search DELL
Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $24.82 per unit, while product B has been assigned $13.58 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information: Cost Pools Activity Costs Cost Drivers Activity Driver Consumption Machine setup $ 158,000 Setup hours 2,000 Materials handling 112,000 Pounds of materials 16,000 Electric power 25,000 Kilowatt-hours 25,000 The following cost information pertains to the production of A and B, just two of Hakara's many products: A B Number of units produced 5,000 10,000 Direct materials cost $ 32,000 $ 41,000 Direct labor cost $ 41,000 $ 38,000 Number of setup hours 100 200 Pounds of materials used 1,000 1,000 Kilowatt-hours 2,000 4,000 Required: 1. Use…
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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.
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
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A company has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing: Estimated Activity Activity Center Product 1 Product 2 Estimated Cost Machine Setups 15 45 $11,400 Assembly Parts 4,500 4,500 217,800 Packaging Pieces 250 200 27,450 Machine Hours per Unit 4 3 Production Volume 750 1,500 A. How much overhead would be allocated to each unit under the traditional allocation method? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit ? ? B. How much overhead would be allocated to each unit under activity-based costing? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit ? ?
Please help complete parts of question 1 1a. If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production at is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit it: 1b. If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is this total amount expressed on a per unit basis? (Round your "per unit" answer to 2 decimal places.) Total manufacturing overhead cost: Manufacturing overhead per unit: 1c. If the selling price is $22 per unit, what is the contribution margin per unit? (Do not round intermediate calculations. Round you answer to 2 decimal places.) 1d. If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this leve production? (Do not round…
Can you please help me fill out the two tables, also please let me know what formulas and rules were used