Seeb Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year follows: Actual manufacturing overhead costs Estimated manufacturing overhead Actual machine hours used R.O.600,000 500,000 4,000 Estimated machine hours 250,000 5,000 4,300 Estimated labor hours Actual labor hours

Seeb Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year follows: Actual manufacturing overhead costs Estimated manufacturing overhead Actual machine hours used R.O.600,000 500,000 4,000 Estimated machine hours 250,000 5,000 4,300 Estimated labor hours Actual labor hours

Name: Seeb Factory applies manufacturing overhead based on machine hours. I
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Description: Seeb Factory applies manufacturing overhead based on machine hours. Information concerningmanufacturing overhead and labor for the year follows:Actual manufacturing overhead costsEstimated manufacturing overheadActual machine hours usedR.O.600,00050

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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Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $274,000 and direct labor hours to be 20,000. Actual overhead for the year was $320,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 24,400 direct labor hours, how much manufacturing overhead is applied to the company's jobs?
Crane Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for the year is as follows: Actual manufacturing overhead Estimated manufacturing overhead Direct labor hours incurred Direct labor hours estimated $189,000 $182,500 Predetermined overhead rate $ 4,800 5,000 Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 15.25.) per direct labor hour
What is the total amount of manufacturing overhead applied to production during the year? (Show complete calculations) What is the total manufacturing cost added to Work in Process during the year? What is the journal entry to record the transfer of completed jobs that is referred to above?
A company has the following overhead costs and activities: Estimated Expected Activity Product V Product W Product X Overhead Activities and Activity Measures Machine setups (setups) Processing customer orders (orders) Assembling products (assembly-hours) $9,178.00 Cost $7,234.50 $3,565.50 69 12 10 20 9 21 492 697 111 1. If the company allocates overhead to products using assembly hours as the single allocation base, how much overhead will be allocated to product X? A. $1,706 B. $784 C. $618 D. $304 2. How much overhead cost would be assigned to Product V using the activity-based costing system? A. $158 B. $91,722 C. $10,385 D. $5,485
Sohar Soap Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year follows: Actual manufacturing overhead costs R.O.360,000 6,000 1,500,000 10,000 300,000 Estimated labor hours Estimated manufacturing overhead Actual machine hours used Estimated machine hours Actual labor hours used 7,500 The amount of manufacturing overhead to be applied is: Select one: O a. 200,000 O b. 10,000 O c None of the answers are correct O d. 50,000 O e. 120,000
ces Cadbury Company uses a job order cost system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $120,080 for the year; direct labor was estimated to total $150,100. Additional information for the year is as follows: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities Other factory costs Beginning Inventory (1/1) $ 13,100 19,800 42,300 Required: a. Calculate the predetermined overhead rate. b. Calculate cost of goods manufactured. Ending Inventory (12/31) $ 101,000 93,800 125,800 11,700 16,300 $ 8,600 22,900 30,300 26,100 20,600 c. Calculate the over- or underapplied overhead. d. Calculate adjusted cost of goods sold. 8,300 7,600
ATZOmpany uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. X and on machine-hours in Dept. Y. At the beginning of the year, the :Corporation made the following estimates Dept. Y Dept. X 40,000 OMR 60,000 OMR Direct labor cost 60,000 OMR100,000 OMR Manufacturing overhead 15,000 6,000 Direct labor-hours 9,000 2,000 Machine-hours What predetermined overhead rates would be used in Dept. X and Dept. Y, ?respectively None of the given answers .a and OMR 4.00 200% .b and OMR 6.67 167% .c O and OMR 4.00 167% .d .e and OMR 5.00 150%
Landen Corporation uses job-order costing. At the beginning of the year, it made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour During the y Direct materials Direct labor cost Direct labor-hours e year, Job 550 was started and completed. The following information pertains to this job: Machine-hours $ 201 $ 240 15 5 Required: 1. Assume Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: 125,000 62,500 $ 350,000 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? 1. Direct labor-hours:…
Kareem Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost OMR 1,600,000 Actual annual overhead cost OMR 1,575,000 Estimated machine hours 400,000 Estimated Labor hours 200,000 Actual Labor hours 150,000 Actual machine hours 390,000
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T687 was completed with the following characteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost 10 20 30,700 $ 337,700 $4 $575 $ 1,150 The amount of overhead applied to Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)
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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?