Single Plantwide Factory Overhead Rate Gwinnett County Chrome Company manufactures three chrome-plated products—automobile bumpers, valve covers, and wheels. These products are manufactured in two production departments (Stamping and Plating). The factory overhead for Gwinnett County Chrome is $239,200. The three products consume both machine hours and direct labor hours in the two production departments as follows: Direct Labor Hours Machine Hours Stamping Department Automobile bumpers 590 810 Valve covers 310 570 Wheels 350 620 1,250 2,000 Plating Department Automobile bumpers 195 1,150 Valve covers 200 700 Wheels 195 750 590 2,600 Total 1,840 4,600 Required: 1. Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (b) machine hours. Direct labor hour overhead rate $fill in the blank 1 per direct labor hour Machine hour overhead rate $fill in the blank 2 per machine hour 2. Determine the product factory overhead costs, using (a) the direct labor hour plantwide factory overhead rate and (b) the machine hour plantwide factory overhead rate. Automobile Bumpers Valve Covers Wheels Direct labor hours $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 Machine hours $fill in the blank 6 $fill in the blank 7 $fill in the blank 8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Single Plantwide Factory Overhead Rate

Gwinnett County Chrome Company manufactures three chrome-plated products—automobile bumpers, valve covers, and wheels. These products are manufactured in two production departments (Stamping and Plating). The factory overhead for Gwinnett County Chrome is $239,200.

The three products consume both machine hours and direct labor hours in the two production departments as follows:

	Direct Labor Hours	Machine Hours
Stamping Department
Automobile bumpers		590		810
Valve covers		310		570
Wheels		350		620
		1,250		2,000
Plating Department
Automobile bumpers		195		1,150
Valve covers		200		700
Wheels		195		750
		590		2,600
	Total		1,840		4,600

Required:

1. Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (b) machine hours.

Direct labor hour overhead rate	$fill in the blank 1 per direct labor hour
Machine hour overhead rate	$fill in the blank 2 per machine hour

2. Determine the product factory overhead costs, using (a) the direct labor hour plantwide factory overhead rate and (b) the machine hour plantwide factory overhead rate.

Automobile Bumpers

Valve Covers

Wheels

Direct labor hours

$fill in the blank 3

$fill in the blank 4

$fill in the blank 5

Machine hours

$fill in the blank 6

$fill in the blank 7

$fill in the blank 8

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