Please do not give solution in image format thanku Required:1. Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (b) machine hours. If required, roundall amounts to the nearest dollar.a. Direct labor overhead rateper direct labor hourper machine hourb. Machine hour overhead rate2. Determine the product factory overhead costs, using (a) the direct labor hour plantwide factory overhead rate and (b) the machine hour plantwide factory overheadrate.Direct labor hoursMachine hoursWhole MilkSkim MilkCream Single Plantwide Factory Overhead Rate.Spotted Cow Dairy Company manufactures three products-whole milk, skim milk, and cream-in two production departments, Blending and Packing.overhead for Spotted Cow Dairy is $487,900,The three products consume both machine hours and direct labor hours in the two production departments as follows:Direct Labor HoursMachine HoursBlending DepartmentWhole milkSkim milkCreamPacking DepartmentWhole milkSkim milkCreamTotal4304703601,2605308402401,6102,8701,0509503802,3806508102601,7204,100

Plantwide overhead rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Single Plantwide Factory Overhead Rate. Spotted Cow Dairy Company manufactures three products-whole milk, skim milk, and cream-in two production departments, Blending and Packing. overhead for Spotted Cow Dairy is $487,900, The three products consume both machine hours and direct labor hours in the two production departments as follows: Direct Labor Hours Machine Hours Blending Department Whole milk Skim milk Cream Packing Department Whole milk Skim milk Cream Total 430 470 360 1,260 530 840 240 1,610 2,870 1,050 950 380 2,380 650 810 260 1,720 4,100

Single Plantwide Factory Overhead Rate. Spotted Cow Dairy Company manufactures three products-whole milk, skim milk, and cream-in two production departments, Blending and Packing. overhead for Spotted Cow Dairy is $487,900, The three products consume both machine hours and direct labor hours in the two production departments as follows: Direct Labor Hours Machine Hours Blending Department Whole milk Skim milk Cream Packing Department Whole milk Skim milk Cream Total 430 470 360 1,260 530 840 240 1,610 2,870 1,050 950 380 2,380 650 810 260 1,720 4,100

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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