BojejeSavedManufacturing overhead was estimated to be $591,600 for the year along with 20,400 direct labor hours. Actual manufacturing overhead was$551820, and actual labor hours were 21,800. The amount of manufacturing overhead applied to production would be:g Enabled: Exam 1(Ch 1-4) 6Multiple Choice$591,600.$474,150.$632,200.$551820.

Predetermined manufacturing overhead rate = estimated manufacturing overhead / estimated direct…

Slog- Saved Enabled: Exam 1(Ch 14) O Manufacturing overhead was estimated to be $591,600 for the year along with 20,400 direct labor hours. Actual manufacturing overhead was $5,820, and actual labor hours were 21,800. The amount of manufacturing overhead applied to production would be: Multiple Choice $591,600. $474,150. $632,200. $51,820.

Slog- Saved Enabled: Exam 1(Ch 14) O Manufacturing overhead was estimated to be $591,600 for the year along with 20,400 direct labor hours. Actual manufacturing overhead was $5,820, and actual labor hours were 21,800. The amount of manufacturing overhead applied to production would be: Multiple Choice $591,600. $474,150. $632,200. $51,820.

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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Crystal Pools estimates overhead will utilize 200,000 machine hours and cost $800,000. It takes 3 machine hours per unit, direct material cost of $13 per unit, and direct labor of $22 per unit. What is the cost of each unit produced? Cost per unit $fill in the blank 1
Assume the following information appears in the standard cost card for a business that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming a business uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead spending variance? Multiple Choice $1,600 F $1,600 U $1,000 U $1,000 F
Leafon Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine hours and the Customizing Department's predetermined overhead rate is based on direct labor hours. At the beginning of the current year, the company had made the following estimates: Customizing Casting Machine-hours (MH) 20,000 17,500 Direct labor-hours (DLH) 7,000 9,000 Total Fixed MOH ℗ 175,000 P 165,500 Variable MOH per MH P 2.50 Variable MOH per DLH P 9.00 During the current month, the company started and finished Job Leaf-118. The following data were recorded for this job: Job Leaf-118 Customizing Casting Machine-hours 500 700 Direct labor-hours 100 450 The TOTAL AMOUNT of Overhead Applied to Job Leaf-118 is closest to Note: For interim calculations, use 5 decimal places; ROUND-UP final answer to a whole number.
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 34,000 easels were made, and 35,000 were sold for $52 each. The actual unit cost is as follows: Direct materials Direct labor Variable overhead Fixed overhead Total unit cost Required: $15.00 6.00 Ending units Dollar amount 4.00 14.00 The selling expenses consisted of a commission of $0.90 per unit sold and advertising co-payments totaling $94,500. Administrative expenses, all fixed, equaled $176,500. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $109,200 for 2,800 easels. $39.00 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 1,800 ✓ 70,200 2. Prepare a cost of goods sold statement. Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods…
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In May direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $30,000, the direct labor cost was: Multiple Choice $20,000 $81,000 $36,000 $45,000
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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
Torio.cam/secured#lockdown Manufacturing overhead was estimated to be $489,600 for the year along with 20,400 direct lebor hours. Actual manufacturing overhead was $470,220, and actual labor hours were 21,800. The predetermined manufacturing overhead rate per direct labor hour would be nabled: Exam 1(Ch 1-4)0 Multiple Choice $0.07. $23.05 $24.00. $22.75
Answer: 2. Multiple Choice Question 55 Vaughn Company assigns overhead based on machine hours. The Milling Department logs 2390 machine hours and Cutting Department shows 3990 machine hours for the period. If the overhead rate is $6 per machine hour, the entry to assign overhead will show a credit to Manufacturing Overhead for $38280. a. debit to Work in Process for $23940, b. debit to Manufacturing Overhead for $38280. C. credit to Work in Process-Cutting Department for $23940. d. D Answer: 3. Exercise 16-13 The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 14,800 units, 1/10 complete Materials $18,300 Units transferred out 55,400 Conversion costs 15,160 $33,460 Units started 50,900 Materials 230,046 Ending work in process 10,300 units, 1/5 complete Labor 67,200 Overhead…