Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,000 Actual manufacturing overhead costs $3,660,000 196,000 Actual machine-hours 1. The budgeted manufacturing overhead rate is 2. The manufacturing overhead allocated during 2017 is 3. The amount of under-or overallocated manufacturing overhead is
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- Gammaro company uses normal costing. it allocates manufacturing overhead cost using a budgeted rate per machine-hours.the following data are available for 2017 : Budget manufacturing overhead costs $4.600.000 Budgeted machine-hours 184.000 Actual manufacturing overhead costs $4.830.000 Actual machine hours 180.000 Required: a. Calculate the budget manufacturing overhead rate b.calculate the manufacturing overhead allocated during 2017 c. Calculate the amount of under or overallocated manufacturing overhead. Why do Gammaro's managers need to calcukate this amount?Budgeted manufacturing overhead rate, allocated manufacturing overhead. Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017:Taylor Company uses normal job costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000Budgeted machine-hours 200,000Actual manufacturing overhead costs $3,660,000Actual machine-hours 196,000 1. Show two T-accounts, MOHA and MOHC. In the MOHA T-account, show the calculation of allocated OH. ( please show all t-accounts calculation). 2. During the accounting period, the company allocates OH to each job. Write the journal entry to show the allocation of OH. 3. At the end of the accounting period, the company closes the MOHA and MOHC T-accounts, and adjusts COGS. Write this journal entry. 4. Is the allocated OH over-or under-allocated?
- Budgeted manufacturing overhead rate, allocated manufacturing overhead. Taylor Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2017: Budgeted manufacturing overhead costs $3,800,000 Budgeted machine-hours 200,00 Actual manufacturing overhead costs $3,660,000 Actual machine hours 196,000 #1 Calculate the budgeted manufacturing overhead rate. #2 Calculate the manufacturing overhead allocated during 2017. #3 Calculate the amount of under- or overallocated manufacturing overhead. Why do Taylor’s managers need to calculate this amount?Buller Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2019:Budgeted manufacturing overhead costs Budgeted machine-hoursActual manufacturing overhead costs Actual machine-hoursRequired:$4,800,000 180,000 $3,990,000150,0001. Calculate the budgeted manufacturing overhead rate.2. Calculate the manufacturing overhead allocated during 2019.3. Calculate the amount of under- or overallocated manufacturing overhead. Whydo Buller’s managers need to calculate this amount?Which of the preceding costs is variable? Fixed? Mixed? Explain.
- Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Davey allocates manufacturing overhead costs using direct manufacturing labor costs.Davey provides the following information: Budget for 2017 Actual Results for 2017 Direct material costs 2,050,000 1,975,000 Direct manufacturing labor costs 1,600,000 1,550,000 Manufacturing overhead costs 2,880,000 2,945,000 1. Compute the actual and budgeted manufacturing overhead rates for 2017. 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used $50,000 Direct manufacturing labor costs $40,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. 3. At the end of 2017, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no…< Deluxe, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Deluxe allocates manufacturing overhead to production based on standard direct labor hours. Deluxe reported the following actual results for 2024: actual number of units produced, 1,000, actual variable overhead, $5,000, actual fixed overhead, $3,200; actual direct labor hours, 1,400. Read the requirements Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours Print The fixed overhead cost variance is The fixed overhead volume variance is $2,100 $2,800 1,400 hours 700 units 2 hours per unit Done Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable irect labor hour was sed Print Done because the total fixed overhead cost was because…prepare Cost of goods sold budget for march 2017.
- All−Star, Inc. uses a standard cost system and provides the following information. Static budget variable overhead $1,200 Static budget fixed overhead $1,600 Static budget direct labor hours 800 hours Static budget number of units 400 units Standard direct labor hours 2 hours per unit All−Star allocates manufacturing overhead to production based on standard direct labor hours. All−Star reported the following actual results for 2018: actual number of units produced, 1,000; actual variable overhead, $3,800; actual fixed overhead, $3,400; actual direct labor hours, 1,500. 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the…Deluxe, Inc. uses a standard cost system and provides the following information. Static budget variable overhead $2,100 Static budget fixed overhead $2,800 Static budget direct labor hours 1,400 hours Static budget number of units 700 units Standard direct labor hours 2 hours per unit Deluxe allocates manufacturing overhead to production based on standard direct labor hours. Deluxe reported the following actual results for 2018: actual number of units produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $3,500; actual direct labor hours, 1,900. 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is…Classify each of the costs in table A into variable and fixed cost?