Tech Solutions computes its predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, it estimated 80,000 direct labor-hours would be required for the period's estimated level of client service. The' company also estimated $680,000 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's actual overhead cost for the year was $692,000 and its actual total direct labor was 83,000 hours. Required: 1. Compute the predetermined overhead rate. 2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available for this job: Direct materials Direct labor cost Direct labor-hours worked Compute the total job cost for Xavier Company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 $ 38,000 $ 21,000 280 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined overhead rate per DLH

Tech Solutions computes its predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, it estimated 80,000 direct labor-hours would be required for the period's estimated level of client service. The' company also estimated $680,000 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's actual overhead cost for the year was $692,000 and its actual total direct labor was 83,000 hours. Required: 1. Compute the predetermined overhead rate. 2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available for this job: Direct materials Direct labor cost Direct labor-hours worked Compute the total job cost for Xavier Company. Complete this question by entering your answers in the tabs below. Required 1 Required 2 $ 38,000 $ 21,000 280 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined overhead rate per DLH

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Description: Tech Solutions computes its predetermined overhead rate annually based on direct labor-hours. At the beginning of theyear, it estimated 80,000 direct labor-hours would be required for the period's estimated level of client service. The'company also

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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A company bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 75,000 labor-hours. The estimated variable manufacturing overhead was $10.70 per labor-hour and the estimated total fixed manufacturing overhead was $1,237,500. The actual labor-hours for the year turned out to be 78,100 labor-hours. Compute the company's predetermined overhead rate for the recently completed year. (Round your answer to2 decimal places.) Predetermined overhead rate per labor-hour
Winston Company estimates that the factory overhead for the following year will be $1,168,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 36,500 hours. The total machine hours for the year were 54,400 hours. The actual factory overhead for the year was $1,765,000. Enter the amount as a positive number. a. Determine the total factory overhead amount applied. Round to the nearest dollar.$fill in the blank f3300e016fa0008_1 b. Compute the over- or underapplied amount for the year.$fill in the blank f3300e016fa0008_2 c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 42,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $571,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $773,298 and its actual total direct labor was 42,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
Bergan Company estimates that total factory overhead costs will be $1,539,000 for the year. Direct labor hours are estimated to be 513,000. Required: A. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. Round your answer to the nearest cent. B. During May, Bergan Company accumulated 19,000 hours of direct labor costs on Job 200 and 23,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. C. Prepare the journal entry on May 30 to apply factory overhead to both jobs in May according to the predetermined overhead rate. Refer to the Chart of Accounts for exact wording of account titles.
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 44,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $557,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $808,080 and its actual total direct labor was 44,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH
Next year, Pine Corp. expects to spend a total of 198,250 direct labor hours producing four models of widget, while Spruce Inc. expects to spend a total of 172,050 hours producing three models. Both firms allocate overhead on the basis of direct labor hours. If Pine anticipates a total overhead of $1.2 million and Spruce anticipates a total overhead of $1.1 million, then (Pine/Spruce) has a higher predetermined overhead rate.
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 34,000 direct labor - hours would be required for the period's estimated level of production. The company also estimated $583,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor - hour. Harris's actual manufacturing overhead cost for the year was $714, 049 and its actual total direct labor was 34, 500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year.
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 31,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $517,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $670,239 and its actual total direct labor was 31,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) X Answer is complete but not entirely correct. Predetermined overhead rate $ 22.13 X per DLH
I need all parts of this question answered Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours. The estimated variable manufacturing overhead was $8.41 per labor-hour and the estimated total fixed manufacturing overhead was $1,533,180. The actual labor-hours for the year turned out to be 68,400 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year.
Fanning Corporation estimated its overhead costs would be $22,100 per month except for January when it pays the $207,120 annual insurance premium on the manufacturing facility. Accordingly, the January overhead costs were expected to be $229,220 ($207,120 + $22,100). The company expected to use 7,700 direct labor hours per month except during July, August, and September when the company expected 9,700 hours of direct labor each month to build inventories for high demand that normally occurs during the Christmas season. The company’s actual direct labor hours were the same as the estimated hours. The company made 3,850 units of product in each month except July, August, and September, in which it produced 4,850 units each month. Direct labor costs were $23.10 per unit, and direct materials costs were $10.30 per unit. Required a.Calculate a predetermined overhead rate based on direct labor hours. b.Determine the total allocated overhead cost for January, March, and August. c.Determine…
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 38,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $529,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $751,561 and its actual total direct labor was 38,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. Note: Round your answer to 2 decimal places.
Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 27,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $579,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $720,347 and its actual total direct labor was 27,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH