The actual machine hours during the year are 5,500 and the actual direct labor hours are
Q: Thorn company forecast that total overhead for the current year will be $15,500,000 with 250,000…
A: Overheads are considered as fixed and common expenses that should be allocated to the products based…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: The plantwide overhead rate is a single overhead rate used by a company to allocate all of its…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Overheads are common manufacturing expenses that should be allocated to the products on the basis of…
Q: 1) What is the raw material standard for the amount of pounds per unit ?
A: Raw material standard pounds per unit = Estimated raw materials pounds / Estimated units produced
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Overhead Cost or Expenditure is the expenses which is incurred for running the production or factory…
Q: Tech Solutions computes its predetermined overhead rate annually based on direct labor-hours. At the…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: The Cavy Company estimates that the factory overhead for the following year will be $1,558,000. The…
A: Overheads are considered as fixed and common expenses that should be allocated to the products on…
Q: Winnepeg Company had estimated $1.232.000 of manufacturing overhead (MOH) for the year and 56,000…
A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…
Q: WYENNE Corporation uses a predetermined overhead application rate of P.30 per direct labor hour.…
A: Overheads are the indirect costs and expenses related to production and manufacturing of goods.…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: 25) What is the standard for Fixed Overhead per unit ? Question 26 26) What is the Volume-Variance…
A: Given, Fixed Overheads (Standard) = $ 900000 Budgeted Production = 75000 units Fixed OH…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: As per the given information: Estimated direct-labor hours - 32,000 direct-labor hours Estimated…
Q: If the costs for direct materials, direct labor, and factory overhead were $60,000, $35,000, and…
A: Total conversion cost = Direct labor + factory overhead = $35,000 + $25,000 = $60,000
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: The pre-determined overhead rate is calculated as the total estimated overhead costs divided by the…
Q: Thomlin Company forecasts that total overhead for the current year will be $15,210,000 with 169,000…
A: Predetermined overhead rate = Total estimated overhead costs / total estimated machine hours =…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Lets understand the basics.Predetermined rate means an indirect cost rate.predetermined overhead…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Plantwide Predetermined overhead rate is used to apply manufacturing overhead to products or job…
Q: Swifty Company incurred direct materials costs of $85000 during the year. Manufacturing overhead…
A: Total manufacturing costs = Direct material costs + Direct Labour costs + Manufacturing Overhead
Q: Harris Fabrics computes Its plantwide predetermined overhead rate annually on the basis of direct…
A: Plantwide predetermined overhead rate = Estimated total manufacturing overheads / Estimated total…
Q: Cavy Company estimates that the factory overhead for the following year will be $1,699,200. The…
A: Predetermined Overhead rate = Estimated overhead / Estimated machine hours Predetermined Overhead…
Q: ABC Inc. computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Fixed manufacturing overhead rate = Estimated fixed manufacturing cost / Estimated direct…
Q: In March direct labor was 60% of conversion cost. If the manufacturing overhead cost for the month…
A: Given Direct materials cost was PhP1,600,000 Manufacturing overhead cost was PhP1,900,000 Direct…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Predetermined Overhead rate is the ratio of estimated manufacturing overhead costs and the estimated…
Q: 17) What is the Variable Overhead standard for machine hours per unit ?
A: 17) variable overhead standard for machine hours per unit = standard machine hours / standard units…
Q: Ilocos Norte Manufacturing company estimates its factory overhead for the next period at…
A: The term "predetermined factory overhead rate" describes the anticipated amount of overhead expenses…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: PREDETERMINED OVERHEAD RATE Predetermined rate means an indirect cost rate. predetermined overhead…
Q: A company estimated 120,000 direct labor hours and $1,200,000 in overhead. The actual overhead was…
A: Predetermined overhead rate = Estimated overhead cost / Estimated direct labor hours Overhead…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: The objective of the question is to calculate the plantwide predetermined overhead rate for Harris…
Q: Cavy Company estimates that the factory overhead for the following year will be $2,829,000. The…
A: The predetermined overhead rate allocates the manufacturing overhead to the products. It is used…
Q: During the month of August, direct labor cost totaled $13,000 and direct labor cost was 20% of prime…
A: Total manufacturing costs = Prime cost + manufacturing overhead Where, Prime cost = Direct material…
Q: ch Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours.…
A: The predetermined overhead rate is calculated as follows: Predetermined overhead rate = Estimated…
Q: At the beginning of the year, Vaughn Manufacturing estimates annual overhead costs to be $2400000…
A: The question is based on the concept of Cost Accounting.
Q: Captain Pickles Pet Products computes its predetermined overhead rate annually on the basis of…
A: Predetermined overhead rate is the rate which is determined at the beginning of a period in order to…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material -…
A: Variance analysis is a technique used in managerial accounting to compare actual results with…
Q: At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material…
A: Actual direct labor cost 3968718 Less: Standard direct labor cost 73000*2.5*22=4015000 Total…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Predetermined overhead rate is the estimated overhead rate which is calculated by dividing the…
Q: Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor…
A: Applied manufacturing overhead indicates the overhead expenses that are applied to units of product…
Q: Tech Solutions computes its predetermined overhead rate annually based on direct labor - hours. At…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: The Numerical has covered the concept of Predetermined Manufacturing Overhead. The Predetermined…
Q: The cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct…
A: The objective of the question is to calculate the Cost-Based System (CBS) of the company. The CBS is…
Q: Emley Company incurred direct materials costs of $750,000 during the year. Manufacturing overhead…
A: d. $2,450,000Solution: $750,000 + ($700,000 / .70) + $700,000 = $2,450,000
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually based on direct…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means the indirect cost rate.Predetermined overhead…
Q: Company's manufacturing overhead is 40% of its total conversion costs. If direct labor is $36,000…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…
Q: Boarders estimates overhead will utilize 160,000 machine hours and cost P80,000. It takes 4 machine…
A: Here, we need to find cost of each unit, when overhead hours, overhead cost and direct expenses are…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: A recurring operating expenditure known as overhead is unrelated to the creation of commodities or…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- 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 DLHUnited Airlines estimates that the factory overhead for the following year will be $1,400,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,475,000. (a) Determine the total factory overhead amount applied. (b) Calculate the over- or underapplied amount for the year. (c) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold.
- A work element takes 20 hours of labor of a technician. Currently, the technician makes $22.50 per hour. For this project, the overhead charges are 72% of the direct labor charges and 10% personal time was assumed for this work element. What is the grand total cost to complete this work element? (the total be the sum of the direct labor, overhead, and personal time cost)?Harris Fabrics computes its plantwide predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, it estimated 25,000 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 $4.00 per direct labor hour Hanis's actual manufacturing overhead cost for the year was $734,655 and its actual total direct labor was 25.500 hours. Required: Compute the company's plantwide predetermined overhead rate Note: Round your answer to 2 decimal places. Predetermined overhead rate per DLHHarris 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.
- Cavy Company estimates that the factory overhead for the following year will be $954,800. The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 15,400 hours. There are 2,370 machine hours for all of the jobs in the month of April.At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000Harris 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
- 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 30,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $507,000 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 $652,700 and its actual total direct labor was 30,500 hours. Required: Compute the company's plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLHHarris Fabrics computes its plantwide predetermined overhead rate annually based on direct labor-hours. At the beginning of the year, It estimated 27,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $520,000 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 $631,380 and its actual total direct labor was 27,500 hours. Required: Compute the company's plantwide predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined overhead rate per DLHThe cost of direct labor was 58000. The charging rate of the CBS was 25% of the cost of direct labour. how much is the CBS?