The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate. Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 8,000 20,000 $ 14 S 364,000 11,000 18,000 $ 16 EX 3-35 (Algo) Part 1 Compute the firm's predetermined overhead rate... Required: 1. Compute the firm's predetermined overhead rate for the year using each of the following common cost drivers: (a) machine hours, (b) direct-labor hours, and (c) direct-labor dollars. Note: Round your answers to 2 decimal places.

The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate. Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 8,000 20,000 $ 14 S 364,000 11,000 18,000 $ 16 EX 3-35 (Algo) Part 1 Compute the firm's predetermined overhead rate... Required: 1. Compute the firm's predetermined overhead rate for the year using each of the following common cost drivers: (a) machine hours, (b) direct-labor hours, and (c) direct-labor dollars. Note: Round your answers to 2 decimal places.

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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During the year, the company had the following budget at the beginning of the year: manufacturing its products. The company employs the job order costing system and applies Magnificent Corp. has two departments, Forming and Finishing Departments d. P900,000 d. Wha For numbers 4 and 5 7. inter F12 b. In applies C. overhead as percentage of direct labor. Forming P2,450,000 1,250,000 625,000 Finishing P1,500,000 P 600,000 60,000 8. Raw materials Direct labor Factory Overhead Job orders 050 and 051 had the following data for its prime cost. Job Order 050 P 375,000 188,500 Job Order 051 P 250,000 90,000 Raw materials Direct labor 4. What is the total cost of each job order? Job order 050 Job order 051 P349,000 a. P675,000 b. P657,750 c. P675,500 d. P617,625 P349,000 P381.000 P344,500 5. How much is the total overhead applied? Job order 050 Job order 051 a. P311,500 b. P 94,250 P 9,000 P 9,000 P 90,000 C. P311,500 d. P 54,125 P 4 ,500
The following information was gathered for the Milestone Company for the year: Budgeted overhead cost $300,000 Actual overhead cost $295,000 Budgeted activity 30,000 machine hours Actual activity 28,000 machine hours The overhead application rate is a.$9.83 b.none of these c.$10.54 d.$10.71 e.$10.00
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) 10,920 Master production budget Direct materials. Direct labor $ 240,372 203,952 278,613 Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 29.90 per direct labor-hour Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price Variance $ 234,780 (60,200 liters) 181,260 (5,300 hours)…
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es Required information [The following information applies to the questions displayed below.] Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates for budgeting purposes and the actual results for May as shown below. Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month $ 50,000 $ 36,000 Variable Element per Customer Served $ 5,000 $ 1,100 Actual Total for May $ 160,000 $ 88,000 $ 600 $ 19,000 $ 34,500 When preparing its planning budget, the company estimated it would serve 30 customers per month; however, during May the company actually served 35 customers. Required: 1. What amount of revenue would be included in Adger's flexible budget for May?
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compute the budgeted factory overhead rate (i.e., the $ rate per activity base hour, etc.) for department x
The following has been extracted from the financial records of ATF Limited: Annual budgeted capacity of the plant 40,000 units Production during the year 35,000 units Opening finished goods stock 3,000 units Closing finished goods stock 1,500 units Fixed production overheads for the year K 1,000,000 Fixed selling overheads for the year K 200,000 Selling price per unit K 200 Direct material cost per unit K 70 Direct labour cost per unit K 35 Variable production…
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