The following information is available for the Danske Company: Denominator hours for May 17,000 Actual hours worked during May Standard hours allowed for May Flexible budget fixed overhead cost Actual fixed overhead costs for May 17,200 13,600 $85,000 $88,000 Danske Company had total underapplied overhead of $16,600. Additional information is as follows: Variable Overhead: Applied based on standard direct labor hours allowed Budgeted based on standard direct labor hours $58,000 39,600

The following information is available for the Danske Company: Denominator hours for May 17,000 Actual hours worked during May Standard hours allowed for May Flexible budget fixed overhead cost Actual fixed overhead costs for May 17,200 13,600 $85,000 $88,000 Danske Company had total underapplied overhead of $16,600. Additional information is as follows: Variable Overhead: Applied based on standard direct labor hours allowed Budgeted based on standard direct labor hours $58,000 39,600

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Description: The following information is available for the Danske Company:Denominator hours for May17,000Actual hours worked during May17,200Standard hours allowed for MayFlexible budget fixed overhead costActual fixed overhead costs for May13,600$85,000$88,000

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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Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted variable overhead cost per direct labor-hour $ 4.00 Total budgeted fixed overhead cost per year $ 528,180 Budgeted direct labor-hours (denominator level of activity) 75,455 Actual direct labor-hours 84,000 Standard direct labor-hours allowed for the actual output 81,000 Required: 1. Compute the predetermined overhead rate for the year. Be sure to include the total budgeted fixed overhead and the total budgeted variable overhead in the numerator of your rate. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Compute the amount of overhead that would be applied to the output of the period. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
The following budget data are available for Sharp Company: Estimated direct labor hours 12,000 Estimated direct labor dollars $90,000 Estimated factory overhead costs $179,000 Actual direct labor hours 11,500 Actual direct labor dollars $92,000 Actual factory overhead costs $181,000 If factory overhead is applied based on direct labor hours, the amount of overhead to be applied is a.$180,000 b.$172,500 c.$181,000 d.$184,000
Cherokee Company applies factory overhead on the basis of direct labor hours. Budget and actual data for direct labor and overhead for the year are as follows: Budget Actual Direct labor hours 600,000 650,000 Budget Factory Overhead Costs 720,000 760,000 What is the budgeted, standard and actual rate?
Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) 61,500 Standard direct labor hours allowed (SQ) 63,000 Total payroll for direct labor $ 774,900 Direct labor efficiency variance $ 18,000 The standard direct labor rate per hour (SP) for February was: Multiple Choice $12.00. $12.30. $12.60. $13.20. $13.50.
The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
A manufacturer of industrial equipment has a standard costing system based on standard direct labor-hours (DLHS) as the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: Level of activity Overhead costs at the denominator activity level: Variable overhead cost 2,950 DLHS $ 9,400 $39,125 Fixed overhead cost 17 The following data pertain to operations for the most recent period: Actual hours Standard hours allowed for the actual output Actual total variable manufacturing overhead cost Actual total fixed manufacturing overhead cost 3,500 DLHS 2,637 DLHS $10,000 $39,525 What is the predetermined overhead rate to the nearest cent?
Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours $ 545,100 $ 537,000 69,000 70,000 67,000 Standard direct labor-hours allowed for the actual output Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. (Round Fixed portion of the predetermined overhead rate to 2 decimal places.) 2. Compute the fixed overhead budget variance and volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance.). Input all amounts as positive values.) 1. Fixed portion of the predetermined overhead rate 2. Budget variance per DLH Volume…
Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $450,000 $441,000 Machine hours 50,000 48,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? $4 per machine hour B. How much overhead was applied during the year? $4 machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank.
The following information relates to Steele Manufacturing's overhead costs for the month: Static budget variable overhead $35,900 Static budget fixed overhead $15,600 Static budget direct labor hours 15,400 hours Static budget number of units 5,500 units Steele allocates variable manufacturing overhead to production based on standard direct labor hours. Steele reported the following actual results for last month: actual variable overhead, $35,400;actual fixed overhead, $15,400; actual production of 5,400 units at 2.4 direct labor hours per unit. The standard direct labor time is 2.8 direct labor hours per unit. Compute the variable overhead efficiency variance. (Round the answer to the nearest dollar.) A. $4,474 U B. $5,033 U C. $4,474 F D. $5,033 F
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
The following information is provided for the year. Actual direct labour hours worked 36,000 Budgeted overhead $400,000 Budgeted direct labour hours 40,000 Actual overhead costs incurred $360,000 If normal costing is used, the amount of overhead applied for the year would be:
Information for Bonanza Company's direct labor cost for February is as follows: Actual direct labor - hours 89, 000 Total direct labor payroll $ 578, 500 Efficiency variance5, 880 F Rate variance $ 142, 400 U What were the standard direct labor hours for february?