The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four-month period.MachineHours74,00050,000107,000103,000AprilMayJuneJulyManufacturingOverheadMultiple Choice$ 178,000$ 161,000$ 235, 100$ 189,000Using the high-low method, compute the variable element of manufacturing overhead cost per machine hour.$2.18 per machine hour$1.30 per machine hour$.38 per machine hour$1.73 per machine hour

Name: The following information is available regarding the total manufactur
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four-month period.MachineHours74,00050,000107,000103,000AprilMayJuneJulyManufacturingOverheadMultiple Choice$ 178,000$ 161,000$ 235, 100$

Manufacturing overhead is the cost incurred on the making of the goods. It includes the indirect…

Business

Accounting

The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four-month period. Machine Hours 74,000 50,000 107,000 103,000 Manufacturing Overhead April May June July Using the high-low method, compute the variable element of manufacturing overhead cost per machine hour. Multiple Choice $ 178,000 $ 161,000 $ 235,100 $ 189,000 $2.18 per machine hour $1.30 per machine hour $.38 per machine hour $1.73 per machine hour

The following information is available regarding the total manufacturing overhead of Olsen Company for a recent four-month period. Machine Hours 74,000 50,000 107,000 103,000 Manufacturing Overhead April May June July Using the high-low method, compute the variable element of manufacturing overhead cost per machine hour. Multiple Choice $ 178,000 $ 161,000 $ 235,100 $ 189,000 $2.18 per machine hour $1.30 per machine hour $.38 per machine hour $1.73 per machine hour

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Crane Corporation accumulates the following data relative to jobs started and finished during the month of June 2022 Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor, hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $2.20 11.200 $169,500 15,000 $214,452 Standard $2 10,400 $161,120 15,200 $209,760 41.500 $3.10 $1.50 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $458,000. Selling and administrative expenses were $35,700. Assume that the amount of raw materials purchased equaled the amount used.
Bernard Company shows the following manufacturing costs for the first six months of the year: Production in Units Total Costs 1,350 $38,636 1,200 $36,000 1,520 $40,436 2,150 2,590 2,600 January February March April May June Using the high-low method, the total fixed costs are A. $14,900 B. $50,900 C. $23,236 D. $27,664 $48,636 $50,780 $50,900 (Round intermediate calculations to two decimal places, and the final calculation to the nearest dollar.)
K Maintenance costs at Red Dot Manufacturing over the past six months are listed in the following table. (Click the icon to view the maintenance costs.) Using the high-low method, what is the total maintenance costs at Red Dot Manufacturing if 18,000 machine hours were used? OA. $7,875 OB. $15,660 O C. $10,175 O D. $9,950 Maintenance costs Month January February March April May June Maintenance cost $9,500 $9,860 Print E $8,600 $8,840 $8,600 $8,100 Done Machine hours 15,800 17,300 14,500 16,100 17,100 15,500 - X - Remaining: 01:
The following are Margin Company's production costs for December: Direct Materials $ 105,000 Direct Labor 95,000 Factory Overhead 9,000 What amount of costs should be traced to specific products in the production process?
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $135,000 Estimated direct labor cost for the year (@ $9/hr.) 108,000 Actual manufacturing overhead cost for January 8,000 Actual direct labor cost for January (1,200 hours) 5,500 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. Answer% b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit Answer Answer Answer Answer Answer Answer c. By what amount is consulting overhead over- or underapplied in January? Consulting overhead was Answer by $Answer in January.
Using the attached Prepare a schedule of cost of goods manufactured.
Subject: accounting
Olsen Company Olsen Company uses a standard cost system for its production process. Olsen Company applies overhead based on direct labor hours. The following information is available for July: Standard: Direct labor hours per unit 2.20 Variable overhead per hour $2.50 Fixed overhead per hour (based on 11,990 DLHS) $3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable overhead $29,950 Fixed overhead $42,300 Refer to Olsen Company Using the three-variance approach, what is the efficiency variance? Select one: a. $11,770 F b. $5,775 U c. $2,200 F d. $7,975 U
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:. Estimated consulting overhead cost for the year $440,000 Estimated direct labor cost for the year (@ $9/hr.) 180,000 Actual manufacturing overhead cost for January 19,500 Actual direct labor cost for January (1,200 hours) 11,000 Assuming that direct labor hours is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. $ per direct labor hour b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit c. By what amount is consulting overhead over- or under applied in January?
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
Dog