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

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

Name: The following information was gathered for the Milestone Company for t
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Description: The following information was gathered for the Milestone Company for the year:Budgeted overhead cost$300,000Actual overhead cost$295,000Budgeted activity30,000 machine hoursActual activity28,000 machine hoursThe overhead application rate isa.$9.83b.n

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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17
K Rios Corporation reports costs for the year as follows: Direct Materials Used Wages to Line Workers Office Rent Indirect Materials Used How much is the total product costs for the year? A. $605,000 OB. $1,155,000 OC. $550,000 OD. $1,199,500 $430,000 120,000 44,500 605,000
Island Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $375,000 and budgeted machine hours were 12.500 Actual factory overhead was $387920 and actual machine hours were 13150 Required a Compute the overhead application rate b Compute the amount of overhead applied to production c. Determine the amount of over or underappled overhead
3. At the end of the year, the Comptroller accumulated the total actual costs and hours incurred by Department A and Department B during the year for the company. Using the information provided below, caleulate the final overhead rates for both departments. Department A Department B Plant Total Direct Material Cost S337,000 $25,000 $362,000 $360,400 $99,000 $459,400 Direct Labor Cost $299,000 $495,000 S794,000 Department Overhead Cost Direct Labor Hours 34,000 9,000 43,000 Machine Hours 1,000 41,000 42,000 Department A: per direct labor hour Department B: per machine hour
The cost of employee training program Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was OMR 415,000, and actual labor hours were 21,000. The amount credited to the Manufacturing Overhead account would be: OMR 420,000. O b. None of the given answer is correct O c. OMR435,750. O d. OMR 400,000. O e OMR415,000. ows bu lac Jail ENG G 4) 021 hp
Budgeted overhead cost = $82,000 Underapplied overhead = $6,860 Budgeted activity = 5,000 hours Actual overhead cost = $70,000 Determine the actual activity: _______________ hours
Consider the following information: Budgeted overhead Actual overhead $ 250,000 $ 240,000 Budgeted machine hours 8,000 Actual machine hours 7,800 Net income before overhead adjustment $ 75,000 Compute the ADJUSTED Net Income
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Subject : Accounting
C Ltd has two departments A & B. Overhead is applied based on direct labour hours in department A and machine hours in department B. The following additional information is available: i) ii) iii) Budgeted Overheads Budgeted direct labour hours Budgeted direct labour cost Budgeted machine hours Department A Department B $300,000 $360,000 50,000 40,000 $240,000 $330,000 68,000 80,000 Compute the overhead rate for Department A. Compute the overhead rate for Department B. Given that the actual overheads were as follows Direct labour hours Direct labour cost Machine hours Actual overheads Dept. A 45,000 $60,000 25,000 $285,000 Dept. B 35,000 $50,000 75,000 $320,000 Calculate the under- or over-applied overheads for each department and for the organization as a whole.
The following data pertain to the current year:Budgeted manufacturing overhead: OMR 450,000Actual manufacturing overhead: OMR 390,000Budgeted machine hours: 30,000 hrs.Actual machine hours: 33,000 hrs.Overhead applied to production totaled: Select one: a.449,000 b.495,000 c.435,000 d.355,000
The following annual amounts pertain to the Wolf Company: Estimated Overhead Costs Estimated Direct Labor hours $ 191,079 73,492 If actual overhead costs for the year amounted to $198,400 and actual direct labor worked amounted to 75.500 hours, then overhead would be Multiple Choice overapplied by $2112 underapplied by $2,112 underapplied by $2,100.