The records of Family Manufacturing show the following information:- **Estimated manufacturing overhead:** $690,000- **Estimated machine hours:** 46,000- **Actual machine hours worked:** 50,000**Actual costs incurred:**- Indirect materials: $170,000- Indirect labor: $230,000- Utilities: $120,000- Insurance: $100,000- Rent: $80,000The company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, the applied manufacturing overhead is:- A. $700,000- B. $750,000- C. $645,000- D. $690,000 Bear Claw Industries operates with two departments: the Molding Department and the Assembly Department. Each department applies overhead costs differently, with the Molding Department using machine hours and the Assembly Department using direct labor hours for their calculations. The provided estimates are for the current year:- **Molding Department:** - Manufacturing overhead cost: $700,000 - Machine hours: 10,000 - Direct labor hours: 12,000- **Assembly Department:** - Manufacturing overhead cost: $400,000 - Machine hours: 4,000 - Direct labor hours: 16,000For Job No. 7-29, completed in August, the following data is available:- **Molding:** - Direct materials: $3,500 - Direct labor: $9,000 - Direct labor hours: 900 - Machine hours: 500- **Assembly:** - Direct materials: $7,500 - Direct labor: $12,500 - Direct labor hours: 1,250 - Machine hours: 400The questions posed include calculating the predetermined overhead rate for the Molding Department. The possible answers are:a. $83b. $70c. $50d. $100To calculate the predetermined overhead rate for the Molding Department, divide the total manufacturing overhead cost by the estimated machine hours:Predetermined overhead rate = Total overhead cost / Machine hours= $700,000 / 10,000 hours= $70 per machine hourThus, the correct answer is b. $70.

Name: The records of Family Manufacturing show the following information:-
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Description: The records of Family Manufacturing show the following information:- **Estimated manufacturing overhead:** $690,000- **Estimated machine hours:** 46,000- **Actual machine hours worked:** 50,000**Actual costs incurred:**- Indirect materials: $170,000

Answer:- Overhead meaning:- An recurring cost of running a business is generally referred to in…

Business

Accounting

The records of Family Manufacturing show the following information: Estimated manufacturing overhead Estimated machine hours Actual machine hours worked Actual costs incurred: Indirect materials Indirect labor Utilities Insurance Rent $690,000 46,000 50,000 $170,000 230,000 120,000 100,000 80,000 1 more notification The company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, applied manufacturing overhead is Oa. $700,000. Ob. $750,000. Oc. $648,000. Od. $690,000.

The records of Family Manufacturing show the following information: Estimated manufacturing overhead Estimated machine hours Actual machine hours worked Actual costs incurred: Indirect materials Indirect labor Utilities Insurance Rent $690,000 46,000 50,000 $170,000 230,000 120,000 100,000 80,000 1 more notification The company uses a predetermined overhead rate to apply overhead. Assuming that overhead is applied based on an overhead rate calculated using machine hours as the base in the highly automated production environment, applied manufacturing overhead is Oa. $700,000. Ob. $750,000. Oc. $648,000. Od. $690,000.

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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