**TNQBTK124 Corporation Predetermined Overhead Rate Calculation**TNQBTK124 Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below:**Estimates made at the beginning of the year:**- Estimated machine-hours: 43,000- Estimated variable manufacturing overhead: $6.92 per machine-hour- Estimated total fixed manufacturing overhead: $1,090,050- Actual machine-hours for the year: 40,900**Question (Baruch College Exam):**Q) What was TNQBTK124 Corp.'s predetermined overhead rate for the recently completed year? (choose the closest answer)**Multiple Choice Options:**- $32.27 per machine-hour- $31.93 per machine-hour- $25.35 per machine-hour- $6.92 per machine-hour**Explanation and Calculation:**To determine the predetermined overhead rate, use the formula:\[ \text{Predetermined Overhead Rate} = \frac{\text{Estimated Total Manufacturing Overhead}}{\text{Estimated Machine-Hours}} \]1. Calculate the estimated total manufacturing overhead: - \[ \text{Estimated Variable Manufacturing Overhead} = 43,000 \text{ machine-hours} \times \$6.92/\text{machine-hour} = \$297,560 \] - \[ \text{Estimated Total Manufacturing Overhead} = \$297,560 + \$1,090,050 = \$1,387,610 \]2. Divide by the estimated machine-hours: - \[ \text{Predetermined Overhead Rate} = \frac{\$1,387,610}{43,000} = \$32.27 \]Thus, the closest answer is $32.27 per machine-hour.

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Description: **TNQBTK124 Corporation Predetermined Overhead Rate Calculation**TNQBTK124 Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below:**Estimates mad

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TNQBTK124 Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below. (ID#82312) Estimates made at the beginning of the year: Estimated machine-hours Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead Actual machine-hours for the year Multiple Choice $32.27 per machine-hour $31.93 per machine-hour (Baruch College Exam) Q) What was TNQBTK124 Corp.'s predetermined overhead rate for the recently completed year? (choose the closest answer) $25.35 per machine-hour $ $6.92 per machine-hour 43,000 6.92 per machine-hour $1,090,050 40,900

TNQBTK124 Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the most recently completed year appear below. (ID#82312) Estimates made at the beginning of the year: Estimated machine-hours Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead Actual machine-hours for the year Multiple Choice $32.27 per machine-hour $31.93 per machine-hour (Baruch College Exam) Q) What was TNQBTK124 Corp.'s predetermined overhead rate for the recently completed year? (choose the closest answer) $25.35 per machine-hour $ $6.92 per machine-hour 43,000 6.92 per machine-hour $1,090,050 40,900

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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