USGant Accounting performs two types of services, Audit andTax. Gant's overhead costs consist of computer$276000; and legal support, $138000. Information on theSsupport,ntraltwo services is:AuditТахDirect labor cost$50000 $100000CPU minutes4000010000200800Legal hours usedOverhead applied to audit services using traditional costingisO $165600.O $276000.$138000.$248400.

Traditional costing system allocated indirect cost either on the basis of direct labor hours or…

Answered: US Gant Accounting performs two types…

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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ator=&inpr... 18 R Print Item Calculating Departmental Overhead Rates and Applying Overhead to Production At the beginning of the year, Glaser Company estimated the following: Assembly Testing Department Department Total Overhead $364,000 $371,280 $735,280 Direct labor hours 157,500 118,125 275,625 Machine hours 50,500 54,540 105,040 Glaser uses departmental overhead rates. In the assembly department, overhead is applied on the basis of direct labor hours. In the testing department, overhead is applied on the basis of machine hours. Actual data for the month of March are as follows: Assembly Testing Department Department Total Overhead $43,680 $44,554 $88,234 Direct labor hours 18,900 14,175 33,075 Machine hours 6,060 6,545 12,605 Required: 1. Calculate the predetermined overhead rates for the assembly and testing departments. Round your answers to the nearest cent. Assembly department overhead rate per direct labor hour Testing department overhead rate per machine hour Check My Work 4…
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Please do not provide answer in image formate thank you. Part U67 is used in one of Broce Corporation's products. The company's Accounting Department reports the following costs of producing the 16,300 units of the part that are needed every year. Per Unit Direct materials $ 3.50 Direct labor $ 4.20 Variable overhead $ 7.20 Supervisor's salary $ 7.90 Depreciation of special equipment $ 8.50 Allocated general overhead $ 5.50 An outside supplier has offered to make the part and sell it to the company for $31.00 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including direct labor, can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company. If the outside supplier's offer were accepted, only $22,300 of these allocated general overhead costs would be avoided. Required: a.…
Huxtabie charges manutacturing overhead to products by using a predelermned appicaton rate, comped on the basis of machine hours. The tolowing data pertain to the curent year Budgeted manufacturing overhead $470,000 Actual manutacturing overhead $ 428 900 Budgeted machine hours 23.500 Actual machine hours 18530 Overhead applied to production totaied $33800 $536600 $370.600 some other ahount
Required: a. Calculate the overhead analysis of each of the two production departments for 2003.
H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
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The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages $ 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages $ 1200 Find out the overhead amount absorbedon job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.
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