52:38DokRequired informationUse the following information for the Quick Studies below. (Algo)Rafner Manufacturing has the following budgeted data for its two production departments.Budgeted DataOverhead costDirect labor hoursMachine hours$ 1,222,100QS 17-7 (Algo) Computing departmental overhead rates LO P2What is the Assembly department overhead rate using direct labor hours?What is the Finishing department overhead rate using machine hours?The departmental overhead rate for AssemblyBudgeted overhead costsBudgeted direct labor costs$Assembly12,100 direct labor hours6,100 machine hours1,222,100+The departmental overhead rate for FinishingBudgeted overhead costsBudgeted machine hours0$ 837,200Finishing20,100 direct labor hours16,100 machine hours

Lets understand the basics.Overhead Rate :— It is the ratio of estimated overhead cost and estimated…

Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours Assembly 12,100 direct labor hours 6,100 machine hours $ 1,222,100 QS 17-7 (Algo) Computing departmental overhead rates LO P2 $837,200 Finishin 20,100 direct 16,100 machine

Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours Assembly 12,100 direct labor hours 6,100 machine hours $ 1,222,100 QS 17-7 (Algo) Computing departmental overhead rates LO P2 $837,200 Finishin 20,100 direct 16,100 machine

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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(Capitalization of Interest) On July 31, 2017, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017. To help finance construction, on July 31 Amsterdam issued a $300,000, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $200,000 of the proceeds of the note was paid to Minsk on July 31. The remainderof the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Amsterdam made a final $100,000 payment to Minsk. Other than the note to Netherlands, Amsterdam’s only outstanding liability at December 31, 2017, is a $30,000, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each December 31.Instructions(a) Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest…
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Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours $ 1,358,900 Assembly 12,700 direct labor hours. 6,700 machine hours The departmental overhead rate for Assembly QS 17-7 (Algo) Computing departmental overhead rates LO P2 What is the Assembly department overhead rate using direct labor hours? What is the Finishing department overhead rate using machine hours? The departmental overhead rate for Finishing $ 1,068,800 Finishing 20,700 direct labor ho 16,700 machine hours
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.
Glencoe, Inc., costs products using a normal costing system. The following data is available for last year: Budgeted: 4.1 4.2 4.3 Overhead Machine hours Direct labour hours 4.4 Actual: Overhead Machine hours Direct labour hours Prime cost Number of units R476 000 140 000 17 000 Overhead is applied on the basis of direct labour hours. Required: R475 000 137 000 16 550 R1 750 000 250 000 Calculate the predetermined overhead rate. Calculate the applied overhead for last year. Was the overhead over- or under-applied, and by how much? Calculate the total cost per unit produced (to 2 decimal places).
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ces. Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments.. Budgeted Data Overhead cost Direct labor hours Machine hours Assembly $1,437,500 12,500 direct labor hours 5,500 machine hours Finishing $914,500 19,500 direct labor hours 15,500 machine hours QS 17-8 (Algo) Allocating overhead with departmental rates LO P2 Allocate overhead to a job that uses 75 direct labor hours in the Assembly department and uses 60 machine hours in the Finishing department Department Departmental Overhead Rate Hours Used Overhead Allocated Assembly S 1,437 000 per direct labor hour 12.500 DLHS $ 17.962.500,000 Finishing $ 914,500 per direct labor hour i 19.500 OLHS 17,832,750,000 Total $ 35.795.250.000
Direct Method Eilers Company has two producing departments and two support departments. The following budgeted data pertain to these four departments: Support Departments Producing Departments General Factory Receiving Assembly Finishing Direct overhead $430,000 $170,000 $45,000 $76,000 Square footage 2,500 5,000 5,000 Number of receiving orders 320 1,900 1,200 Direct labor hours 28,000 45,000 The company has decided to simplify its method of allocating support service costs by switching to the direct method. Required: 1. Allocate the costs of the support departments to the producing departments using the direct method. Round allocation ratios to four significant digits. Round allocated costs to the nearest dollar. Use the rounded values for subsequent calculations. Allocation ratios: Assembly Finishing Square footage Number of receiving orders
JPS CC collected the following statistics in order to allocate their overheads among the various departments: Cost items Production A Production B Service C Value of equipment N$ 15 000 N$ 9 000 N$ 6 000 Number of employees 36 24 20 Floor space 400m^2 300m^2 200m^2 Material used N$ 40 000 N$ 30 000 N$ 5 000 Direct labour hours 1 300 700 905 Machine hours 450 305 195 the following amounts represent the budgeted overheads for 2019: Depreciation on equipment 900 Rent of factor building 2 250 Electricity factory 900 Protective clothing 800 Cafeteria 720 Insurance building 450 Insurance machinery 750 Overhead allocation rates are based on labour hours, while the secondary apportionment of the service department takes place according to machine hours. Required: (a) Calculate the overhead analysis of each of the two production departments for 2003 (b) Calculate the absorption rate for the production departments. (c) What causes under/over absorption rates.
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