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Vaughn Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Vaughn's management estimated a total of $381,000 in manufacturing overhead costs and 12,700 machine hours for the coming year. In December, Vaughn's accountants reported actual manufacturing overhead incurred of $571,000 and 10,700 machine hours used during the year. Vaughn applies overhead based on machine hours. A. What was Vaughn's predetermined overhead rate for the year? B. How much manufacturing overhead did Vaughn apply during the year?

Vaughn Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Vaughn's management estimated a total of $381,000 in manufacturing overhead costs and 12,700 machine hours for the coming year. In December, Vaughn's accountants reported actual manufacturing overhead incurred of $571,000 and 10,700 machine hours used during the year. Vaughn applies overhead based on machine hours. A. What was Vaughn's predetermined overhead rate for the year? B. How much manufacturing overhead did Vaughn apply during the year?

FINANCIAL ACCOUNTING
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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Vaughn Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Vaughn's management estimated a total of $381,000 in manufacturing overhead costs and 12,700 machine hours for the coming year. In December, Vaughn's accountants reported actual manufacturing overhead incurred of $571,000 and 10,700 machine hours used during the year. Vaughn applies overhead based on machine hours. A. What was Vaughn's predetermined overhead rate for the year? B. How much manufacturing overhead did Vaughn apply during the year?
Transcribed Image Text:Vaughn Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Vaughn's management estimated a total of $381,000 in manufacturing overhead costs and 12,700 machine hours for the coming year. In December, Vaughn's accountants reported actual manufacturing overhead incurred of $571,000 and 10,700 machine hours used during the year. Vaughn applies overhead based on machine hours. A. What was Vaughn's predetermined overhead rate for the year? B. How much manufacturing overhead did Vaughn apply during the year?
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