Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus Company spent $157,600 for variable overhead. 47,440 labor hours were used to produce 4,800 units. What is the over- or underapplied variable overhead? Multiple Choice $10,400 overapplied $8.440 overapplied $8.440 underapplied $1,960 overapplied

Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus Company spent $157,600 for variable overhead. 47,440 labor hours were used to produce 4,800 units. What is the over- or underapplied variable overhead? Multiple Choice $10,400 overapplied $8.440 overapplied $8.440 underapplied $1,960 overapplied

Name: Venus Company applies overhead based on direct labor hours. The varia
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Description: Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10 hours at $3.50 per hour. During October, Venus Companyspent $157,600 for variable overhead. 47,440 labor hours were used to produce 4,800 units. What is

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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Steeler Towel Company estimates its overhead to be $483,000. It expects to have 138,000 direct labor hours costing $4,830,000 in labor and utilizing 11,500 machine hours. Calculate the predetermined overhead rate using: Round your answers to two decimal places. A. Direct labor hours $fill in the blank 1 per direct labor hour B. Direct labor dollars $fill in the blank 2 per direct labor dollar C. Machine hours $fill in the blank 3 per machine hour
Bonnie Company applies overhead based on machine hours. The variable overhead standard is 24 hours at $19.00 per hour. During March, Bonnie spent $314,150 for variable overhead, and 13,280 machine hours were used to produce 60 units. What is the variable overhead rate variance? Note: Do not round intermediate calculation. Multiple Choice O $15.600 unfavorable $61,830 unfavorable $12.800 unfavorable $61.830 favorable
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Moede Motors applies overhead based a single plant-wide rate and uses direct labor hours as the basis for the rate. At the beginning of the estimated that overhead costs would be $320,000 and estimated that direct labor hours would be 80,000. Actual hours incurred for Job A were 81,000. The total actual overhead costs for the company were $425,000. Compute the overhead applied to Job A, based on direct labor hours. O a. S320,000 O b.S324,000 O c.S419,753 O d. $425,000 year, Jackson QUESTION 14 Which of the following costs of quality (COQ) would be considered an internal preventative cost? O a. The cost of training employees in good customer service O b. The cost of a lawsuit when customers O. The cost of hiring employees O d. The cost of reworking products at minimum wage are injured using the product that fail while testing them QUESTION 15 If sales are S250.000, variable cost of goods sold is $25,000, variable selling expenses are $15,000 and fixed costs are S10,000, how much is the…
Bonnie Company applies overhead based on machine hours. The variable overhead standard is 22 hours at $16.50 per hour. During March, Bonnie spent $264,150 for variable overhead, and 13,230 machine hours were used to produce 190 units. What is the variable overhead rate variance? Note: Do not round intermediate calculation. Multiple Choice $14,600 unfavorable $45,855 unfavorable $12,300 unfavorable $45,855 favorable
Cavy Company estimates that total factory overhead costs will be $1,053,206 for the year. Direct labor hours are estimated to be 107,800. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $4 per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and to Job 777 if the amount of direct labor hours is 3,300. Job 345 Job 777 $4 c. Journalize the entry to record the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank.
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its only product: Standard Hours Standard Rate Standard Cost Fixed manufacturing overhead 2 hours $ 6.00 per hour $ 12.00 During the most recent period, the following additional information was available: The total actual fixed overhead cost was $275,000. The budgeted amount of fixed overhead cost was $285,000. 46,000 direct labor-hours were actually used to produce 24,190 units. How much fixed overhead was applied to work in process? Multiple Choice $289,280 $286,280 $290,280 $288,280
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Arabica Manufacturing uses a predetermined overhead allocation rate based on the number of machine hours. At the beginning of the year, it estimated total manufacturing overhead costs to be $1,040,000, total number of direct labor hours to be 4,500, and total number of machine hours to be 24,000 hours. What was the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A. $36.49 per direct labor hour B. $231.11 per machine hour C. $53.33 per direct labor hour D. $43.33 per machine hour
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