XYZ Company had the following information available for the lastyear: manufacturing overhead for the year was estimated to beOMR265,000; actual manufacturing overhead for the year wasOMR250,000; actual direct labor-hours for the year were 13,010hours; manufacturing overhead for the year was overapplied byOMR10,200. Predetermined overhead rate is based on direct labor-hours. What was the estimated direct labor-hours for the year?Select oneOa None of the answers givenOb13.250OC 13,750Od. 14.250

Direct costs are the costs which can be directly traced to the cost object that we are trying to…

Answered: XYZ Company had the following…

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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silver company uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 17,500 hours. At the end of the year, actual direct labor-hours for the year were 16,000 hours, the actual manufacturing overhead for the year was $233,000, and manufacturing overhead for the year was underapplied by $15,400. The estimated manufacturing overhead at the beginning of the year used to calculate the predetermined overhead rate must have been:
At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $239,700 and 4,720 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $246,000 and actual direct labor-hours were 4,590. The predetermined overhead rate for the year was closest to:
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Mill Company estimates the company will incur $82,800 in overhead costs and 4,600 direct labor hours during the year. Actual direct labor hours were 4,850. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base, and prepare the journal entry for the allocation of overhead.
I need all parts of this question answered Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours. The estimated variable manufacturing overhead was $8.41 per labor-hour and the estimated total fixed manufacturing overhead was $1,533,180. The actual labor-hours for the year turned out to be 68,400 labor-hours. Required: Compute the company's predetermined overhead rate for the recently completed year.
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