51Single plantwide factory overhead rate The total factoryoverhead for Cypress Marine Company is budgeted forthe year at $811,250. Cypress Marine manufacturestwo types of boats: speedboats and bass boats. Thespeedboat and bass boat each require five direct laborhours for manufacture. Each product is budgeted for5,500 units of production for the year. When required,round all per unit answers to the nearest cent. a.Determine the total number of budgeted direct laborhours for the year. fill in the blank 1 of 1 direct laborhours b. Determine the single plantwide factoryoverhead rate. fill in the blank 1 of 1$ per dlh c.Determine the factory overhead allocated per unit foreach product using the single plantwide factoryoverhead rate. Speedboats fill in the blank 1 of 2$ perunit Bass boats fill in the blank 2 of 2$ per unit

Step 1: Predetermined Overhead Rate is the ratio between estimated manufacturing overhead &…

Answered: 51 Single plantwide factory overhead…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 1BE: Single plantwide factory overhead rate The total factory overhead for Bardot Marine Company is...

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Multiple production department factory overhead rates The total factory overhead for Bardot Marine Company is budgeted for the year at 600,000 divided into two departments: Fabrication, 420,000, and Assembly, 180,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require 8 direct labor hours in Fabrication and 4 direct labor hours in Assembly. The bass boats require 4 direct labor hours in Fabrication and 8 direct labor hours in Assembly. Each product is budgeted for 250 units of production for the year. Determine (A) the total number of budgeted direct labor hours for the year in each department, (B) the departmental factory overhead rates for both departments, and (C) the factory overhead allocated per unit for each product using the department factory overhead allocation rates.
Barnes Manufacturing Co. forecast October sales to be 45,000 units. Additional information follows: Direct labor hours required in production: Direct laborers earn: Cutting, 14 per hour; Assembly, 12 per hour. Prepare the following: a. A production budget for October. b. A direct labor budget for October.
Standard unit cost and journal entries The normal capacity of Algonquin Adhesives Inc. is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 lb of materials at an estimated cost of 2 per pound. The estimated cost of labor is 10.00 per hour. The plant estimates that overhead (all variable) for a month will be 40,000. During the month of March, the plant totaled 34,800 direct labor hours at an average rate of 9.50 an hour. The plant produced 18,000 units, using 105,000 lb of materials at a cost of 2.04 per pound. 1. Prepare a standard cost summary showing the standard unit cost. 2. Make journal entries to charge materials and labor to Work in Process.
Pasadena Candle Inc. budgeted production of 785,000 candles for January. Each candle requires molding. Assume that six minutes are required to mold each candle. If molding labor costs 18 per hour, determine the direct labor cost budget for January.
Calculating factory overhead The normal capacity of a factory is 10,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.

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