Estimated manufacturing overheadEstimated direct labor costActual manufacturing overheadActual direct labor cost$500,000$250,000$720,000$300,000Based on this information, the predetermined overhead rate per direct labor dollar is

The objective of the question is to calculate the predetermined overhead rate per direct labor…

Answered: Estimated manufacturing overhead…

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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Direct materials = $10 per unitDirect labor = $5 per unitVariable manufacturing overhead = $2 per unitFixed manufacturing overhead = $1,000Units produced is 1,000 units What is the cost per unit using the absorption method? What is the cost per unit using the variable method?
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A company expected its annual overhead costs to be $813200 and machine hours to equal 107000 hours. Actual overhead was $749000, and actual machine hours totalled 98000 hours. How much overhead was over or underapplied? $4200 underapplied O $68400 underapplied O $69000 over-applied O $64400 underapplied
The following information is available: -Estimated Factory Overhead for the year $10,000 -Estimated Direct Labor Hours for the year 5,000 -Actual Factory Overhead for the year $9,500 -Actual Direct Labor Hours for the year 5,010 1. What is the amount of the Applied Factory overhead? A. $9,969.90 B.$10,020.00 C.$9,468.90 D. Not enough information 2.Total factory payroll paid was $60,000 of which $5,000 is indirect labor. What is the journal entry? A. FOH $65,000; Wages Payable $65,000 B. WIP $55,000; Wages Payable $60,000; FOH $5,000 C. WIP $60,000, FOH 5,000; Cash $65,000 D. WIP $55,000; FOH 5,000; Cash $60,000 3. The Cost of Goods Manufactured ($20,00) was transferred out of the factory. What is the journal entry? A. FG $20,000; WIP $20,000 B. FG $20,000; COGS $20,000 C. WIP $20,000; FG $20,000 D. COGM $20,000; $20,000
Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
Estimated cost and operating data for four companies for the upcoming year is as follow: Description Company X Company Y Company Z Company A Direct labor hours 80,000 45,000 60,000 45,000 Machine hours 30,000 70,000 21,000 28,500 Direct material cost $400,000 $290,000 $300,000 $265,000 Manufacturing overhead cost $536,000 $315,000 $480,000 $380,000 Predetermined overhead rates are computed using the following allocation bases in the four companies: Company Allocation Base X Direct labor hours Y Machine hours Z Direct material cost A 105% of DM cost Required: Compute each company’s predetermined overhead rate.
Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $420,000 $418,000 Machine hours 70,000 68,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing Overhead
Manufacturing overhead allocated for 20X6 is: Select one: a. $252,000 b. $220,500 c. $450,450 d. $264,000

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Estimated manufacturing overhead Estimated direct labor cost Actual manufacturing overhead Actual direct labor cost $500,000 $250,000 $720,000 $300,000 Based on this information, the predetermined overhead rate per direct labor dollar is