Huckvale Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct-cost categories-direct materials and direct manufacturing labor—and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020. (Click the icon to view the information for 2020.) Read the requirement. Begin by calculating the actual manufacturing overhead rate. (Assume the cost allocation base is direct labor hours.) Actual manufacturing overhead rate Data table + Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours ▼ = $ = $ 1,160,000 29,000 hours 1,260,000 28,000 hours X

Huckvale Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct-cost categories-direct materials and direct manufacturing labor—and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020. (Click the icon to view the information for 2020.) Read the requirement. Begin by calculating the actual manufacturing overhead rate. (Assume the cost allocation base is direct labor hours.) Actual manufacturing overhead rate Data table + Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours ▼ = $ = $ 1,160,000 29,000 hours 1,260,000 28,000 hours X

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Description: Huckvale Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct-cost categories-directmaterials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter5: Product And Service Costing: Job-order System

Section: Chapter Questions

Problem 27P: Firenza Company manufactures specialty tools to customer order. Budgeted overhead for the coming...

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Huckvale Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct-cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020. (Click the icon to view the information for 2020.) Read the requirement. Begin by calculating the actual manufacturing overhead rate. (Assume the cost allocation base is direct labor hours.) Actual manufacturing overhead rate + Data table Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Actual direct manufacturing labor-hours = = 1,160,000 29,000 hours $ 1,260,000 28,000 hours X
BARC Shannon Corporation manufactures custom cabinets for kitchens. It uses an actual costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2017. E (Click the icon to view the information for 2017.) Read the requirement. Data table Begin by calculating the actual manufacturing overhead rate. (Assume the cost allocation base is direct labor hours.) Actual manufacturing Budgeted manufacturing overhead costs 1,368,000 overhead rate Budgeted direct manufacturing labor-hours 38.000 hours Actual manufacturing overhead costs 2$ 1,260,000 Actual direct manufacturing labor-hours 28,000 hours Print Done
Haley Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect-cost pool, manufacturing overhead costs. View the manufacturing overhead costs information for 2020. View the other information available as of December 31, 2020. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate Information Account Work-in-process control Finished goods control Cost of goods sold Total Account Balance (Before Proration) GA $ GAGA 35,000 65,000 1,700,000…
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. View the manufacturing overhead costs information for 2020. View the other information available as of December 31, 2020. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate + + Manufacturing Overhead Costs Print Budgeted manufacturing overhead costs Budgeted direct manufacturing labor hours Actual manufacturing overhead costs Actual…
The HeatRadiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: Read the requirements2. Requirement 1. Compute the budgeted manufacturing overhead rate for 2017. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing (1) / (2) = overhead rate / = Requirement 2. Compute the under-or overallocated manufacturing overhead of Heat Radiator in 2017. Begin by selecting the formula you will use. Next, enter the amounts in the formula and compute the under-or overallocated manufacturing overhead. (Use parentheses or a minus sign when entering overallocated amounts.) Manufacturing overhead (3) – (4) = under-allocated (overallocated)…
In July 2022, Thembi presented data in Table 3 for her cost center in budget costing: Table 3: Budget Costing Direct Material Cost Direct Labo Cost Machine hours Units Produced Direct Labor Hours Manufacturing factory overheads R 2 32 500.00 115 000.00 200 1 000 1 200 2 30 550.00 Using the information in Table 3, calculate the absorption/applied overhead rates: 4.1 Production unit method 4.2 Labor hours method 4.3 Machine hours method 4.4 Direct material cost method 4.5 Direct labor cost method 4.6 Primary (prime) cost method
Clara Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. View the manufacturing overhead costs information for 2020. View the other information available as of December 31, 2020. Requirement Calculate the underallocated or overallocated manufacturing overhead at the end of 2020 and prorate it to Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts based on the allocated manufacturing overhead in each account balance using normal costing. Begin by calculating the budgeted indirect cost rate. Identify the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted indirect cost rate + Manufacturing Overhead Costs Budgeted manufacturing overhead costs Budgeted direct manufacturing labor hours Actual manufacturing overhead costs Actual direct…
Sparkle Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. Machine setup-hours is the only driver of manufacturing overhead costs. Sparkle has a set up capacity of 2,220 hours. (Click the icon to view the information.) Calculate the manufacturing overhead costs budget (label it Schedule 5). Schedule 5: Manufacturing Overhead Costs Budget for the Year Ending December 31, 2020 Machine Setup Overhead Costs Total manufacturing overhead costs Data table 1. Quantity of lamps to be produced 2. Number of lamps to be produced per batch 3. Setup time per batch Variable cost = $70 per setup-hour Fixed cost = - $79,000 Knox 21,000 lamps 50 lamps/batch 3 hours/batch Ayer 12,000 lamps 50 lamps/batch 4 hours/batch X
Light Up Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. Machine setup-hours is the only driver of manufacturing overhead costs. Light Up has a set up capacity of 960 hours. (Click the icon to view the information.) Calculate the manufacturing overhead costs budget (label it Schedule 5). Schedule 5: Manufacturing Overhead Costs Budget for the Year Ending December 31, 2020 Machine Setup Overhead Costs Total manufacturing overhead costs
Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories direct materials and direct manufacturing labor-and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) Journal Entry Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold EA $ SA $ $ 20,000 50,000 2,000 49,000 7,000 20,000 3,000 230,000 225,000 ... X C Data table The following information is also available for 2020:…
Magnify Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available the year 2020. Machine setup-hours is the only driver of manufacturing overhead costs. Magnify has a set up capacity of 1,0 hours. (Click the icon to view the information.) Calculate the manufacturing overhead costs budget (label it Schedule 5). Schedule 5: Manufacturing Overhead Costs Budget for the Year Ending December 31, 2020 Machine Setup Overhead Costs Total manufacturing overhead costs Data table 1. Quantity of lamps to be produced 2. Number of lamps to be produced per batch 3. Setup time per batch Variable cost = $65per setup-hour Fixed cost $78,000 = Print Knox 21,000 lamps 50 lamps/batch 2 hours/batch Done Ayer 15,000 lamps 200 lamps/batch 3 hours/batch X
Forsythe, Inc. uses activity-based costing to account for its chrome bumper manufacturing process. Company managers have identified four manufacturing activities: materials handling, machine setup, insertion of parts, and finishing. The budgeted activity costs for the year and their allocation bases are as follows: 1(Click the icon to view the budgeted costs and activity bases.) Read the requirements2. Requirement 1. Compute the predetermined overhead allocation rate for each activity. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate for each activity. (Round your answers to the nearest cent.) Predetermined OH (1) ÷ (2) = allocation rate Materials handling ÷ = Machine setup ÷ = Insertion of parts ÷ =…