Kilt Company had the following information for the year: Direct materials used= $110,000 Direct labor incurred (5,000 hours) = $150,000 Actual manufacturing overhead incurred= $166,000 Kilt Company used a predetermined overhead rate of $42 per direct labor hour for the year and estimated that direct labor hours would total 5,500 hours. Assume the only inventory balance is an ending Work in Process balance of $17,000.
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- Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $268,000 and direct labor hours to be 20,000. Actual overhead for the year was $305,000. 1. Compute the predetermined overhead rate. 2. If the company actually used 23,800 direct labor hours, how much manufacturing overhead is applied to the company's jobs?At the beginning of the year, managers at King Industries estimated $420000 in manufacturing overhead, 20000 direct labor hours and 50000 machine hours. Actual manufacturing costs at the end of the year were $425000 in manufacturing overhead. During the year, 22000 direct labor hours and 47000 machine hours were incurred. If overhead is applied based on direct labor hours, what is the predetermined overhead rate for the coming year? $21.00 per direct labor hour $8.40 per direct labor hour $19.09 per direct labor hour $9.04 per direct labor hourParadise Pottery had the following costs in May when production is 800 ceramic pots: materials, $8,700; labor (variable), $2,900; depreciation, $1,100; rent, $900; and other fixed costs, $1,500. If production changes to 900 units, how much will the total variable costs and total fixed costs be, respectively?
- Consider the following costs: Direct materials......................................... P33,000 Depreciation on factory equipment........... P14,000 Factory janitor’s salary............................. P23,000 Direct labor............................................... P28,000 Utilities for factory.................................... $9,000 Selling expenses........................................ P16,000 Production supervisor’s salary.................. P34,000 Administrative expenses........................... P21,000 What is the total amount of manufacturing overhead included above?Identify which of the following costs are fixed,which are variable, and which are mixed.• Maintenance costs of vehicles used in supplyinggoods.• Direct labor cost.• Wages paid to machine operators.• Depreciation of factory buildings.• Salaries paid to quality control inspectors.• Advertising expenses.• Costs of direct materials.• Employee fidelity insurance.• Cost of electric power.• Sales taxes.Classify the following costs into either being product cost or period cost:(a) Raw material costs(b) Income taxes paid(c) Interest expenses on borrowed funds(d) Wages incurred in producing products(e) Fire insurance premium paid on factory buildings(f) Electric bill for the warehouse operation(g) Salary paid for engineers(h) Material handling cost related to production(i) Salary paid for plant managerU) Leasing expense for forklift trucks in warehouse operation(k) Mortgage payments on factory buildings
- Ella Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. For the month of October, Ella's estimated manufacturing overhead cost was P300,000 based on an estimated activity level of 100,000 direct labor-hours. Actual overhead amounted to P325,000 with actual direct labor-hours totaling 110,000 for the month. How much was the overapplied or underapplied overhead? Answer Format: 1,000 overapplied or 1,000 underappliedThe sole proprietor of the Alton Plumbing Supply Company receives all accounting profits earned by his firm and a $30,000 a year salary. He has a standing salary offer of $40,000 a year working for a large corporation. If he had invested his capital outside his company, he estimates that would have returned $15,000 this year. If accounting profits for the year were $65,000, economic profits were:***ONLY NEED #4 & #5 ANSWERED*** (first 3 subparts completed) The revenue cost statement for a popular grocery store owned and operated by John Mathew is presented below; John Mathew owns and operates a corner grocery store.John works full time as the manager, chief cashier, and janitor.John had $ 140,000 worth of refrigeration and other equipment invested in the store. Last year, John's total sales (revenue)were 170,000. During the the year he incurred the following costs: Groceries wholesale $ 76,000, Utilities $4,000 Taxes $6,000, Advertising $2,000, Labor services $12,000. If John had invested his funds he would have earned 5% interest. (Interest foregone on the $140,000* 5%) Do not include the investment of $140,000, only the interest forgone. If the building that John owned was not being used as a grocery store , it could be rented for $1,500 a month. (Rental income is thus forgone.). In addition, since John is tied up working in the the grocery store a $50,000 managerial…
- The Allianz Company produces a specialty wood furniture product, and has the following information available concerning its inventory items: Relevant ordering costs per purchase order $520 Relevant carrying costs per year for each product: Required annual return on investment 16% Required other costs per year $9 Annual demand is 32,000 prroducts per year. The purchase price per product is $51.What is the economic order quantity?Identify whether each of the following costs of Granite Construction, Inc., would be classified as direct labor, direct materials, manufacturing overhead, or as selling, general, and administrative costs. Hourly wages paid to backhoe operators. Crankcase oil used in construction machinery. PVC pipes used in a municipal sewer construction project. Depreciation of bulldozers and other construction equipment. Advertising costs. Steel beams used in the construction of an office building. Salaries paid to foremen responsible for supervising multiple construction projects. Legal costs. Gasoline used in trucks that haul construction equipment to various job sites. Hourly wages paid to masons and carpenters. Costs for accounting and tax services. The CEO’s salary. Rivets, screws, nuts, and bolts.Handy Company production budget for the year ended November 30, 2022 in Department C was based on 200,000 units. Each unit requires two standard hours of labor for completion. Total overhead was budgeted at $900,000 for the year and the fixed overhead rate was estimated to be $3 per unit. Both fixed and variable overhead are applied to the product on the basis of direct labor hours. The actual data for the year ended November 30, 2022 are:Actual production in units = 198,000 Actual direct labor hours = 440,000 Actual variable overhead = $352,000 Actual fixed overhead = $575,000a. What were the standard hours allowed for actual production for the year ended November 30, 2022?b. What was the VOH efficiency variance for the year? c. What was the VOH spending variance for the year?d. What was the FOH spending variance for the year?e. What was the FOH applied to Mooven's production for the year? f. What was the FOH production volume variance for the year?