Question

In: Accounting

Steering Company estimated the following annual hours and costs: Expected annual direct labor hours 40,000 Expected...

Steering Company estimated the following annual hours and costs:

Expected annual direct labor hours 40,000
Expected annual direct labor cost $1,400,000
Expected machine hours 40,000
Expected material cost for the year $1,792,000
Expected manufacturing overhead $2,240,000

Direct labor hours

Direct labor cost

Machine hours

Direct material cost

Predetermined overhead allocation

 $56 $1.60 $56 $1.25

Determine the cost of the following job (number 253) using each of the four overhead allocation rates: (Round answers to 0 decimal places, e.g. 125.)

Job 253

Direct materials

$3,900

Direct labor (150 hrs @ $31/hr)

$4,650

Machine hours used

100

Direct labor hours

Direct labor cost

Machine hours

Direct material cost

Cost of Job No. 253

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Steering Company estimated the following annual hours and costs: Expected annual direct labor hours 40,000 Expected...
Steering Company estimated the following annual hours and costs: Expected annual direct labor hours 40,000 Expected annual direct labor cost $1,400,000 Expected machine hours 40,000 Expected material cost for the year $1,792,000 Expected manufacturing overhead $2,240,000 (a) Calculate predetermined overhead allocation rates using each of the four possible allocation bases provided. (Round direct labor cost and direct material cost answers to 2 decimal places, e.g. 15.25 and all other answers to 0 decimal places, e.g. 5,275.) Direct labor hours Direct...
III. Manufacturing Overhead Costs estimated $       500,000 Direct Labor Hours estimated             50,000 Machine Hours estimated...
III. Manufacturing Overhead Costs estimated $       500,000 Direct Labor Hours estimated             50,000 Machine Hours estimated           250,000 Direct Labor Costs estimated $    1,000,000 Determine the Pre-determined Overhead rate based on the following: a Direct Labor Hours b Machine Hours c Direct Labor Cost
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at...
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. Activity Cost Pool                Cost Driver          Est. Overhead           Cost Driver Activity Ordering and Receiving         Orders                    $   120,000               500 orders Machine Setup                     Setups                        297,000               450 setups Machining                             Machine hours         1,500,000               125,000 MH Assembly                              Parts                        1,200,000               1,000,000 parts Inspection                             Inspections                 300,000               500 inspections If overhead is applied using traditional costing based on direct labor hours, the overhead application rate is a.   $9.60. b.  ...
35. Aspen Technologies has the following budget data: Estimated direct labor hours Estimated direct labor dollars...
35. Aspen Technologies has the following budget data: Estimated direct labor hours Estimated direct labor dollars Estimated factory overhead costs 15.000 $90,000 $198,000 If factory overhead is to be applied based on direct labor hours, the predetermined overheadrateis   If factory overhead is to be applied based on direct labour hours, the predetermined overhead rate is: a. $7.50 b. $13.20 c. $2.20 d. $16.50
Paulson Company had the following estimated costs for 2019: Direct materials .................... $28,000 Direct labor ...........................
Paulson Company had the following estimated costs for 2019: Direct materials .................... $28,000 Direct labor ........................ 22,000 Advertising expense ................. 15,000 Rent on factory building ............ 13,500 Depreciation on factory equipment ... 6,500 Indirect materials .................. 10,000 Sales commissions ................... 40,000 Production supervisor's salary ...... 28,000 Insurance on equipment .............. 15,000 It is known that 40% of the insurance relates to equipment in the factory while 60% of the insurance relates to the equipment in the administrative offices. Paulson Company...
Budgeted overhead cost $1,050,000 Estimated machine hours 50,000 Estimated direct labor hours 10,000 Estimated direct materials...
Budgeted overhead cost $1,050,000 Estimated machine hours 50,000 Estimated direct labor hours 10,000 Estimated direct materials cost $1,500,000 Maverick’s inventory count, completed on December 31, 2016, revealed the following ending inventory balances: Raw Materials Inventory $250,000 Work in Process Inventory $626,000 Finished Goods Inventory $340,000 The company’s 2017 payroll data revealed the following actual payroll costs for the year: Job Title Number Employed Wage Rate per Hour Annual Salary per Employee Total Hours Worked per Employee President and CEO 1...
ABC had an estimated factory overhead of $600,000 and an estimated direct labor hours of 100,000.
ABC had an estimated factory overhead of $600,000 and an estimated direct labor hours of 100,000. The company applies factory overhead, using direct labor hours as the cost driver.During the period, the company incurred $60,000 direct labor cost at a rate of $5 per hour.The actual factory overhead incurred is $80,000.Required:What is the predetermined overhead rate?What is the over- or under-applied factory overhead.Assuming that $50,000, $100,000, and $200,000 were balances found in Cost of Goods sold, Work-in-process, and finished goods,...
Estimated manufacturing overhead $ 500,000 Actual manufacturing overhead $ 550,000 Estimated direct labor hours 10,000 hours...
Estimated manufacturing overhead $ 500,000 Actual manufacturing overhead $ 550,000 Estimated direct labor hours 10,000 hours Actual direct labor hours 10,500 13. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base. 14. Determine the amount of overhead allocated during the year. Record the journal entry. 15. Determine the amount of underallocated or overallocated overhead. Record the journal entry to adjust Manufacturing Overhead.
In November, Tim’s Toys, Inc., had direct materials costs of $60,000, direct labor costs of $40,000,...
In November, Tim’s Toys, Inc., had direct materials costs of $60,000, direct labor costs of $40,000, variable manufacturing overhead costs of $64,000, and fixed costs of $152,000. If Tim’s unit contribution margin is $200, what is the company’s break-even point? Select one: a. 820 units b. 760 units c. $152,000 d. $164,000 Equivalent units of production are a measure of: Select one: a.  Units in ending work in process inventory. b. The work done during the period expressed in fully completed...
The Jack and Sal Company uses direct labor hours for estimating factory overhead rate. An estimated...
The Jack and Sal Company uses direct labor hours for estimating factory overhead rate. An estimated factory overhead is $500,000 for the year. An estimated direct labor cost for the year is $100,000, and estimated direct labor hours for the year is 200,000 hours.   The following additional information is provided:   Beginning work in process is $300,000; Actual Direct Labor cost is $150,000; Actual Cost of Direct Materials used is $200,000; actual direct labor hours used 200,000 hours; and the tot...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT