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
ekkarill92 answered 1 month agoRelated 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
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,...
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...
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.
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...
The following data relate to direct labor costs for the current period: Standard costs 7,400 hours...
The following data relate to direct labor costs for the current
period:
Standard costs
7,400 hours at $11.60
Actual costs
6,300 hours at $10.50
What is the direct labor rate variance?
a.$19,690 unfavorable
b.$6,930 favorable
c.$19,690 favorable
d.$12,760 favorable
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Search the Internet to find (at least 2 websites) related to the general field of malware....
- Consider the following schema: Suppliers(sid, sname, address) Parts(pid, pname, color) Catalog(sid, pid, cost) write the following...
- Singh Development Co. is deciding whether to proceed with Project X. The cost would be $12...
- CS2123 Data Structures - Fall 2019 Assignment 1: Function Runtimes Table Due 9/11/19 by 11:59pm Completing...
- Question 2. Design a 16-1 MUX using any number of lower MUXs, such as 8-1 or...
- . Write a function that takes, as arguments, two objects, value1 and value2. If
- Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market...
ADVERTISEMENT