Question

In: Accounting

In December 2014, Shire Computer’s management establishes the 2015 predetermined overhead rate based on direct labor...

In December 2014, Shire Computer’s management establishes the 2015 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $795,600 of overhead costs and $520,000 of direct labor cost in year 2015. During March 2015, Shire began and completed Job No. 13-56.

  What is the predetermined overhead rate for year 2015?

Overhead Rate
Choose Numerator: / Choose Denominator: = Overhead Rate
/ = Overhead rate
/ =
2.

Compute the job cost sheet. (Round your answer to the nearest dollar amount.)
JOB COST SHEET: Job 13-56
Direct Materials Direct Labor Overhead Total Cost
Date Requisition No. Amount Time-Ticket No. Amount Costs Applied
Mar. 8 4-129 $3,000 T-306 $680
Mar. 11 4-142 7,200 T-432 1,340
Mar. 18 4-167 3,750 T-456 1,290

Solutions

Expert Solution

dlet me know if you have any concerns

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct labor...
In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $741,000 of overhead costs and $570,000 of direct labor cost in year 2017. During March 2017, Shire began and completed Job 13-56.    1. What is the predetermined overhead rate for 2017? 2. Using the information on the following job cost sheet, determine the total cost of the job....
26) In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct...
26) In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $780,000 of overhead costs and $520,000 of direct labor cost in year 2017. During March 2017, Shire began and completed Job 13-56.    1. What is the predetermined overhead rate for 2017? 2. Using the information on the following job cost sheet, determine the total cost of the...
Widmer Watercraft’s predetermined overhead rate for year 2015 is 200% of direct labor. Information on the...
Widmer Watercraft’s predetermined overhead rate for year 2015 is 200% of direct labor. Information on the company’s production activities during May 2015 follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month.      Job 136 $ 49,000   Job 137 33,500   Job 138 19,600   Job 139 22,600   Job 140 7,000      Total direct materials 131,700   Indirect materials 21,500      Total materials used $ 153,200    c. Paid $15,500 cash to a...
Damone Inc. applies overhead to production at a predetermined rate of 80% based on direct labor...
Damone Inc. applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 250, the only job still in process at the end of August, has been charged with manufacturing overhead of $7,400. What was the amount of direct materials charged to Job 250 assuming the balance in Work in Process inventory is $32,000?
The predetermined overhead allocation rate for Lemke, Inc., is based on estimated direct labor costs of...
The predetermined overhead allocation rate for Lemke, Inc., is based on estimated direct labor costs of $250,000 and estimated factory overhead of $550,000. Actual costs incurred were: Direct materials…………………………….. $250,000 Direct labor………………………………….. 300,000 Indirect materials……………………………             155,000 Indirect labor……………………………….. 225,000 Sales commissions…………………………. 50,000 Factory depreciation………………………… 170,000 Property taxes, factory……………………...    115,000 Advertising………………………………..... 62,500 (a)    Calculate the predetermined overhead rate and calculate the overhead applied during the year. (b)   Determine the amount of over- or underapplied overhead and state whether it was under or...
The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of...
The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Repairs and maintenance 30,000 Total variable overhead costs $ 135,000 Fixed overhead costs Depreciation—Building 25,000 Depreciation—Machinery 70,000 Taxes and insurance 17,000 Supervision 308,000 Total...
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to...
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials................................... $6,000 Direct labor......................................... $20,000 Rent on factory building...................... $15,000 Sales salaries..................................... $25,000 Depreciation on factory equipment...... $8,000 Indirect labor....................................... $12,000 Production supervisor's salary............. $15,000 Jameson estimates that 20,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be: A) $2.50 per direct labor-hour...
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to...
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials $ 6,000 Direct labor $ 20,000 Rent on factory building $ 15,000 Sales salaries $ 25,000 Depreciation on factory equipment $ 8,000 Indirect labor $ 12,000 Production supervisor's salary $ 15,000 Jameson estimates that 20,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour...
Arless inc uses a predetermined rate to apply manufacturing overhead to products based on direct labor...
Arless inc uses a predetermined rate to apply manufacturing overhead to products based on direct labor dollars. Actual manufacturing overhead for the year was $2,000,000 and the direct labor dollar cost was 400,000. if the overhead was underapplied by 200,000 the estimated predetermined overhead rate was a. 3.00 per direct labor dollar b. 4.5 per direct labor dollar c . not enough information d. 5.00 per direct labor dollar
Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the...
Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the beginning of 2018, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor hours at 7,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # 401. Job stats...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT