uses a standard cost accounting system and applies production overhead to products on the basis of...

uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour: $7.20 Standard fixed-overhead rate per hour: $12.20 Planned activity during the period: 17,000 machine hours Actual production: 11,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $156,110 Actual total overhead: $445,030 Actual machine hours worked: 23,300 Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending variance. 3. Calculate the company’s fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? How much? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much?

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Lackawanna Licorice Company uses a standard cost accounting system and applies production overhead to products on...

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Lott Company uses a job order cost system and applies overhead to production on the basis...

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Hudson, Inc. uses a job order cost system and applies overhead to production on the basis...

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Lott Company uses a job order cost system and applies overhead to production on the basis...

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 22,000, direct labor $ 13,200, and manufacturing overhead $ 17,600. As of January 1, Job No. 49 had been completed at a cost of $ 99,000 and was part of finished...

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Lott Company uses a job order cost system and applies overhead to production on the basis...

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Weinrich Manufacturing uses a job order cost system and applies overhead to Production on the basis...

Weinrich Manufacturing uses a job order cost system and applies overhead to Production on the basis of direct labor hours. On January 1, 2016, Job No. 25 was the only job in process with total costs of $25,000. Estimated overhead costs are $480,000, direct labor costs are $300,000 and direct labor hours are 20,000 for the year. a. Calculate the predetermined overhead rate. b. Prepare the following entries: 1. Purchased raw materials of $50,000 on account. 2. Incurred factory labor...

Lott Company uses a job order cost system and applies overhead to production on the basis...

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 22,400 , direct labor $ 13,440 , and manufacturing overhead $ 17,920 . As of January 1, Job No. 49 had been completed at a cost of $ 100,800 and was...

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uses a standard cost accounting system and applies production overhead to products on the basis of...

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