Homework Answers
| Statement showing computations | |
| Particulars | Amount |
| a) Actual manufacturing overhead | 3,36,000.00 |
| Actual machine hours | 11,000.00 |
| Budgeted manufacturing overhead | 3,64,000.00 |
| Budgeted machine hours | 8,000.00 |
| Predetermined overhead rate =364000/8000 | 45.50 |
| Applied overhead =11000*45.50 | 5,00,500.00 |
| Actual manufacturing overhead | 3,36,000.00 |
| Overapplied overhead | 1,64,500.00 |
| b) | |
| Actual direct labour hours | 18,000.00 |
| Budgeted manufacturing overhead | 3,64,000.00 |
| Budgeted DL hours | 20,000.00 |
| Predetermined overhead rate =364000/20000 | 18.20 |
| Applied overhead =18000*18.20 | 3,27,600.00 |
| Actual manufacturing overhead | 3,36,000.00 |
| underapplied overhead | 8,400.00 |
| c) | |
| Actual DL cost =18000*15 | 2,70,000.00 |
| Budgeted manufacturing overhead | 3,64,000.00 |
| Budgeted DL cost = 20000*14 | 2,80,000.00 |
| Predetermined overhead rate =364000/280000 | 1.30 |
| Applied overhead =270,000*1.30 | 3,51,000.00 |
| Actual manufacturing overhead | 3,36,000.00 |
| Overapplied overhead | 15,000.00 |
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Required information (The following Information applies to the questions displayed below.) The following data pertain to...
Required information The following information applies to the questions displayed below.) The following data pertain to...
Required information The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338.000 10,000 20,000 $ 13 $364,000 11.000 18,000 17 2. Calculate the overapplied or underapplied overhead for...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 10,000 20,000 $364,000 11,000 18,000 12 Required: 1. Compute the firm's predetermined overhead rate for the year using...
Required Information (The following Information applies to the questions displayed below) The following data pertain to...
Required Information (The following Information applies to the questions displayed below) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. $280,00 336,000 8,888 20,880 14 Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-Labor hours Actual direct-Labor rate $364,000 11,00 18,000 $ 15 Required 1. Compute the firm's predetermined overhead rate...
Required information [The following information applies to the questions displayed below.) The following data pertain to...
Required information [The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 340,000 8,000 20,000 $ 14 $364,000 11,000 18,000 $ 15 Required: 1. Compute the firm's predetermined overhead...
Required information [The following information applies to the questions displayed below.] The following data pertain to...
Required information [The following information applies to the questions displayed below.] The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $ 205,000 Actual manufacturing overhead 338,000 Budgeted machine hours (based on practical capacity) 8,000 Budgeted direct-labor hours (based on practical capacity) 20,000 Budgeted direct-labor rate $ 13 Budgeted manufacturing overhead $ 364,000 Actual machine hours 11,000 Actual direct-labor hours 18,000 Actual direct-labor rate $ 17 Required: 1. Compute the firm’s predetermined...
The following data pertain to the Oneida Restaurant SupplyCompany for the year just ended.Budgeted...
The following data pertain to the Oneida Restaurant Supply
Company for the year just ended.Budgeted sales revenue$200,000Actual manufacturing overhead338,000Budgeted machine hours (based on practical capacity)8,000Budgeted direct-labor hours (based on practical capacity)20,000Budgeted direct-labor rate$13Budgeted manufacturing overhead$364,000Actual machine hours11,000Actual direct-labor hours18,000Actual direct-labor rate$15Exercise 3-35 Part 1Required:1. Compute the firm’s predetermined overhead
rate for the year using each of the following common cost drivers:
(a) machine hours, (b) direct-labor hours, and
(c) direct-labor dollars. (Round your answers to 2
decimal place.)2. Calculate the...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue $ 210,000 Actual manufacturing overhead 364,000 Budgeted machine hours (based on practical capacity) 20,000 Budgeted direct-labor hours (based on practical capacity) 20,000 Budgeted direct-labor rate $ 14 Budgeted manufacturing overhead $ 340,000 Actual machine hours 11,000 Actual direct-labor hours 18,000 Actual direct-labor rate $ 16 Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year,...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $210,000 364,000 20,000 20,000 13 $338,000 11,000 18,000 $ 16 Required: Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year, assuming: 1....
Required information [The following information applies to the questions displayed below.] Garcia, Inc. uses a job-order...
Required information [The following information applies to the questions displayed below.] Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
Required information The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338.000 10,000 20,000 $ 13 $364,000 11.000 18,000 17 2. Calculate the overapplied or underapplied overhead for...
[The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 10,000 20,000 $364,000 11,000 18,000 12 Required: 1. Compute the firm's predetermined overhead rate for the year using...
Required Information (The following Information applies to the questions displayed below) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. $280,00 336,000 8,888 20,880 14 Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-Labor hours Actual direct-Labor rate $364,000 11,00 18,000 $ 15 Required 1. Compute the firm's predetermined overhead rate...
Required information [The following information applies to the questions displayed below.) The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 340,000 8,000 20,000 $ 14 $364,000 11,000 18,000 $ 15 Required: 1. Compute the firm's predetermined overhead...
The following data pertain to the Oneida Restaurant Supply
Company for the year just ended.Budgeted sales revenue$200,000Actual manufacturing overhead338,000Budgeted machine hours (based on practical capacity)8,000Budgeted direct-labor hours (based on practical capacity)20,000Budgeted direct-labor rate$13Budgeted manufacturing overhead$364,000Actual machine hours11,000Actual direct-labor hours18,000Actual direct-labor rate$15Exercise 3-35 Part 1Required:1. Compute the firm’s predetermined overhead
rate for the year using each of the following common cost drivers:
(a) machine hours, (b) direct-labor hours, and
(c) direct-labor dollars. (Round your answers to 2
decimal place.)2. Calculate the...
Required information (The following information applies to the questions displayed below.) Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $210,000 364,000 20,000 20,000 13 $338,000 11,000 18,000 $ 16 Required: Prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year, assuming: 1....
Required information [The following information applies to the questions displayed below.] Garcia, Inc. uses a job-order costing system for its products, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company applies manufacturing overhead using machine hours in the Machining Department and direct-labor cost in the Assembly Department. The following information relates to the year just ended: Machining...
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