Homework Answers
Answer :
Option : 4
Predetermined overhead rate times the Actual units of allocation base charged to the particular job
Manufacturing Overhead applied = Predetermined overhead rate * Actual Units of allocation base
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QUESTION 4 When applying manufacturing overhead to jobs, the formula to calculate the amount is as...
7 11, the formula to calculate the amo ved by the actual manufacturing overhe D ead...
7
11, the formula to calculate the amo ved by the actual manufacturing overhe D ead rate times the actual manufacturing overhead incurto Llumined overhead rate divided by the actual units of allocation D. Predetermined overhead rate times the actual units of allocation base char 5. When closing overapplied manufacturing overhead to cost of goods so would be true? A. Work in process will decrease. B. Cost of goods sold will increase. C. Net income will decrease. D. Gross margin...
Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount...
Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount of the allocation base 60,000 machine-hours Actual manufacturing overhead cost $290,000 Actual total amount of the allocation base 68,000 machine-hours Enter a formula into each of the cells marked with a ? below Computation of the predetermined overhead rate Estimated manufacturing overhead cost ? Estimated total amount of the allocation base ? machine-hours Predetermined overhead rate ? per machine-hour Computation of underapplied or overapplied...
Delgado Company assigns manufacturing overhead to its jobs using a predetermined rate, with direct labor hours...
Delgado Company assigns manufacturing overhead to its jobs using a predetermined rate, with direct labor hours as the allocation base. Delgado’s predetermined overhead rate is computed as: a. actual total direct labor hours worked during the period ÷ actual total manufacturing overhead incurred during the period. b. estimated total manufacturing overhead for the period ÷ estimated total direct labor hours for the period. c. actual total manufacturing overhead incurred during the period ÷ actual total direct labor hours worked during...
Which of the following is the correct formula to compute the predetermined overhead rate? M oe...
Which of the following is the correct formula to compute the predetermined overhead rate? M oe Choice O Estimated total units in the allocation base divided by estimated total manufacturing overhead costs C) Estimated to mancung overhead costs vided by estimated total units in the allocation base 0 Actual total manufacturing overhead costs vided by estimated total units in the allocation base O Estimated total manufacturing overhead costs divided by actual total units in the allocation base
How do you calculate allocated manufacturing overhead to a certain job? By multiplying the total estimated...
How do you calculate allocated manufacturing overhead to a certain job? By multiplying the total estimated manufacturing overhead by the total estimated allocation base to be used = A By multiplying the predetermined manufacturing overhead rate by the estimated allocation base to be used by the job = B By multiplying the predetermined manufacturing overhead rate by the actual allocation base used by the job = C By multiplying the estimated manufacturing overhead rate by the actual allocation base used...
Match each term with the explanation. Averages manufacturing costs across all units produced so that each...
Match each term with the explanation. Averages manufacturing costs across all units produced so that each identical unit bears the same cost Process of dividing the total manufacturing overhead among the jobs produced during the year Used to accumulate direct materials, direct labor and manufacturing overhead allocated to a job Predetermined manufacturing overhead rate multiplied by actual amount of allocation base used by job Account credited when recording the use of direct labor on jobs Account credited when finished goods...
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg...
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg direct labor hours) Actual overhead cost divided by estimated allocation base (eg direct labor hours) Estimated overhead Costs divided by actual allocation base (eg actual direct labor hours) actual overhead costs divided by actual allocation base (eg actual direct labor hours) Do not cost their services using job costing techniques True O False The beginning in Finished Goods Inventory is $50,000, the ending balance...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
When calculating the predetermined manufacturing overhead rate, what is the correct formula? Estimated overhead costs divided...
When calculating the predetermined manufacturing overhead rate, what is the correct formula? Estimated overhead costs divided by the number of days in a year Estimated amount of the cost driver divided by the estimated total overhead costs Actual overhead costs of the prior year divided by the actual amount of the cost driver Estimated overhead costs divided by the estimated amount of the cost driver Estimated overhead costs divided by the actual amount of the cost driver Actual overhead costs...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total manufacturing...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total manufacturing overhead cost + Estimated total amount of the allocation base True False Thach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours fixed manufacturing overhead cost of $665,000, variable manufacturing overhead of $3.00 per machine-hour, and 70,000 machine Number of units in the job Total machine hours Direct materials Direct labor cost $ 2,880 The unit product...
7
11, the formula to calculate the amo ved by the actual manufacturing overhe D ead rate times the actual manufacturing overhead incurto Llumined overhead rate divided by the actual units of allocation D. Predetermined overhead rate times the actual units of allocation base char 5. When closing overapplied manufacturing overhead to cost of goods so would be true? A. Work in process will decrease. B. Cost of goods sold will increase. C. Net income will decrease. D. Gross margin...
Which of the following is the correct formula to compute the predetermined overhead rate? M oe Choice O Estimated total units in the allocation base divided by estimated total manufacturing overhead costs C) Estimated to mancung overhead costs vided by estimated total units in the allocation base 0 Actual total manufacturing overhead costs vided by estimated total units in the allocation base O Estimated total manufacturing overhead costs divided by actual total units in the allocation base
The predetermined overhead rate is determined as: Estimated overhead costs divided by estimated allocation base (eg direct labor hours) Actual overhead cost divided by estimated allocation base (eg direct labor hours) Estimated overhead Costs divided by actual allocation base (eg actual direct labor hours) actual overhead costs divided by actual allocation base (eg actual direct labor hours) Do not cost their services using job costing techniques True O False The beginning in Finished Goods Inventory is $50,000, the ending balance...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total manufacturing overhead cost + Estimated total amount of the allocation base True False Thach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours fixed manufacturing overhead cost of $665,000, variable manufacturing overhead of $3.00 per machine-hour, and 70,000 machine Number of units in the job Total machine hours Direct materials Direct labor cost $ 2,880 The unit product...
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