Homework Answers
Predetermined rate should be calculated by dividing the expected overhead cost by expected DL cost.
Predetermined rate = expected overhead cost / expected DL cost.
= 1400000 / 1000000
= 1.40
Answer: 4th option
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Multiple Choice Question 81 A company expected its annual overhead costs to be $1400000 and direct...
Multiple Choice Question 81 A company expected its annual overhead costs to be $1500000 and direct...
Multiple Choice Question 81 A company expected its annual overhead costs to be $1500000 and direct labor costs to be $600000. Actual overhead was $1200000, and actual labor costs totaled $800000. How much is the company's predetermined overhead rate to the nearest cent? O $2.50 O $1.50 $1.88 O $2.00 Multiple Choice Question 97 Marigold Corp. applies overhead to production at a predetermined rate of 90% based on direct labor cost. Job No. 250, the only job still in process...
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A company expected its annual overhead costs to be $15,000 and direct labor costs to be $10,000. Actual overhead was $14,000, and actual labor costs totaled $11,000. Calculate predetermined overhead rate, amount of applied overhead and state whether it results in under applied or over applied.
Multiple Choice Question 100 Sunland Company applies overhead on the basis of 200% of direct labor...
Multiple Choice Question 100 Sunland Company applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charged with $450000 of direct materials costs and $200000 of manufacturing overhead. The total manufacturing costs for Job no. 305 is: O $850000 $1100000 O $650000 O $750000
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
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A company expected its annual overhead costs to be $20,000 and direct labor hours to be...
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A company expected its annual overhead costs to be $40,000 and direct labor hours to be...
A company expected its annual overhead costs to be $40,000 and direct labor hours to be 20,000. Actual overhead was $38,000, and actual labor hours totaled 18,000. Calculate predetermined overhead rate, amount of applied overhead and state whether it results in under applied or over applied.
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of...
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $290000, $470000 in materials used, and $190000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $950000 $960000 $945000 $1000000 Multiple Choice Question 111 Crane Company developed the following data for the current year: Beginning...
If annual overhead costs are expected to be $730000 and direct labor costs are expected to...
If annual overhead costs are expected to be $730000 and direct
labor costs are expected to be $1000000, then if the activity base
is direct labor costs:
a predetermined overhead rate cannot be determined.
for every dollar of direct labor, 73.0 cents of manufacturing
overhead will be assigned.
$73.0 is the predetermined overhead rate.
for every dollar of manufacturing overhead, 1.4 cents of direct
labor will be assigned.
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
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Multiple Choice Question 100 Sunland Company applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charged with $450000 of direct materials costs and $200000 of manufacturing overhead. The total manufacturing costs for Job no. 305 is: O $850000 $1100000 O $650000 O $750000
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $115,500 and $124,600, respectively. During the year, actual overhead was $107.000 and actual direct labor cost was $116,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice 0 A credit to Factory Overhead for $880. A credit to Cost of Goods Sold for...
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $290000, $470000 in materials used, and $190000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $950000 $960000 $945000 $1000000 Multiple Choice Question 111 Crane Company developed the following data for the current year: Beginning...
If annual overhead costs are expected to be $730000 and direct
labor costs are expected to be $1000000, then if the activity base
is direct labor costs:
a predetermined overhead rate cannot be determined.
for every dollar of direct labor, 73.0 cents of manufacturing
overhead will be assigned.
$73.0 is the predetermined overhead rate.
for every dollar of manufacturing overhead, 1.4 cents of direct
labor will be assigned.
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $110,500 and $124.000, respectively. During the year, actual overhead was $106,400 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice O A credit to Finished Goods Inventory for $400. O A debit to Cost of Goods...
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