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Estimated Estimated total mot cost total allocation pre determined overhead rate : 35. ARM Inc. is...
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...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
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...
Jackson Company applies overhead to products using a pre-determined rate of $11.20 per direct labor hour....
Jackson Company applies overhead to products using a pre-determined rate of $11.20 per direct labor hour. During 2019, Jackson Company began work on three jobs. Information relating to these three jobs appears below: Job #359 Job #360 Job #361 direct materials .............. $98,000 $75,000 $91,000 direct labor cost ............. $98,600 $79,900 $86,700 direct labor hours ............ 5,100 4,700 5,800 By the end of 2019, job #359 and job #361 had been completed. Job #360 was not completed by the end...
Jackson Company applies overhead to products using a pre-determined rate of $11.20 per direct labor hour....
Jackson Company applies overhead to products using a pre-determined rate of $11.20 per direct labor hour. During 2019, Jackson Company began work on three jobs. Information relating to these three jobs appears below: Job #359 Job #360 Job #361 direct materials .............. $98,000 $75,000 $91,000 direct labor cost ............. $98,600 $79,900 $86,700 direct labor hours ............ 5,800 4,700 5,100 By the end of 2019, job #359 and job #361 had been completed. Job #360 was not completed by the end...
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle...
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Job Job 70 Job 71 72 Direct materials $1,500 $2,000 $850 Direct labor 1,900 1,400 900 Applied overhead 1,520 1,120 720 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job Job Job Job Job 71 Job 72 Job 73 70...
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow:...
Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $810,000 Estimated direct labor cost for the year (@ $9/hr.) 450,000 Actual manufacturing overhead cost for January 48,000 Actual direct labor cost for January (1,200 hours) 33,000 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. _________% b. Prepare a journal entry that applies consulting overhead for January....
Problem 15-4A Overhead allocation and adjustment using a predetermined overhead rate LO P3, P4 At the...
Problem 15-4A Overhead allocation and adjustment using a predetermined overhead rate LO P3, P4 At the beginning of the year, Learer Company’s manager estimated total direct labor cost assuming 55 persons working an average of 2,000 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor $ 261,200 Factory supervision 156,000 Rent on factory building 152,000 Factory utilities 100,000 Factory insurance expired 80,000 Depreciation—Factory equipment...
Answer the problem on an Excel Spreadsheet E4-2 Predetermined Overhead Rate; Job Cost Sheet Furniture, Inc....
Answer the problem on an Excel Spreadsheet
E4-2 Predetermined Overhead Rate; Job Cost Sheet Furniture, Inc. uses a job order costing system. Overhead is applied on the basis of direct labor cost in department A and machine-hours in department B. At the start of Year 6, the company made the following estimates: Department A Department B Direct labor-hours 15,000 5,000 Machine-hours 2,500 20,000 Manufacturing overhead cost $80,000 $72,000 Direct labor cost $64,000 $42,000 Required: 1. Compute the predetermined overhead rate...
The predetermined overhead allocation rate for Freestyle, Inc., is based on estimated direct labor costs of $400,00...
The predetermined overhead allocation rate for Freestyle, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual costs incurred were: Direct materials. $250,000 400,000 55,000 125,000 50,000 Direct labor Indirect materials....... Indirect labor............................... Sales commissions............. ..... Factory depreciation................. ......... Property taxes, factory.. Factory utilities..... Advertising ...... Factory equipment rental 170,000 15,000 35,000 62,500 100,000 Calculate the predetermined overhead rate and calculate the overhead applied to production during the year (6 points). A. Predetermined...
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...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
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...
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost, Unit Cost On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following costs: Job Job 70 Job 71 72 Direct materials $1,500 $2,000 $850 Direct labor 1,900 1,400 900 Applied overhead 1,520 1,120 720 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job Job Job Job Job 71 Job 72 Job 73 70...
Answer the problem on an Excel Spreadsheet
E4-2 Predetermined Overhead Rate; Job Cost Sheet Furniture, Inc. uses a job order costing system. Overhead is applied on the basis of direct labor cost in department A and machine-hours in department B. At the start of Year 6, the company made the following estimates: Department A Department B Direct labor-hours 15,000 5,000 Machine-hours 2,500 20,000 Manufacturing overhead cost $80,000 $72,000 Direct labor cost $64,000 $42,000 Required: 1. Compute the predetermined overhead rate...
The predetermined overhead allocation rate for Freestyle, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual costs incurred were: Direct materials. $250,000 400,000 55,000 125,000 50,000 Direct labor Indirect materials....... Indirect labor............................... Sales commissions............. ..... Factory depreciation................. ......... Property taxes, factory.. Factory utilities..... Advertising ...... Factory equipment rental 170,000 15,000 35,000 62,500 100,000 Calculate the predetermined overhead rate and calculate the overhead applied to production during the year (6 points). A. Predetermined...
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