X Company has the following estimated costs for 2020: Direct materials $65,300 Direct labor 18,700 Factory...
X Company has the following estimated costs for 2020:
| Direct materials | $65,300 | |
| Direct labor | 18,700 | |
| Factory supplies | 19,900 | |
| Factory maintenance | 31,900 | |
| Marketing research | 40,300 | |
| Factory rent | 43,000 | |
| Sales salaries | 43,000 | |
| Factory insurance | 68,700 | |
X Company estimates that direct labor hours for the year will be 1,100, and machines will be operated for 63,000 hours. If overhead is allocated on the basis of direct labor cost, what will the 2020 overhead rate be?
Homework Answers
Overhead rate for 2020
Overhead rate for 2020 = Total estimated overhead costs / Direct labor cost
= [Factory supplies + Factory supervision + Factory rent + Factory insurance] / Direct labor cost
= [$19,900 + $31,900 + $43,000 + $68,700] / $18,700
= $163,500 / $18,700
= $8.74
“Hence, the Overhead rate for 2020 will be $8.74”
Add Answer to:
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