1. Define and explain the meaning of a predetermined manufacturing overhead rate that is applied in...
1. Define and explain the meaning of a predetermined manufacturing overhead rate that is applied in a job order costing system.
Homework Answers
Pre determined Manufacturing overhead rate:-
It's usually used in a manufacturing industry, where production cost is measured on the basis of manhour. The pre determined overrate is a production overhead cost calculated on manhour. As clear with words that machine hours are the total number of hours the machine is in operation. Manufacturing overhead costs and machine hours totals can valcucalc the pre determined overhead rate by dividing the costs by the machine hours..
Formula...
Pre determined overhead rate- Estimating manufacturing overhead cost/ Total units in allocation
Example...
A company has estimates manufacturing overhead cost of $2000 for current year. The comacom estimates that $250 for direct labour hours for current year..
PredetarmiPreoverhead rate= $2000/$250 =$8
Note- predetermined overhead rate is fully based on estimates. Accuracy may be differ...
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1. Define and explain the meaning of a predetermined
manufacturing overhead rate that is applied in...
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...
Fact Pattern:Hamilton Company uses job-order costing. Manufacturing overhead is applied to production at a predetermined rate...
Fact Pattern:Hamilton Company uses job-order costing. Manufacturing overhead is applied to production at a predetermined rate of 150% of direct labor cost. Any over- or underapplied overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: Job 101 was the only job in process at January 31, with accumulated costs as follows: Direct materials $4,000 Direct labor 2,000 Applied manufacturing overhead 3,000 Total manufacturing costs $9,000 Jobs 102,...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor hours. The company based its predetermined overhead rate for the current year on 79,000 direct labor-hours, total fixed manufacturing overhead cost of $158,000, and a variable manufacturing overhead rate of $4.10 per direct labor-hour. Recently Job X387 was completed and required 300 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round Intermediate calculations.) Overhead applied to...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 68,000 direct labor-hours, total fixed manufacturing overhead cost of $102,000, and a variable manufacturing overhead rate of $2.00 per direct labor-hour. Recently Job X387 was completed and required 240 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.) Overhead applied to Job...
1. calculate plantwide predetermined overhead rate. 2. complete the job cost sheet for job alpha: Direct...
1. calculate plantwide predetermined overhead
rate.
2. complete the job cost sheet for job alpha:
Direct materials
Direct labor
manufacturing overhead applied
total job cost
Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $14.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 69.700 direct labor-hours, and Job Omega. The job cost sheets for the these...
Meenach Corporation uses a job order costing system with a single plantwide predetermined overhead rate based...
Meenach Corporation uses a job order costing system with a single plantwide predetermined overhead rate based on direct labor hours. The company based its predetermined overhead rate for the current year on 75.000 direct labor hours, total fixed manufacturing overhead cost of $150,000, and a variable manufacturing overhead rate of $2.70 per direct labor-hour. Recently Job X387 was completed and required 150 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.) Overtad...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead rate for the current year on 73,000 direct labor-hours, total fixed manufacturing overhead cost of $94,900, and a variable manufacturing overhead rate of $3.60 per direct labor-hour. Recently Job X387 was completed and required 290 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387 (Do not round intermediate calculations.) Overhead applied to...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 74,000 direct labor-hours, total fixed manufacturing overhead cost of $74,000, and a variable manufacturing overhead rate of $3.10 per direct labor-hour. Recently Job X387 was completed and required 210 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.)
Using the company's plantwide approach: a. Compute the plantwide predetermined rate for the current year. b. Determine the amount of manufacturing overhead cost that would have been applied to th...
Using the company's plantwide approach: a. Compute the plantwide
predetermined rate for the current year. b. Determine the amount of
manufacturing overhead cost that would have been applied to the
Koopers job. 2. Suppose that instead of using a plantwide
predetermined overhead rate, the company had used departmental
predetermined overhead rates based on direct labor cost. Under
these conditions: a.Compute the predetermined overhead rate for
each department for the current year. b. Determine the amount of
manufacturing overhead cost that...
5 Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based...
5 Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead rate for the current year on 66,000 direct labor-hours, total fixed manufacturing overhead cost of $99,000, and a variable manufacturing overhead rate of $4.50 per direct labor-hour. Recently Job X387 was completed and required 220 direct labor-hours. 10 points Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.)...
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...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor hours. The company based its predetermined overhead rate for the current year on 79,000 direct labor-hours, total fixed manufacturing overhead cost of $158,000, and a variable manufacturing overhead rate of $4.10 per direct labor-hour. Recently Job X387 was completed and required 300 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round Intermediate calculations.) Overhead applied to...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 68,000 direct labor-hours, total fixed manufacturing overhead cost of $102,000, and a variable manufacturing overhead rate of $2.00 per direct labor-hour. Recently Job X387 was completed and required 240 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.) Overhead applied to Job...
1. calculate plantwide predetermined overhead
rate.
2. complete the job cost sheet for job alpha:
Direct materials
Direct labor
manufacturing overhead applied
total job cost
Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $14.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 69.700 direct labor-hours, and Job Omega. The job cost sheets for the these...
Meenach Corporation uses a job order costing system with a single plantwide predetermined overhead rate based on direct labor hours. The company based its predetermined overhead rate for the current year on 75.000 direct labor hours, total fixed manufacturing overhead cost of $150,000, and a variable manufacturing overhead rate of $2.70 per direct labor-hour. Recently Job X387 was completed and required 150 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.) Overtad...
Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead rate for the current year on 73,000 direct labor-hours, total fixed manufacturing overhead cost of $94,900, and a variable manufacturing overhead rate of $3.60 per direct labor-hour. Recently Job X387 was completed and required 290 direct labor-hours. Required: Calculate the amount of overhead applied to Job X387 (Do not round intermediate calculations.) Overhead applied to...
Using the company's plantwide approach: a. Compute the plantwide
predetermined rate for the current year. b. Determine the amount of
manufacturing overhead cost that would have been applied to the
Koopers job. 2. Suppose that instead of using a plantwide
predetermined overhead rate, the company had used departmental
predetermined overhead rates based on direct labor cost. Under
these conditions: a.Compute the predetermined overhead rate for
each department for the current year. b. Determine the amount of
manufacturing overhead cost that...
5 Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead rate for the current year on 66,000 direct labor-hours, total fixed manufacturing overhead cost of $99,000, and a variable manufacturing overhead rate of $4.50 per direct labor-hour. Recently Job X387 was completed and required 220 direct labor-hours. 10 points Required: Calculate the amount of overhead applied to Job X387. (Do not round intermediate calculations.)...
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