Homework Answers
Question 1
Correct answer-----(d) at the beginning of the year
Predetermined overhead rate is calculated at the beginning of the year to assign manufacturing overheads to various jobs. The difference between applied cost and actual cost is adjusted at the end of the year or fiscal year.
Question 2
Correct answer-----(c) $5per receiving hour
|
A |
Total cost |
$ 60,000.00 |
|
B |
Receiving hours |
12000 |
|
C=A/B |
Activity rate |
$ 5.00 |
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Victryl Company applies overhead based on direct labor hours. At the beginning of the year, Victryl estimates overhead to be $700,000, machine hours to be 200,000, and direct labor hours to be 35,000. During February, Victryl has 5,000 direct labor hours and 10,000 machine hours. If the actual overhead for February is $98,300, what is the overhead variance, and is it overapplied or underapplied? a. $1200 underapplied Ob. $1,000 underapplied Oc. $600 overapplied Od, $800 overapplied e. $1,700 overapplied Ned...
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the beginning of the first month and increases by $300 for each month thereafter MARR What is the equivalent AW of a two year contract that pays 55 500 compounded monthly The AW is closest to O A $109,519 OB. $70,040 OC. $145,534 OD. $41.882 OE $109,808
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Problem #12 of 24 Tax evasion usually involves all of the following except Oa. an underpayment of tax. Ob. an affirmative act by the taxpayer to evade the tax. Oc. planning a transaction to lower the tax liability. Od. willfulness on the part of the taxpayer. Problem #13 of 24 Deductions from adjusted gross income (AGI) are Oa. never subject to further reduction based on the income of the taxpayer. Ob. not synonymous with itemized deductions. Oc. referred to as...
Daget Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $364,440. At the end of the year, actual direct labor-hours for the year were 24,000 hours, manufacturing overhead for the year was overapplied by $8,360, and the actual manufacturing overhead was $360,040. The predetermined overhead rate for the year must have been closest to: Multiple Choice $15.48 per direct lobor hour $15.00 per direct labor hour $15.35 per...
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Calculating the Predetermined Overhead Rate, Applying Overhead to Production At the beginning of the year, Nature's Best estimated the following: Overhead $582,100 67,500 Direct labour hours Nature's Best uses normal costing and applies overhead on the basis of direct labour hours. For the month of March, direct labour hours were 17,550. Required: 1. Calculate the predetermined overhead rate for Nature's Best. Round your answer to the nearest cent. per direct labour hour 2. Calculate the overhead applied to production in...
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