The following information pertains to Trenton Glass Works for the year just ended.
Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost: 80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Actual selling and administrative expenses: 437,000
| Actual manufacturing overhead: | |||
| Depreciation | $ | 234,000 | |
| Property taxes | 22,000 | ||
| Indirect labor | 82,000 | ||
| Supervisory salaries | 202,000 | ||
| Utilities | 58,000 | ||
| Insurance | 33,000 | ||
| Rental of space | 303,000 | ||
| Indirect material (see data below) | 80,000 | ||
| Indirect material: | |||
| Beginning inventory, January 1 | 49,000 | ||
| Purchases during the year | 94,000 | ||
| Ending inventory, December 31 | 63,000 | ||
Exercise 3-34 Part 1
Required:
1. Compute the firm’s predetermined overhead rate, which is based on direct-labor hours. (Round your answer to 2 decimal places.)
2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)
Homework Answers
Requirement 1
Predetermined Overhead rate = $13.30 Per Direct labor hour.
Working
| 1. Company's single plantwide overhead rate based on direct labor hours | |||
| Estimated Manufacturing overheaad | $ 9,97,500.00 | $ 13.30 | Per Direct labor hour |
| Estimated Direct labor hours | 75,000 | ||
Requirement 2
Overhead Overapplied = $50,000
Working
| Actual Manufacturing overhead | $ 1,014,000.00 |
| Overhead applied (80000 x 13.30) | $ 1,064,000.00 |
| Overhead Overapplied | $ 50,000.00 |
Add Answer to:
The following information pertains to Trenton Glass Works for
the year just ended.
Budgeted direct-labor cost:...
QUESTION # 2 The following information pertains to Glass Works Company for 2014. Budgeted direct-labour cost:...
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