Homework Answers
Ans:
Option:2 Estimated total manufacturing Overhead costs divided by Estimated total units in the allocation base is Correct Answer
Explanation:
Predetermined overhead rate is the rate which is determined at the beginning of the year to estimate the Product cost then it will help in deciding or determining the selling price of the Product
Budgeted overheads are determined based on the Previous year actual data simulation with expected data of this Year
So Actual Overheads and Actual labour hours is not taken into consideration, and is helpful for analysis of budget for next year
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Which of the following is the correct formula to compute the predetermined overhead rate? M oe...
When calculating the predetermined manufacturing overhead rate, what is the correct formula? Estimated overhead costs divided...
When calculating the predetermined manufacturing overhead rate, what is the correct formula? Estimated overhead costs divided by the number of days in a year Estimated amount of the cost driver divided by the estimated total overhead costs Actual overhead costs of the prior year divided by the actual amount of the cost driver Estimated overhead costs divided by the estimated amount of the cost driver Estimated overhead costs divided by the actual amount of the cost driver Actual overhead costs...
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...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total amount...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total amount of the allocation base - Estimated total manufacturing overhead cost True or False True False
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...
QUESTION 4 When applying manufacturing overhead to jobs, the formula to calculate the amount is as...
QUESTION 4 When applying manufacturing overhead to jobs, the formula to calculate the amount is as follows: Predetermined overhead rate divided by the actual manufacturing overhead incurred on the particular job. Predetermined overhead rate times the actual manufacturing overhead incurred on the particular job. Predetermined overhead rate divided by the actual units of allocation base charged to the particular job. Predetermined overhead rate times the actual units of allocation base charged to the particular job.
How do you calculate the predetermined manufacturing overhead rate used to allocate manufacturing overhead costs? A.By...
How do you calculate the predetermined manufacturing overhead rate used to allocate manufacturing overhead costs? A.By dividing the total estimated manufacturing overhead costs by the total estimated amount of the allocation base B.By dividing the total estimated amount of the allocation base by the total estimated manufacturing overhead costs C.By dividing the total estimated manufacturing overhead costs by the total actual amount of the allocation base D.By multiplying the total estimated manufacturing overhead costs by the total estimated amount of...
Exercise 2-1 Compute a Predetermined Overhead Rate [LO2-1] Harris Fabrics computes its plantwide predetermined overhead rate...
Exercise 2-1 Compute a Predetermined Overhead Rate [LO2-1] Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $94,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $123.900 and its...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead costs actual overhead costs O predetermined overhead costs O estimated overhead costs Manufacturing overhead applied is added to direct labour incurred and what other item to equal total manufacturing costs for the period? O Work in process. O Direct materials used. O Goods available for sale. O Raw materials purchased.
Compute the Predetermined Overhead Rate [LO3] Harris Fabrics computes its predetermined overhead rate annually on the...
Compute the Predetermined Overhead Rate [LO3] Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $134,000 and the total direct labor would be 20,000 hours. Its actual total manufacturing overhead for the year was $123,900 and its actual total direct labor was 21,000 hours. Required: Compute the company's predetermined overhead rate for the year.
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided...
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
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...
The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total amount of the allocation base - Estimated total manufacturing overhead cost True or False True False
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...
QUESTION 4 When applying manufacturing overhead to jobs, the formula to calculate the amount is as follows: Predetermined overhead rate divided by the actual manufacturing overhead incurred on the particular job. Predetermined overhead rate times the actual manufacturing overhead incurred on the particular job. Predetermined overhead rate divided by the actual units of allocation base charged to the particular job. Predetermined overhead rate times the actual units of allocation base charged to the particular job.
Exercise 2-1 Compute a Predetermined Overhead Rate [LO2-1] Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $94,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $123.900 and its...
Which one of the following is used to calculate the predetermined overhead rate? O applied overhead costs actual overhead costs O predetermined overhead costs O estimated overhead costs Manufacturing overhead applied is added to direct labour incurred and what other item to equal total manufacturing costs for the period? O Work in process. O Direct materials used. O Goods available for sale. O Raw materials purchased.
Compute the Predetermined Overhead Rate [LO3] Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $134,000 and the total direct labor would be 20,000 hours. Its actual total manufacturing overhead for the year was $123,900 and its actual total direct labor was 21,000 hours. Required: Compute the company's predetermined overhead rate for the year.
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
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