Homework Answers
1. Answer:
Explanation:
Step 1- Determination of predetermined overhead allocation rate
Predetermined overhead rate = Total annual insurance premium charges / Total estimated labor hours during the year
Total annual insurance premium charges = $105,820
Total estimated labor hours during the year = 48,100 hours
Predetermined overhead rate = $105,820 / 48,100 = $2.2 per hour
Step 2 - Allocation of insurance cost
Allocation of insurance cost for January:
Allocated cost = Labor hours in January × Predetermined overhead rate
Labor hours in January = 4,200 hours
Predetermined overhead rate = $2.2 per hour
Allocated cost for January = $2.2 × 4,200 = $9,240
Allocation of insurance cost for February:
Allocated cost = Labor hours in February × Predetermined overhead rate
Labor hours in February = 3,700 hours
Predetermined overhead rate = $2.2 per hour
Allocated cost for February = $2.2 × 3,700 = $8,140
(As HOMEWORKLIB guideline, answering the first question completely)
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