Homework Answers
Ans. False
Explanation: Estimated manufacturing overhead cost is used as a numerator and estimated allocation base is used as a denominator in the formula of predetermined overhead rate.
The correct formula to calculate predetermined overhead rate is as follows:
Predetermined overhead rate = Estimated total manufacturing overhead cost / Estimated total amount of the allocation base.
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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 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...
Generally speaking, when going through the process of computing a predetermined overhead rate, the estimated total...
Generally speaking, when going through the process of computing a predetermined overhead rate, the estimated total manufacturing overhead cost is determined before estimating the amount of the allocation base True or False True False
Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount...
Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount of the allocation base 60,000 machine-hours Actual manufacturing overhead cost $290,000 Actual total amount of the allocation base 68,000 machine-hours Enter a formula into each of the cells marked with a ? below Computation of the predetermined overhead rate Estimated manufacturing overhead cost ? Estimated total amount of the allocation base ? machine-hours Predetermined overhead rate ? per machine-hour Computation of underapplied or overapplied...
Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount of the allocation base...
Data Allocation base Machine-hours Estimated manufacturing overhead cost $300,000 Estimated total amount of the allocation base 75,000 machine-hours Actual manufacturing overhead cost $290,000 Actual total amount of the allocation base 68,000 machine-hours Computation of the predetermined overhead rate Estimated manufacturing overhead cost ? Estimated total amount of the allocation base ? machine-hours Predetermined overhead rate ? per machine-hour Computation of underapplied or overapplied manufacturing overhead Actual manufacturing overhead cost ? Manufacturing overhead cost applied to Work in Process during the...
Which of the following is the correct formula to compute the predetermined overhead rate? M oe...
Which of the following is the correct formula to compute the predetermined overhead rate? M oe Choice O Estimated total units in the allocation base divided by estimated total manufacturing overhead costs C) Estimated to mancung overhead costs vided by estimated total units in the allocation base 0 Actual total manufacturing overhead costs vided by estimated total units in the allocation base O Estimated total manufacturing overhead costs divided by actual total units in the allocation base
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...
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...
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...
Predetermined Overhead Application Rate (POHAR) = Estimated total Annual Overhead Costs/ Estimated total Annual overhead application...
Predetermined Overhead Application Rate (POHAR) = Estimated total Annual Overhead Costs/ Estimated total Annual overhead application base. The application the allocation base has traditionally been Direct Labor hours or Machine hours. For example, the formula above can be translated into numbers as $3,000,000/ 300,000 = $10 per Direct labor hour. This formula is interpreted as follows: A product or a service will be charged overhead cost at the rate of $10 for each direct labor hour that the product or...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
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...
Generally speaking, when going through the process of computing a predetermined overhead rate, the estimated total manufacturing overhead cost is determined before estimating the amount of the allocation base True or False True False
Which of the following is the correct formula to compute the predetermined overhead rate? M oe Choice O Estimated total units in the allocation base divided by estimated total manufacturing overhead costs C) Estimated to mancung overhead costs vided by estimated total units in the allocation base 0 Actual total manufacturing overhead costs vided by estimated total units in the allocation base O Estimated total manufacturing overhead costs divided by actual total units in the 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...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
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