Homework Answers
False,
Explanation: To calculate the predetermined overhead rate the initial step is to assess/estimate the amount of the activity base that will be required to support operations in the upcoming period. The subsequent advance is to estimate the total manufacturing cost at that level of activity.
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Generally speaking, when going through the process of computing a predetermined overhead rate, the estimated total...
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...
T/F and Explain why Please 1) A cost driver is a factor, such as machine-hours, beds...
T/F and Explain why Please 1) A cost driver is a factor, such as machine-hours, beds occupied, computer time, or flight-hours, that causes direct costs. 2) Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources. 3) An employee time ticket is an hour-by-hour summary of the employee's activities throughout the day. 4) The formula for computing the predetermined overhead rate is: Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated...
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...
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...
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...
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...
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...
Estimated Estimated total mot cost total allocation pre determined overhead rate : 35. ARM Inc. is...
Estimated Estimated total mot cost total allocation pre determined overhead rate : 35. ARM Inc. is a manufacturing company that commutes its predetermined overhead rate based on direct labore cost. The Work in Process account has a balance of $10,220 at the end of 2019. There were two jobs in process at the end of 2019: Job #150 and Job #151. The job cost sheet for Job #150 contains $1,600 for direct materials and $1,400 for direct labor. The job...
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...
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...
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...
Estimated Estimated total mot cost total allocation pre determined overhead rate : 35. ARM Inc. is a manufacturing company that commutes its predetermined overhead rate based on direct labore cost. The Work in Process account has a balance of $10,220 at the end of 2019. There were two jobs in process at the end of 2019: Job #150 and Job #151. The job cost sheet for Job #150 contains $1,600 for direct materials and $1,400 for direct labor. The job...
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