A predetermined overhead rate ... a. Is used to allocate manufacturing overhead costs to jobs. b....
A predetermined overhead rate ...
| a. |
Is used to allocate manufacturing overhead costs to jobs. |
|
| b. |
Is used to assign direct material and direct labor costs to jobs. |
|
| c. |
Is used to assign period costs to different jobs. |
|
| d. |
Is the predicted growth rate of overhead costs. |
Homework Answers
Answer :
| a. |
Is used to allocate manufacturing overhead costs to jobs. |
Note:
Manufacturing overhead = predetermined overhead rate * basis of determing the overhead
For example, the predetermined overhead rate = $ 15 per direct labor hour and the basis of determing the overhead is direct labor hours which is 4,000 direct labor hours.
Manufacturing overhead = $ 15* 4,000
= $ 60,000
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A predetermined overhead rate ...
a.
Is used to allocate manufacturing overhead costs to jobs.
b....
Patel Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on...
Patel Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements P. i Data Table At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 850,000 Direct labor costs 1,550,000 Machine hours 85,000 hours At the end of 2018, the company had actually incurred: $ 1,210,000 520,000 36,500 Direct labor costs Depreciation on manufacturing plant...
Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead...
Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. During the year, the company actually incurred manufacturing overhead costs of $582,700 and 135,000 direct labor hours were worked. The company estimated that it would incur $525,200 of manufacturing overhead during the year and that 150,400 direct labor hours would be worked. By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.) O...
Beta Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead...
Beta Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. The company estimated that it would incur $600,800 of manufacturing overhead during the year and that 150,200 direct labor hours would be worked. During the year, the company actually incurred manufacturing overhead costs of S582,200 and 135,400 direct labor hours were worked By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent and...
Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on...
Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $415,000, not the $490,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was...
Hilltop Manufacturing uses a predetermined manufacturing overhead rate based on direct labor hours to allocate manufacturing...
Hilltop Manufacturing uses a predetermined manufacturing overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. Selected data about the company's operations follows: Actual manufacturing overhead cost $500,900 Estimated manufacturing overhead cost $551,000 Estimated direct labor cost $175,200 Estimated direct labor hours 50,500 Actual direct labor hours 60,800 Estimated machine hours 40,300 Actual machine hours 35,800 By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.) A. $162,428...
Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual...
Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following (Click the icon to view the costs.) Requirements 1. Compute Jackson's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? is manufacturing overhead underallocated or overallocated at...
Delgado Company assigns manufacturing overhead to its jobs using a predetermined rate, with direct labor hours...
Delgado Company assigns manufacturing overhead to its jobs using a predetermined rate, with direct labor hours as the allocation base. Delgado’s predetermined overhead rate is computed as: a. actual total direct labor hours worked during the period ÷ actual total manufacturing overhead incurred during the period. b. estimated total manufacturing overhead for the period ÷ estimated total direct labor hours for the period. c. actual total manufacturing overhead incurred during the period ÷ actual total direct labor hours worked during...
Young Foundry in Youngstown, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual...
Young Foundry in Youngstown, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Requirements 1. Compute Young's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at...
Young Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual...
Young Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: EEB (Click the icon to view the costs.) Requirements 1. Compute Young's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the year, the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively? Multiple Choice...
Patel Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Read the requirements P. i Data Table At the beginning of 2018, the company expected to incur the following: Manufacturing overhead costs $ 850,000 Direct labor costs 1,550,000 Machine hours 85,000 hours At the end of 2018, the company had actually incurred: $ 1,210,000 520,000 36,500 Direct labor costs Depreciation on manufacturing plant...
Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. During the year, the company actually incurred manufacturing overhead costs of $582,700 and 135,000 direct labor hours were worked. The company estimated that it would incur $525,200 of manufacturing overhead during the year and that 150,400 direct labor hours would be worked. By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.) O...
Beta Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. The company estimated that it would incur $600,800 of manufacturing overhead during the year and that 150,200 direct labor hours would be worked. During the year, the company actually incurred manufacturing overhead costs of S582,200 and 135,400 direct labor hours were worked By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent and...
Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $415,000, not the $490,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was...
Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following (Click the icon to view the costs.) Requirements 1. Compute Jackson's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? is manufacturing overhead underallocated or overallocated at...
Young Foundry in Youngstown, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Requirements 1. Compute Young's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at...
Young Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: EEB (Click the icon to view the costs.) Requirements 1. Compute Young's predetermined manufacturing overhead rate. 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated...
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the year, the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively? Multiple Choice...
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