Coronado Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Coronado’s management estimated...
Coronado Corporation produces wooden and aluminum baseball bats. In preparing the current budget, Coronado’s management estimated a total of $447,000 in manufacturing overhead costs and 14,900 machine hours for the coming year. In December, Coronado’s accountants reported actual manufacturing overhead incurred of $577,000 and 12,600 machine hours used during the year. Coronado applies overhead based on machine hours.
1. What was Coronado’s predetermined overhead rate for the year?
2. How much manufacturing overhead did Coronado apply during the year?
Homework Answers
Answer:
Requirement 1:
Estimated manufacturing Overhead = $447,000
Machine Hours estimated = 14,900
Coronado’s predetermined overhead rate = Estimated Manufacturing Overhead / Allocation Base
Coronado’s predetermined overhead rate = $447,000 / 14,900
Coronado’s predetermined overhead rate = $30 per hour
Requirement 2:
Manufacturing overhead applied = Predetermined Overhead rate
Actual Machine Hours
Manufacturing overhead applied = $30
12,600
Manufacturing overhead applied = $378,000
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Coronado Corporation produces wooden and aluminum baseball bats.
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