Colby Company estimates that annual manufacturing overhead costs will be $600,000. Estimated annual operating activity bases...
Colby Company estimates that annual manufacturing overhead costs will be $600,000. Estimated annual operating activity bases are: direct labor cost $460,000, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $601,000 and the actual direct labor cost for the year was $456,000. Actual direct labor hours totaled 39,800 and machine hours totaled 79,000. Colby applies overhead based on direct labor hours. Compute the predetermined overhead rate and determine the amount of manufacturing overhead applied. Determine if overhead is over- or underapplied and the amount. Overhead rate $ per direct labor hour Manufacturing overhead $ $
Homework Answers
The predetermined overhead rate = Estimated annual manufacturing overhead costs / direct labor hours
= $ 600,000 / 40,000 Direct Labor Hours
= $ 15 per Direct Labor Hour
The amount of manufacturing overhead applied = predetermined overhead rate * Actual direct labor hours
= $ 15 * 39,800
= $ 597,000
The Actual manufacturing overhead cost for the year = $ 601,000
The amount of manufacturing overhead applied = $ 597,000
Since the Actual manufacturing overhead cost for the year was more than the applied amount of manufacturing overhead, the overhead is underapplied.
Hence the overhead is underapplied.
Amount by which overhead is underapplied = Actual manufacturing overhead cost for the year - The amount of manufacturing overhead applied
= $ 601,000 - $ 597,000
= $ 4,000
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Colby Company estimates that annual manufacturing overhead costs
will be $600,000. Estimated annual operating activity bases...
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Cole Company - company estimates that annual ufacturing overhead cost will be $600,000. Estimated annual operating ctivity bases are: direct 460,006, direct labor hours 40.000 labor cos machine hours 800oo. The actual manufacturing over head cost for the year was $601,000 and the actual direct labor cost for the year was $456,000. Actual labor hour totaled 39.800 and machine hours totaled 79,000. cole applies Overhead based on direct labor hours. Compute the predetermined overhead rate and determine the...
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Cole Company - company estimates that annual ufacturing overhead cost will be $600,000. Estimated annual operating ctivity bases are: direct 460,006, direct labor hours 40.000 labor cos machine hours 800oo. The actual manufacturing over head cost for the year was $601,000 and the actual direct labor cost for the year was $456,000. Actual labor hour totaled 39.800 and machine hours totaled 79,000. cole applies Overhead based on direct labor hours. Compute the predetermined overhead rate and determine the...
3. Cartwright Company estimates that annual manufacturing overhead costs will be $380,000 Estimated annual operating activity bases are: direct labor cost $175,000, direct labor hours 40,000 and machine hours 80,000. The actual manufacturing overhead cost for the year was $387,500 and the actual direct labor cost for the year was $172,000. Actual direct labor hour:s totaled 38,500 and machine hours totaled 79,000. Cartwright applies overhead based on direct labor hours a. Compute the predetermined overhead rate per direct labor hour....
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are direct labor cost $450,000, direct labor hours 45,000, and
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each activity base.
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