Question

PROBLEM: 1 (MUST SHOW CALCULATIONS; NO CALCULATIONS NO CREDIT) BUDGETED DATA: Budgeted machine hours                         &nbs

PROBLEM: 1 (MUST SHOW CALCULATIONS; NO CALCULATIONS NO CREDIT)

BUDGETED DATA:

Budgeted machine hours                                                              60,000 machine hours

Budgeted direct labor hours                                                        400,000 direct labor hours

Budgeted direct labor costs                                                         $6,000,000

Budgeted manufacturing overhead costs                              $10,000,000

Company allocates manufacturing overhead using direct labor hours used

ACTUAL DATA:

Actual manufacturing overhead costs incurred                    $9,700,000

Actual machine hours used                                                          62,000 machine hrs used

Actual direct labor hours used                                                    380,000 actual DL hours used

Calculate budgeted (applied) manufacturing overhead rate per direct labor hour

                                                                                                                                $________________________

Calculate applied (allocated) manufacturing overhead:

                                                                                                                                $_________________________

Is the manufacturing overhead over or under-applied (circle one)       OVER          UNDER

And by how much?                                                                                          $_________________________

Close the overhead accounts assuming that the over or under applied amount is immaterial:

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer is given below

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sutherland Company listed the following data for 2019: Budgeted factory overhead $2,223,000 Budgeted direct labor hours...
Sutherland Company listed the following data for 2019: Budgeted factory overhead $2,223,000 Budgeted direct labor hours 90,000 Budgeted machine hours 50,000 Actual factory overhead 2,201,800 Actual direct labor hours 84,500 Actual machine hours 45,400 If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits):
ackson Inc. listed the following data for 2016: Budgeted factory overhead $1,271,000 Budgeted direct labor hours...
ackson Inc. listed the following data for 2016: Budgeted factory overhead $1,271,000 Budgeted direct labor hours 82,000 Budgeted machine hours 41,000 Actual factory overhead 1,201,000 Actual direct labor hours 86,300 Actual machine hours 39,400 Round calculations to 2 significant digits If overhead is applied based on direct labor hours, overapplied/underapplied overhead is: $136,650 overapplied. $136,650 underapplied. $174,775 underapplied. $174,775 overapplied. $-0-. Sutherland Company listed the following data for 2016: Budgeted factory overhead $2,100,000 Budgeted direct labor hours 89,000 Budgeted machine...
Great Eagle Company allocates overhead based on machine hours. They estimated overhead costs for the year...
Great Eagle Company allocates overhead based on machine hours. They estimated overhead costs for the year to be $380,000. Estimated machine hours was 5,000 and direct labor hours was 2,000. Estimated direct labour cost was $250,000 and direct material cost was $140,000. Actual hours and overhead costs for the year were 4,300 machine hours and $310,000 of overhead. Required:        Calculate the overhead application rate for the year. What is the amount of applied overhead for the year? What is the...
Question 2 (10 marks) Great Eagle Company allocates overhead based on machine hours. They estimated overhead...
Question 2 Great Eagle Company allocates overhead based on machine hours. They estimated overhead costs for the year to be $380,000. Estimated machine hours was 5,000 and direct labor hours was 2,000. Estimated direct labour cost was $250,000 and direct material cost was $140,000. Actual hours and overhead costs for the year were 4,300 machine hours and $310,000 of overhead. Required: Calculate the overhead application rate for the year. What is the amount of applied overhead for the year? What...
1. The following data are given for a period: Estimated (budgeted) Manufacturing overhead cost $60,000 Actual...
1. The following data are given for a period: Estimated (budgeted) Manufacturing overhead cost $60,000 Actual Manufacturing overhead cost                          $64,000 Predetermined overhead rate: $20 per machine hour Estimated Activity base                                              3,000 machine hours Actual Activity base                                                   3,300 machine hours Manufacturing overhead is: over-applied by $6,000. over-applied by $2,000. under-applied by $2,000. over-applied by $4,000. under-applied by $4,000. 2. Salem Company applies overhead on the basis of direct labor hours. Its predetermined overhead rate is $70 per direct labor hour.    The following additional...
Seaton Enterprises used a normal costing system during 2018 with machine hours as the cost drive...
Seaton Enterprises used a normal costing system during 2018 with machine hours as the cost drive for applying manufacturing overhead. At the beginning of 2018, manufacturing overhead was budgeted to be $600,000. Seaton also budgeted 8,000 labor hours and 2,000 machine hours to be used during the year. Actual overhead for the year was $610,000. Seven thousand eight hundred labor hours and 2,100 machine hours were actually used during the year. The amount of over applied or under applied manufacturing...
Buller Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour....
Buller Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2019: Budgeted manufacturing overhead costs $4,800,000 Budgeted machine-hours 180,000 Actual manufacturing overhead costs $3,990,000 Actual machine-hours 150,000 Required: 1. Calculate the budgeted manufacturing overhead rate. 2. Calculate the manufacturing overhead allocated during 2019. 3. Calculate the amount of under- or overallocated manufacturing overhead. Why do Buller’s managers need to calculate this amount?
Determine the cost to manufacture this product: Budgeted Manufacturing Overhead       $960,000 Budgeted Direct Labor Hours                 &
Determine the cost to manufacture this product: Budgeted Manufacturing Overhead       $960,000 Budgeted Direct Labor Hours                    62,000 Budgeted Machine Hours                          54,420 Assume that the company incurs: $179 in Direct Materials Costs used 30 direct labor hours at $12 per hour uses direct labor hours as the cost driver
QUANTITATIVE ANALYSIS: It is advisable to document all your work and calculations as applicable. (1) WWW...
QUANTITATIVE ANALYSIS: It is advisable to document all your work and calculations as applicable. (1) WWW Company listed the following data for 2019: Budgeted factory overhead $2,095,900 Actual factory overhead 2,125,900 Budgeted direct labor hours 193,000 Budgeted machine hours 86,875 Actual machine hours 91,900 Actual direct labor hours 188,600 (a) Assuming WWW applied overhead based on direct labor hours; calculate the company's predetermined overhead rate for 2019 (b) Assuming WWW applied overhead based on machine hours; calculate the company's predetermined...
ABC Manufacturing uses normal costing and allocates manufacturing overhead to jobs based on a budgeted direct...
ABC Manufacturing uses normal costing and allocates manufacturing overhead to jobs based on a budgeted direct labor-hour rate for the actual direct labor hours. Any overallocated or underallocated overhead is written-off to the cost of goods sold at the end of the month. During April 2019, ABC Manufacturing recorded the following: Budgeted manufacturing overhead costs: $400,000 Budgeted direct labor-hours: 20,000 DLHRS Budgeted machine hours: 16,000 MHRS Actual manufacturing overhead costs: $360,000 Actual direct labor-hours:   22,500 DLHRS Actual machine hours: 15,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT