3. 9-69 Jupiter Company applies overhead based on machine hours. The variable overhead standard is 21 hours at $29 per hour. During February, Jupiter Company spent $121,960 for variable overhead. Assuming 10,000 machine hours were used to produce 700 units, how much is variable overhead on the flexible budget? A. $426,300 B. $20,300 C. $290,000

3. 9-69 Jupiter Company applies overhead based on machine hours. The variable overhead standard is 21 hours at $29 per hour. During February, Jupiter Company spent $121,960 for variable overhead. Assuming 10,000 machine hours were used to produce 700 units, how much is variable overhead on the flexible budget? A. $426,300 B. $20,300 C. $290,000

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Description: 3. 9-69Jupiter Company applies overhead based on machine hours. The variable overhead standard is21 hours at $29 per hour. During February, Jupiter Company spent $121,960 for variableoverhead. Assuming 10,000 machine hours were used to produce 700 u

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Gus Corporation manufactured 10,000 golf bags during April. The fixed overhead cost-allocation rate is $40.00 per machine-hour. The following is the fixed overhead data: Actual Static Budget Production 10,000 units 12,000 units Machine-hours 5,100 hours 6,000 hours Fixed overhead cost $244,000 $240,000 What is the flexible-budget amount? A) $200,000 B) $204,000 C) $240,000 D) $244,000 What is the amount of fixed overhead allocated to production (Actual Qty x Bud Price column)? A) $200,000 B) $204,000 C) $240,000 D) $244,000 The total Fixed overhead variance is: A) overallocated by $4,000 B) underallocated by $4,000 C) overallocated by $44,000 D) underallocated by $44,000
7. Lonely Mountain Company uses standard costing. The standard cost of its product is as follows: Direct Materials P14.50 Direct labor (2direct labor hours X P8) 16.00 Manufacturing overhead (2 direct labor hours X P11) 22.00 The manufacturing overhead rate is based upon a normal activity level of 600,000 direct labor hours. Lonely Mountain planned to produce 25,000 units each month during the year. The budgeted annual manufacturing overhead is: Variable P3,600,000 Fixed 3,000,000 During March Lonely Mountain produced 26,000 units. Lonely Mountain used 53,500 direct labor hours in March at a cost of P433,350. Actual manufacturing overhead for the month was P250,000 fixed and P325,000 variable. What is the the manufacturing overhead volume variance for March ?
Subject: accounting
Dd.18.
Interplast Ghana is a rubber fabricating company based at North Industrial Area. The company produce rubber buckets for the West African market and plans to produce 1,000 units of buckets in the month of January. The bucket requires a single operation and the standard cost for the operation is presented below: Standard cost card (bucket) GH₂ Direct material (plastics): 10 kg at GHe 0.50 per kg) Direct labour (5hours@ GHe 20 per hours) Variable overheads (3 hours at GHe 2 per direct labour) Total standard variable cost Standard contribution margin Standard selling price Budget statement for the month of January Sales (1.000 units of buckets at GHe 140 per unit) Direct materials: (10,000 at GHe 0.50) Direct labour (4,000 hours @GHe 20per hour) Variable overheads (4,000 hours @GHe 2 per direct hour) 93,000 Budget contribution 47,000 Fixed overheads 20,000 Budgeted profit 27,000 The annual budgeted fixed overheads is GH€ 240,000 and are assume to be incurred evenly throughout the year.…
Question 3 MCC Company produces one product, Motorbikes. Because of wide fluctuations in the demand for Motorbikes, the assembly department has significant variations in its monthly production levels The annual master manufacturing overhead budget is based on 300,000 direct labour hours. In July, 27,500 labour hours were worked. The master manufacturing overhead budget for the year and the actual overhead costs incurred in July are as follows: Overhead Costs Master Budget (annual) Actual in July Variable Indirect labour 330,000 $29,000 Indirect materials 180,000 14,000 Utilities 150,000 13,900 Maintenance 90,000 8,350 Fixed Supervision 150,000 12,500 Depreciation 96,000 8,000 Insurance and taxes 60,000 5,000 Total $1,056,000 $90,750 Required: Prepare a monthly flexible overhead budget for the year…
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MC Qu. 6-26 Ralston has the following budgeted costs... Ralston has the following budgeted costs at its anticipated production level (expressed in hours): variable overhead, $172,200; fixed overhead, $330,000. If Ralston now revises its anticipated production slightly upward, it would expect: Multiple Choice total fixed overhead of $330,000 and a lower hourly rate for variable overhead. total fixed overhead of $330,000 and the same hourly rate for variable overhead. total fixed overhead of $330,000 and a higher hourly rate for variable overhead. total variable overhead of less than $172,200 and a lower hourly rate for variable overhead. total variable overhead of less than $172,200 and a higher hourly rate for variable overhead.
-730 i= The master manufacturing overhead budget for the month based on the normal productive capacity of 20,400 direct labour hours (10,200 units) shows total variable costs of $81,600 ($4.00 per labour hour) and total fixed costs of $61,200 ($3.00 per labour hour). Normal production capacity is 20,400 direct hours. Overhead is applied based on direct labour hours. Actual costs for producing 9,970 units in November were as follows: Direct materials (20,500 kg) $108,650 Direct labour (19,940 hours) 228,313 Variable overhead 79,560 Fixed overhead 60,180 Total manufacturing costs $476,703 The purchasing department normally buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
View Policies Current Attempt in Progress The predetermined overhead rate for Crane Company is $4, comprised of a variable overhead rate of $2 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $120000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $4. Actual overhead for June was $8600 variable and $5900 fixed, and 2000 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is $2000 F. $1500 F. $1500 U. $2000 U.
Answer numbers 4-6.
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