A company estimates the following manufacturing costs at the beginning of the period: direct labor, $528,000; direct materials. $202,000; and factory overhead. $144,000. Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its predetermined overhead rate as a percent of direct materials. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its predetermined overhead rate as a percent of direct labor. Numerator: I 1 I Overhead Rate Denominator: = = Overhead Rate Overhead Rate

A company estimates the following manufacturing costs at the beginning of the period: direct labor, $528,000; direct materials. $202,000; and factory overhead. $144,000. Required: 1. Compute its predetermined overhead rate as a percent of direct labor. 2. Compute its predetermined overhead rate as a percent of direct materials. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute its predetermined overhead rate as a percent of direct labor. Numerator: I 1 I Overhead Rate Denominator: = = Overhead Rate Overhead Rate

Name: A company estimates the following manufacturing costs at the beginnin
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: A company estimates the following manufacturing costs at the beginning of the period: direct labor, $528,000; direct materials,$202,000; and factory overhead, $144,000.Required:1. Compute its predetermined overhead rate as a percent of direct labor.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

???
1.
Required:i) Using the above information derive a cost function that can be used to predict the total production overheads cost using the high-low cost estimation method.
Discussion Question Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,00o. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W5oo. Data for the job are as follows: Direct materials cost $169,450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W5o0? c) Calculate the total cost & quotation price of Job #W500, given…
3. Application of Overhead Costs 3A) CMA Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. Estimated and actual data for direct labor and manufacturing overhead last year are as follows: Manufacturing overhead Direct labor hours Estimated P 720,000 600,000 What was the manufacturing overhead for CMA Company for last year? a. Over-applied by P 20,000 c. Over-applied by P 40,000 d. Under-applied by P 40,000 b. Under-applied by P 20,000 Activity 1 Activity 2 Activity 3 3B) CIA Company uses activity-based costing to compute product costs for external reports. The company has three activity centers and applies overhead using predetermined overhead rates for each activity center. Estimated costs and activities for the current year are presented below: Estimated Overhead Cost Expected Activity P 18,000 P 57,600 P 97,200 Actual costs and activities for the current year were as follows: Activity 1 Activity 2 Activity 3 Actual P…
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $424,000, and direct labor costs to be $2,120,000. Actual overhead costs for the year totaled $398,000, and actual direct labor costs totaled $1,860,000. At year-end, the balance in the Factory Overhead account is a: # 119** 3 E Multiple Choice D C O $ ● $398,000 Debit balance. $372,000 Debit balance. 4 $26,000 Debit balance. $424,000 Credit balance. ID R % 5 T G A 40 6 Y H & 4 7 V B N O K L alt fu AAI P ctri { ? + [ 1 = prt sc ← ] 2 pause delete backspace home enter lock 7
please provide handwritten solutiosn
Please help me with correct answer thanku
Pharoah Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for the year follows: Actual manufacturing overhead Estimated manufacturing overhead Direct labor hours incurred Direct labor hours estimated (a) Your Answer Correct Answer Your answer is correct. $89,600 $84,000 Predetermined overhead rate $ Solution (b) Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 52.72.) 4.800 5.000 16.80 per direct labor hour Calculate the amount of applied manufacturing overhead. Applied manufacturing overhead $
Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay period. If an amount box does not require an entry, leave it blank. Work in Process Wages Payable X X
Subject - account Please help me. Thankyou.
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page