Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $157,950 Estimated machine-hours 4,680 $157,800 4,940 Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: $31.94 $33.72 $33.75 $44.52

Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $157,950 Estimated machine-hours 4,680 $157,800 4,940 Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: $31.94 $33.72 $33.75 $44.52

Name: QUESTION 30Acheson Corporation, which applies manufacturing overhead
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: QUESTION 30Acheson Corporation, which applies manufacturing overhead on the basis ofmachine-hours, has provided the following data for its most recent year ofoperations.Estimated manufacturing overhead $ 157,950Estimated machine-hours4,680$157,8004,

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

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $349,900 and direct labor hours would be 47,000. Actual manufacturing overhead costs incurred were $303,900, and actual direct labor hours were 52,500. The journal entry to apply factory overhead costs for the year would include a A. Credit to factory overhead for 349,900 B. Debit to factory overhead for 390,600 C. Credit to factory overhead for $390,600 D. Debit to factory overhead for $303,900
Franklin, Inc. estimates manufacturing overhead costs for the Year 3 accounting period as follows. Equipment depreciation. Supplies Materials handling Property taxes Production setup Rent Maintenance Supervisory salaries $190,100. 20,000 33,200 a. Predetermined overhead rate b. Applied manufacturing overhead 13,300 20,100 43,000 39,000 281,300 The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 201,000 and for machines were 128,000. Required a. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 143,000. (Do not round intermediate calculations.) per machine hour
Caber Corporation applies manufacturing overhead on the basis of machine-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $61,400, Actual manufacturing overhead for the year amounted to $69,000 and actual machine-hours were 6,900. The company's predetermined overhead rate for the year was $10.10 per machine-hour. The applied manufacturing overhead for the year was closest to: Multiple Choice $70,700 $68,117 $68,697 $69,690
For each office or business segment, indicate which type of Responsibility Center it is: a. A retail location, such as the Apple Store b. A manufacturing division that manages its own facilities and production equipment c. Call center for a warranty claims processing d. Consulting department of an accounting firm e. Quality control department for a golf ball manufacturer PreviousNext
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $624,600 and direct labor hours would be 34,700. Actual manufacturing overhead costs incurred were $429,400, and actual direct labor hours were 22,600. The entry to apply the factory overhead costs for the year would include a
Daget Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $364,980. At the end of the year, actual direct labor-hours for the year were 24,000 hours, manufacturing overhead for the year was overapplied by $8,900, and the actual manufacturing overhead was $361,660. The predetermined overhead rate for the year must have been closest to: Multiple Choice $15.21 per direct labor-hour $15.57 per direct labor-hour $15.07 per direct labor-hour O $15.44 per direct labor-hour
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 22,040 hours and the total estimated manufacturing overhead was $555,408. At the end of the year, actual direct labor-hours for the year were 21,700 hours and the actual manufacturing overhead for the year was $538.222. Overhead at the end of the year was: (Do not round intermediate calculations.) Multiple Choice O $8,618 overapplied $8,568 overapplied $8,618 underapplied $8,568 underapplied
The HY manufacturing company computes predetermined overhead rate on the basis of machine hours in the machining department and direct labor cost in the assembly department. The following estimates were made at the beginning of the year: Direct labor hours Direct labor cost Machine hours Manufacturing overhead Machining Assembly 12,000 $18,000 3,000 $15.000 8,000 $10,000 1,000 $20.000 Based on the above information, what are the predetermined overhead rates for machining department and assembly department? Select one: a. $5 and 100% b. $5 and 200% C. $6 and 200% d. $5 and 50% Previous pade
The following information applies to Your Company for the current year: Direct labor-hours: Estimated for the year. 85,000 Actual hours worked. 80,000 Machine hours Estimated for the year. 92,000 Actual hours worked. 95,000 Manufacturing overhead: Estimated for the year $192,000 Actual cost incurred 200,000 Overhead cost is applied to production on a basis of direct labor hours. What is the predetermined overhead rate (round if necessary)? Group of answer choices $2.35 $2.09 $2.26 $2.40 $2.50
naru
At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $239,700 and 4,720 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $246,000 and actual direct labor-hours were 4,590. The predetermined overhead rate for the year was closest to: