!Required information[The following information applies to the questions displayed below.]AirPro Corporation reports the following for this period.Actual total overheadStandard overhead appliedBudgeted (flexible) variable overhead rateBudgeted fixed overheadPredicted activity levelActual activity levelEnter your answers in the tabs below.Required A Required BTotal Overhead VarianceActual total overheadStandard overhead appliedTotal overhead variance$ 28,425$ 32,860< Required ACompute the total overhead variance and identify it as favorable or unfavorable.$ 2.10 per unit$ 12,600Check my work12,600 units10,600 unitsRequired B> Enter your answers in the tabs below.Required A Required BCompute the controllable variance and identify it as favorable or unfavorable.Controllable varianceActual total overheadBudgeted (flexible) overheadBudgeted variable overheadBudgeted fixed overhead (unchanged)Budgeted (flexible) overheadControllable variance< Required ARequired B >

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Description: !Required information[The following information applies to the questions displayed below.]AirPro Corporation reports the following for this period.Actual total overheadStandard overhead appliedBudgeted (flexible) variable overhead rateBudgeted fixed

Total overhead refers to the sum value of total expenses that are expected to be arising out of all…

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following information applies to the questions displayed below.] ro Corporation reports the following for this period. tual total overhead andard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead $ 28,425 $ 32,860 $ 2.10 per unit $ 12,600 17

following information applies to the questions displayed below.] ro Corporation reports the following for this period. tual total overhead andard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead $ 28,425 $ 32,860 $ 2.10 per unit $ 12,600 17

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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Consider the following information: Budgeted overhead Actual overhead $ 250,000 $ 240,000 Budgeted machine hours 8,000 Actual machine hours 7,800 Net income before overhead adjustment $ 75,000 Compute the ADJUSTED Net Income
Note: Answer letter D only.
The Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
C Ltd has two departments A & B. Overhead is applied based on direct labour hours in department A and machine hours in department B. The following additional information is available: i) ii) iii) Budgeted Overheads Budgeted direct labour hours Budgeted direct labour cost Budgeted machine hours Department A Department B $300,000 $360,000 50,000 40,000 $240,000 $330,000 68,000 80,000 Compute the overhead rate for Department A. Compute the overhead rate for Department B. Given that the actual overheads were as follows Direct labour hours Direct labour cost Machine hours Actual overheads Dept. A 45,000 $60,000 25,000 $285,000 Dept. B 35,000 $50,000 75,000 $320,000 Calculate the under- or over-applied overheads for each department and for the organization as a whole.
Actual Overhead -- P 200,000; Budgeted Overhead -- P 150,000; Estimated direct labor hours -- 5,000 hours; Direct labor (P 35 per hour) -- P 157,500; How much is the over/underapplied overhead?
The following data pertain to the current year:Budgeted manufacturing overhead: OMR 450,000Actual manufacturing overhead: OMR 390,000Budgeted machine hours: 30,000 hrs.Actual machine hours: 33,000 hrs.Overhead applied to production totaled: Select one: a.449,000 b.495,000 c.435,000 d.355,000
ABC Company listed the following data for the current year: Budgeted factory overhead $1,134,000 Budgeted direct labor hours 70,000 Budgeted machine hours 25,000 Actual factory overhead 1,100,900 Actual labor hours 71,100 Actual machine hours 24,000 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is:
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Mountain tops applies overhead on the basis of direct labor hours and reports the following information: Budget Actual Overhead $450,000 $452, 000 Direct Labor Hours 75,000 77,000 Direct Materials $195,000 Direct Labor 333,000 A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied, or under applied and by how much?
5) Hakan&Ahmet Manufacturing Company uses applied overhead rate for allocating its manufacturing overhead to its products. The following information is estimated for the upcoming year of 2024: BUDGETED COSTS AND ESTIMATED ACTIVITY LEVELS Budgeted MOH Budgeted Direct Materals Cost Budgeted Direct Labor Cost Estimated Direct Labor Hours Estimated Machine Hours AMOUNTS and HOURS $ 720,000 $ 600,000 $ 480,000 72,000 dlh 120,000 mh At the end of the first week of January 2024, the company completed only one job order. Actual costs and actual usage of dlh and mh for this unit were as follows: Job Order Direct Material Cost ($) 100 GRS-34 Direct Labor Direct Labor Cost ($) 150 Hours 15 Machine Hours 30 Q1) Calculate a predetermined manufacturing overhead rate (applied overhead rate) by using each of the cost drivers of "direct materials cost", "direct labor hours", "direct labor costs" and "machine hours". Q2) By using each of these rates, calculate the unit cost of this job order.
A summary of Coastal Equipment's flexible budget for manufacturing overhead follows: Cost Formula Direct Labour - Hours (DLHS) Overhead Costs (per direct labour-hour) 4,400 4,900 5,400 Variable cost $2.20 $9,680 $ 10,780 $11,880 Fixed cost 54,560 54,560 54,560 Total overhead cost $ 64,240 $ 65,340 $ 66,440 The following information is available for a recent period: The denominator activity of 4,400 DLHS was chosen to compute the predetermined overhead rate. At the 4,400 standard DLH level of activity, the company should produce 2,200 units of product. The company's actual operating results were as follows: Number of units produced 2,350 Actual DLHS 4,400 Actual variable overhead costs $9,890 Actual fixed overhead costs $ 54,900 Required: Compute the predetermined overhead rate and break it down into variable and fixed cost elements. Note: Round your answers to 2 decimal places. What were the standard hours allowed for the year's actual output? Note: Do not round intermediate…
X Company's 2021 budgeted cost function for fixed overhead was C=$211,800. Its budgeted cost function for variable overhead was C=$11.8ox, where X the number of units produced. The following information is also available for 2021: Master Actual Budget Results Production 10,100 units 11,500 units Total variable costs $119,180 $134,185 Total fixed costs $211,800 $213,544 1. What was the total overhead master (static) budget for 2021? 2. What was the total overhead flexible budget for 2021?