Metal Company budgeted $564,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: SavedTB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal CompanyMetal Company budgeted $564,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead:Budgeted Level for CostDriverOverhead Cost PoolMaterials handlingBudgeted Overhead.Cost$164,00014,4004,100 poundsMachine setup480 setupsOverhead Cost DriverWeight of materialsNumber of setupsMachine hoursNumber of inspectionsMachine repair1,80015,00030,000 machine hours250 inspectionsInspectionsRequirements for Job # 971 which manufactured 4 units of product:Direct labor20 hoursDirect materials220 poundsMachine setup40 setupsMachine hours15,900 machine hoursInspections15 inspectionsIf Metal Company uses a volume-based overhead rate based on direct labor hours, the manufacturing overhead for Job # 971 is:

Name: Metal Company budgeted $564,000 manufacturing direct wages, 2,000 dire
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Description: Metal Company budgeted $564,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: SavedTB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal CompanyMetal Company budgeted $564,000 manufacturing direct w

Manufacturing overhead is the sum of all indirect costs incurred during the production process. Some…

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TB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal Company Metal Company budgeted $564,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: Budgeted Level for Cost Driver Overhead Cost Pool Materials handling Budgeted Overhead Cost $164,000 14,400 4,100 pounds Machine setup Overhead Cost Driver Weight of materials Number of setups Machine hours 480 setups Machine repair 1,800 15,000 30,000 machine hours 250 inspections Inspections Number of inspections Requirements for Job # 971 which manufactured 4 units of product: Direct labor 20 hours Direct materials 220 pounds Machine setup 40 setups Machine hours 15,900 machine hours. Inspections 15 inspections If Metal Company uses a volume-based overhead rate based on direct labor hours, the manufacturing overhead for Job # 971 is:

TB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal Company Metal Company budgeted $564,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: Budgeted Level for Cost Driver Overhead Cost Pool Materials handling Budgeted Overhead Cost $164,000 14,400 4,100 pounds Machine setup Overhead Cost Driver Weight of materials Number of setups Machine hours 480 setups Machine repair 1,800 15,000 30,000 machine hours 250 inspections Inspections Number of inspections Requirements for Job # 971 which manufactured 4 units of product: Direct labor 20 hours Direct materials 220 pounds Machine setup 40 setups Machine hours 15,900 machine hours. Inspections 15 inspections If Metal Company uses a volume-based overhead rate based on direct labor hours, the manufacturing overhead for Job # 971 is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Metal Company budgeted $565,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overhead: Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Overhead Cost Driver Materials handling $ 168,000 4,200 pounds Weight of materials Machine setup 14,700 490 setups Number of setups Machine repair 1,550 31,000 machine hours Machine hours Inspections 13,000 260 inspections Number of inspections Requirements for Job #971 which manufactured 4 units of product: Direct labor 20 hours Direct materials 230 pounds Machine setup 40 setups Machine hours 16,000 machine hours Inspections 15 inspections Using Activity-Based Costing, overhead cost assigned to Job #971 for inspections is: Multiple Choice $2,440. $750. $9,200. $800. $1,200.
Steel Company uses activity-based costing and reports the following for this year. Allocate overhead costs to a job that uses 40 machine hours and 30 direct labor hours. Activity Budgeted Cost Activity Cost Driver Budgeted Activity Usage Cutting $ 56,000 Machine hours (MH) 2,000 machine hours Assembly 240,000 Direct labor hours (DLH) 6,000 direct labor hours Total $ 296,000
Accounting Independence Co. budgeted $576,760 manufacturing direct wages, 2,554 direct labor hours and had the following manufacturing overhead: Overhead Budgeted Budgeted Level Overhead Cost Pool Overhead Cost for Cost Driver Cost Driver Materials handling $171,000 3,750 pounds Weight of materials Machine setup $14,918 426 setups Number of setups Machine repair $1,577 35,000 machine hours Machine hours Inspections $11,590 171 inspections Number of inspections Requirements for Job #971 which manufactured 4 units of product: Direct labor 23 hours Direct materials 140 pounds Machine setup…
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:
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
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?
Saktanmokobaybeh Company uses standard costing for direct materials and direct labor. The following monthly cost functions were developed for manufacturing overhead items: Budgeted Overhead Item Cost Function: Indirect materials P 1.00 per DLHIndirect labor 1.25 per DLHUtilities 0.50 per DLHInsurance 50,000Depreciation 400,000 The cost functions were determined using observations from 20,000 to 30,000 direct labor hours. The company expects to operate at 25,000 direct labor hours per month. The theoretical capacity per month of the company is 30,000 units. Each unit requires 2 direct labor hours. The Company applies overhead using direct labor hours. Actual data for this month are as follows: Variable overhead costs P 87,000Fixed overhead costs 423,000Direct labor hours 26,000 Question 1: The entry pertaining to the volume…
Activity- based costing: factory overhead costs The total factory overhead for Bardot Marine Company is budgeted for the year at$600,000,divided into four activities:fabrication,$204,000;assembly,$105,000;setip,$156,000;and inspection,$135,000.Bardot Marine manufactures two types of boats;speedboats and bass boats.the activity-base usage quantities for each product by each activity are as follows; Each product is budgeted for 250 units of production for the year.Determine(A) the activity rates for each activity and (B) the activity.based factory overhead oer unit for each product.
Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at $1,347,400, divided into four activities: fabrication, $660,000; assembly, $276,000; setup, $224,400; and inspection, $187,000. Bardot Marine manufactures two types of boats: speedboats am bass boats. The activity-base usage quantities for each product by each activity are as follows: Fabrication Assembly Setup Inspection Speedboat 11,000 dlh 34,500 dlh 79 setups 138 inspections Bass boat 33,000 11,500 581 962 44,000 dlh 46,000 dlh 660 setups 1,100 inspections Each product is budgeted for 6,500 units of production for the year. a. Determine the activity rates for each activity. Fabrication per direct labor hour Assembly %$4 per direct labor hour Setup %$4 per setup Inspection per inspection b. Determine the activity-based factory overhead per unit for each product. Round to the nearest whole dollar. Speedboat per unit Bass boat %$4 per unit
Der Company uses a standard cost system in which it applies manufacturing overhead on the basis of direct labor-hours. Two direct labor-hours are required for each unit produced. The budgeted activity was set at 9,000 units. Manufacturing overhead was budgeted at $135,000 for the period; 20 percent of this cost was fixed. The 17,200 hours worked during the period resulted in production of 8,500 units. Variable manufacturing overhead cost incurred was $108,500 and fixed manufacturing overhead cost was $28,000. The fixed overhead production volume variance for the period was: a) $750 unfavorable. b) $2,500 unfavorable. c) $1,500 unfavorable. d) $1,000 unfavorable.
Direct labor hours are estimated as 1,900 in Quarter 1; 2,000 in Quarter 2; 1,800 in Quarter 3; and 2,200 in Quarter 4. Indirect material per hour $1.00 Supervisory salaries $16,000 Indirect labor per hour 1.25 Maintenance Salaries 4,000 Maintenance per hour 0.25 Property taxes and insurance 6,000 Utilities per hour 0.50 Depreciation 3,500 Prepare a manufacturing overhead budget using the above overhead information. Manufacturing Overhead Budget For the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Variable Costs Total Variable Manufacturing Costs $ Fixed Costs Total Fixed Manufacturing Costs Total Manufacturing Overhead
Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at $1,207,500, divided into four activities: fabrication, $595,000; assembly, $266,000; setup, $189,000; and inspection, $157,500. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each product by each activity are as follows: Inspection Speedboat Bass boat Fabrication Assembly 462 525 setups Each product is budgeted for 7,500 units of production for the year. a. Determine the activity rates for each activity. 17 per direct labor hour 7 per direct labor hour Setup Inspection Fabrication 8,750 dlh $ $ Speedboat Bass boat Assembly Setup 28,500 dlh 9,500 38,000 dlh 26,250 35,000 dlh 63 setups 360 per setup 180 per inspection b. Determine the activity-based factory overhead per unit for each product. Round to the nearest whole dollar. $ per unit $ per unit 109 inspections 766 875 inspections