XYZ industries applies overhead based on direct labor cost. The following information wasavailable for the last year: Actual manufacturing overhead OMR50,000; Underappliedmanufacturing overhead OMR10,400; Actuai Prime cost OMR52,000; Actual Direct materialcost OMR19,000; Estimated direct labor Cost OMR29,000. What was the estimatedmanufacturing overhead for the year?Select one:O a. None of the answers givenO b. OMR39,600OC. OMR34,800O d. OMR39,600O e. OMR37,200

Over or under applied manufacturing cost- It is the difference between the actual cost incurred to…

Answered: XYZ industries applies overhead based…

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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When calculating the predetermined manufacturing overhead rate, what is the correct basis of calculation? a.Estimated overhead costs divided by the estimated amount of the cost driver or allocation base b.Estimated amount of the cost driver divided by the estimated total overhead costs c.Estimated overhead costs divided by the number of days in a year d.Actual overhead costs of the prior year divided by the actual amount of the cost driver or allocation base
Corporation bases its predetermined overhead rate on the estimated machinehours for the upcoming yearfor the upcoming year appear below Estimated machine - hours Estimated variable manufacturing overhead Estimated total fixed manufacturing overhead 36,000 3.01 per machine-hour 1,058,040 The predetermined overhead rate for the recently completed year was closest to
Company XYZ uses direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is OMR10 per hour and the estimated fixed overhead costs are OMR750,000. Calculate the predetermined overhead rate. Select one: a. OMR3.00 b. OMRO.08 C. None of the answers given d. OMR14.00 OMB13.00
Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) manufacturing overhead applied to production during the period of $432,000, (3) estimated fixed manufacturing overhead of $329,400, and (4) estimated variable manufacturing overhead cost per machine-hour of $2.00. The estimated amount of the allocation base (machine-hours) is closest to: 56,900. 54,900. 54,200. 52,900.
The related data of Danaya Company: Actual direct labor hours 10,000 Actual overhead cost P893,200 Underapplied factory overhead 125,700 Factory overhead is based on direct labor hours. How much is the predetermined rate?
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 393,000 Oc OMR 363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE REVIOUS PAGE ACCT2121 Origin Co #general-chat- a Spotify Free
The following data obtained from XYZ Corporation represent the total overhead cost and the overhead working hours for the past ten weeks: Period Working-Hours Overhead Costs 1 100 12000 2 60 22000 3 20 10000 4 100 33000 5 80 20000 6 60 16000 7 40 14000 8 120 40000 9 80 22000 10 40 11000 Required 1- Plot the relationship between Working-Hours and overhead Costs 2- Use the high-low method to compute the cost function, relating working-hours and overhead costs 3- What is the increase in maintenance costs for each…
O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
Overton Ltd uses predetermined overhead cost rates in its costing system. During the year, the company charged N$275 000 in absorbed factory overhead cost. Absorbed factory overhead cost was under-absorbed with N$12 500 during the year. The actual production overhead costs during the year were:
The production department of Al Noor company provides you with specific cost details. The material used OMR 34,750, Direct labor hours used: 1200 Hours, direct wages OMR 25,000. Overhead Cost is 69,500. Using these data, compute overhead rate as a percentage of direct material cost. a. 50% b. 150% c. None of these d. 20096
Makkah Equipment Co. sells machines and has the following information for the year. Actual Estimated Overhead cost OMR 2,400,000 OMR 3,000,000 Direct labor hours 120,000 300,000 Machine hours 300,000 150,000 Overhead is applied on the basis of machine hours. The amount of over or under-applied overhead is: Select one: O a. 300N00 Overapplied b. None of the answers are correct O c. 300,000 Underapplied d. 260,000 Underapplied e. 150,000 Underapplied
4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.

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