Given data Costs incurred in January Jobs Worked in January 9 30 Job A 11 Job B
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Costs incurred in January Jobs Worked in January 9 30 Job A 11 Job B 12 Job C 13 Job D 14 Job E 15 Job F 16 Job G 17 Job H 18 TOTALS 19 20 Labor rate 21 Average Labor Rate in January 22 26 January Overhead Application Rate 27 Direct Materials Used $ 33 Factory Cleaning 34 Depreciation 35 Utilities 36 Rent 37 TOTAL 38 39 Inventory Information 40 Raw Materials Inventory, January 1 41 Raw Materials Inventory Purchases 42 Work-in-Process Inventory, January 1 43 Finished Goods Inventory, January 11 44 45 46 28 Actual Overhead Costs Incurred in January 29 Actual Overhead Costs 30 Office Supplies 31 Indirect Materials 32 Indirect Labor $0 $4,500 $13,000 $8,500 23 Manufacturing Overhead Application Rate Information 24 Estimated Total Overhead Costs 25 Estimated Total Direct Labor Hours $10,500 $18,000 $16,000 $11,500 $82,000 85,500 500 28.00 per hour $7,000 $9,500 $30,000 $3,000 $16,000 $7,500 $12,000 $85,000 Direct Labor $10,000 $110,000 $45,000 50 hours incurred 35 90 75 120 70 45 50 60 545 <3 You must calculate the overhead application rate. Costs incurred in January Jobs Worked in January 9 30 Job A 11 Job B 12 Job C 13 Job D 14 Job E 15 Job F 16 Job G 17 Job H 18 TOTALS 19 20 Labor rate 21 Average Labor Rate in January 22 26 January Overhead Application Rate 27 Direct Materials Used $ 33 Factory Cleaning 34 Depreciation 35 Utilities 36 Rent 37 TOTAL 38 39 Inventory Information 40 Raw Materials Inventory, January 1 41 Raw Materials Inventory Purchases 42 Work-in-Process Inventory, January 1 43 Finished Goods Inventory, January 11 44 45 46 28 Actual Overhead Costs Incurred in January 29 Actual Overhead Costs 30 Office Supplies 31 Indirect Materials 32 Indirect Labor $0 $4,500 $13,000 $8,500 23 Manufacturing Overhead Application Rate Information 24 Estimated Total Overhead Costs 25 Estimated Total Direct Labor Hours $10,500 $18,000 $16,000 $11,500 $82,000 85,500 500 28.00 per hour $7,000 $9,500 $30,000 $3,000 $16,000 $7,500 $12,000 $85,000 Direct Labor $10,000 $110,000 $45,000 50 hours incurred 35 90 75 120 70 45 50 60 545 <3 You must calculate the overhead application rate.
Expert Answer:
Answer rating: 100% (QA)
ANSWER To calculate the overhead application rate we divide the estimated total overhead costs by the estimated total direct labor hours Overhead Appl... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
1. Describe briefly how computers work and become tools for committing cyber-related crimes. 2. Use of proxies and VPNs is one of the methods cybercriminals try to cover their digital track and...
-
Let T d denote the translation operator (displacement vector d); D (n, ), the rotation operator (n and are the axis and angle of rotation, respectively); and r the parity operator. Which, if any, of...
-
Omaha Steaks is a food retailing company that specializes in mail order delivery of beef. The company is headquartered in Omaha Nebraska and was founded as a butcher shop in 1917. Omaha Steaks wants...
-
Claire Hunter plans on opening Claire Hunter Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and limited...
-
January budgeted selling and administrative expenses for the retail shoe store that Nadege Weib plans to open on January 1, 2014, are as follows: sales commissions, $40,000; rent, $24,000; utilities,...
-
Each morning, Max Kranton stocks the drink case at Max's Beach Hut in Myrtle Beach, South Carolina. The drink case has 115 linear feet of refrigerated drink space. Each linear foot can hold either...
-
Barnett Industries, Inc., issued $600,000 of 8% bonds on January 1, 2019. The bonds pay interest semiannually on July 1 and January 1. The maturity date on these bonds is December 31, 2028. The firm...
-
Show that points A, B and C Below are the vertices of a right triangle D) A (-3,1), B(4,0) and C (0, -3)
-
Consider a spherical bacterium, with radius 1.4 m , falling in water at 20 C. Find the terminal speed of the spherical bacterium in meters per second, ignoring the buoyant force on the bacterium and...
-
The chief financial officer of a hospital wants to evaluate the year-to-year change in expenses by area. What areas had the highest and lowest growth, and what recommendations would you give the CFO...
-
These are the pieces you must choose from to summarize and comment on in your essay: "EEOC v. Madison Community Unit School District (No. 12 818 F.2d 577 (7th Cir. 1987))" "Sandor v. Safe Horizon,...
-
Sam Green was riding his bicycle along a road that was under construction; although he was riding against traffic instead of with traffic as required by law, he was off the pavement at the time...
-
Sienna Company has the following information for January: Cost of direct materials used in production $20,000 Direct labor 15,000 Factory overhead 24,000 Work in process inventory, January 1 2,900...
-
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet.. $ 93,400 Accounts receivable 122,000 Sales revenue 439,100 Notes payable 114,200 Accounts...
-
Distinguish between the work performed by public accountants and the work performed by accountants in commerce and industry and in not-for-profit organisations.
-
Russell (age 50) and Linda (age 45) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and operates a landscaping business called...
-
Bea Jones (age 32) moved from Texas to Florida in December 2011. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea's Social Security number is 466-78-7359 and she is single. Her earnings and income...
-
In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return: Tax deficiency..........................................$5,000 Negligence...
-
A uniform simply supported beam of length \(2.5 \mathrm{~m}\) with a hollow rectangular section is shown in Fig. 7.16. Assuming a deflection shape of \[y(x)=C \sin \frac{\pi x}{l}\] find the natural...
-
Prove that Rayleigh's quotient is never higher than the highest eigenvalue.
-
A uniform fixed-fixed beam of length \(l\) with a rectangular cross section \(w \times h\) is shown in Fig. 7.17. Assuming the Young's modulus as \(E\) and unit weight as \(\gamma\) for the material...
Study smarter with the SolutionInn App