Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business....
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Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. Calculate the predetermined overhead rate. Predetermined overhead rate $ per decorator hour Current Attempt in Progress The gross earnings of factory workers for Wildhorse Company during the month of March are $91,000. The employer's payroll taxes for the factory payroll are $15,000. Of the total accumulated cost of factory labour, 75% is related to direct labour and 25% is attributable to indirect labour. Salaried office employees' monthly pay is based on the skills required and seniority, and averages $7,200 per month, plus the company's share of the required payroll taxes. (a) Prepare the entry to record the factory labour costs for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit Question 14 of 16 < > View Policies - / 0.5 == Current Attempt in Progress Monty Co. has three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $73,200, $132,000, and $24,000, respectively. The estimated annual use in each department is 400 setups, 4,000 machine hours, and 3,000 inspections. Calculate the overhead rate for each activity. per setup $ per machine hour Machine setups $ Machining Inspections $ eTextbook and Media per inspection Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. Calculate the predetermined overhead rate. Predetermined overhead rate $ per decorator hour Current Attempt in Progress The gross earnings of factory workers for Wildhorse Company during the month of March are $91,000. The employer's payroll taxes for the factory payroll are $15,000. Of the total accumulated cost of factory labour, 75% is related to direct labour and 25% is attributable to indirect labour. Salaried office employees' monthly pay is based on the skills required and seniority, and averages $7,200 per month, plus the company's share of the required payroll taxes. (a) Prepare the entry to record the factory labour costs for the month of March. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit Question 14 of 16 < > View Policies - / 0.5 == Current Attempt in Progress Monty Co. has three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is $73,200, $132,000, and $24,000, respectively. The estimated annual use in each department is 400 setups, 4,000 machine hours, and 3,000 inspections. Calculate the overhead rate for each activity. per setup $ per machine hour Machine setups $ Machining Inspections $ eTextbook and Media per inspection
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Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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