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Exercise 3-35 Predetermined Overhead Rate; Various Cost Drivers

The following data pertain to the Oneida Restaurant Supply Company for the year just ended.

Budgeted sales revenue$205,000

Actual manufacturing overhead340,000

Budgeted machine hours (based on practical capacity)10,000

Budgeted direct-labor hours (based on practical capacity)20,000

Budgeted direct-labor rate$14

Budgeted manufacturing overhead$364,000

Actual machine hours11,000

Actual direct-labor hours18,000

Actual direct-labor rate$15

Required: Compute the firm's predetermined overhead rate for the year using each of the following common cost drivers: (a) machine hours, (b) direct-labor hours, and (c) direct-labor dollars. Calculate the overapplied or underapplied overhead for the year using each of the cost drivers listed above.

Machine hours is $364,000 / 10,000 = $36.40 per hour

Budgeted direct-labor hours is given as 20,000

Budgeted direct-labor dollars is $14 x 20,000 = $280,000

The actual overhead rate for machine hours was $340,000 / 11,000 = $30.91 per hour

Actual direct labor hours are 18,000

Actual direct labor dollars are $15 x 18,000 = $270,000

Over applied overhead dollars for the year using machine hours was $364,000 - 340,000 = $24,000.

The over applied hours totaled 20,000 - 18,000 = 2,000 hours

Over applied labor dollars totaled $280,000 - $270,000 = $10,000