Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Estimated machine-hours 72,600 Estimated variable manufacturing overhead $3.30 per machine-hour Estimated total fixed manufacturing overhead $ 838,720 The predetermined overhead rate for the recently completed year was closest to: $8.66 per machine-hour $6.73 per machine-hour $14.85 per machine-hour $9.90 per machine-hour

Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Estimated machine-hours 72,600 Estimated variable manufacturing overhead $3.30 per machine-hour Estimated total fixed manufacturing overhead $ 838,720 The predetermined overhead rate for the recently completed year was closest to: $8.66 per machine-hour $6.73 per machine-hour $14.85 per machine-hour $9.90 per machine-hour

Name: Question 21? QUESTION 21Giannitti Corporation bases its predetermined
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Description: Question 21? QUESTION 21Giannitti Corporation bases its predetermined overhead rate on the estimatedmachine-hours for the upcoming year. Data for the upcoming year appear below:Estimated machine-hours72,600Estimated variable manufacturing overhead $3

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 11PB: When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would...

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When setting its predetermined overhead application rate. Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours. Determine the predetermined overhead rate. What is the overhead applied during the year? Prepare the journal entry to eliminate the under- or over applied overhead.
Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
(Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith Company budgeted overhead of 129,600 as well as 13,500 direct labor hours. During the year, Job K456 was completed with the following information: direct materials cost, 2,750; direct labor cost, 5,355. The average wage for Smith Company employees is 17 per hour. By the end of the year, 18,100 direct labor hours had actually been worked, and Smith incurred the following actual overhead costs for the year: Required: 1. Calculate the overhead rate for the year. 2. Calculate the total cost of Job K456. 3. Prepare the journal entries to record actual overhead and to apply overhead to production for the year. 4. Is overhead overapplied or underapplied? By how much? 5. Assuming that the normal cost of goods sold for the year is 635,600, what is the adjusted cost of goods sold?
(Appendix 11A) Manufacturing Cycle Efficiency Kurena Company provided the following information on one of its factories: Maximum units produced in a quarter: 180,000 units Actual units produced in a quarter: 112,500 units Hours of cell production labor in a quarter: 30,000 hours Theoretical cycle time: 10 minutes per unit Actual cycle time: 16 minutes per unit Required: 1. Calculate the amount of processing time per unit and the amount of nonprocessing time per unit. 2. Calculate the MCE (rounded to three significant digits).
(Appendix 11A) Cycle Time and Velocity Prakesh Company has the following data for one of its manufacturing cells: Maximum units produced in a month: 50,000 units Actual units produced in a month: 40,000 units Hours of production labor in 1 month: 10,000 hours Required: Compute the (1) theoretical cycle time (in minutes), (2) actual cycle time (in minutes), (3) theoretical velocity (in units per hour), and (4) actual velocity (in units per hour).
Question No.8 King manufacturing has four categories of overhead. The four categories and expected overhead costs for each category for next year are as follows. Maintenance Rs.70,000 Material Handling 30,000 Set-ups 25,000 Inspection 50,000 Currently, overhead is applied using a predetermined overhead rate based upon budgeted direct labor hours, 50,000 direct labor hour are budgeted for next year? The company has been asked to submit a bid for a proposed job. The plant manager feels that obtaining this job would result in new business in future years. Usually, bids are based upon full manufacturing cost plus 30 percent. Estimates for the proposed job are as follows: Direct material Rs.2,500 Direct labor (750 hours) Rs.3,750 Number of machine hours 300 Number of material moves 8…
Question Content Area Thomlin Company forecasts that total factory overhead for the current year will be $14,529,000 with 167,000 total machine hours. Year to date, the actual overhead is $8,001,000, and the actual machine hours are 88,900 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is a. $234,300 underapplied b. $234,300 overapplied c. $266,700 overapplied d. $266,700 underapplied
QUESTION 30 Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations. Estimated manufacturing overhead $ 157,950 Estimated machine-hours 4,680 $157,800 4,940 Actual manufacturing overhead Actual machine-hours The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The predetermined overhead rate is closest to: $31.94 $33.72 $33.75 $44.52
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esc QUESTION 10 Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following information was estimated at the beginning of the year: Estimated Manufacturing Overhead $68,000 Estimated Machine Hours 18,000 Actual overhead totaled $72,000. During the year, the company produced 8,500 units of product using 14,000 machine hours and 60,000 direct labor hours. How much manufacturing overhead was allcoated to the product during the year? Round your answer to whole dollars. Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A D 8 2 W S # 3 X E D $ 4 CE R C % от оро 5 F MacBook Pro T 6 V G ✓ lo 7 Y H B 00 * 8 с J O N
QUESTION 7 Shoes Wisely, Inc. allocates overhead using machine hours as the allocation base. The following information was estimated at the beginning of the year: Estimated Manufacturing Overhead $83,000 Estimated Machine Hours 13,000 Actual overhead totaled $72,000. During the year, the company produced 8,500 units of product using 14,000 machine hours and 60,000 direct labor hours. How much manufacturing overhead was allcoated to the product during the year? Round your answer to whole dollars.
Review Question 1Manufacturing Overhead Allocation Base and Calculating the Cost of Jobs.Pyramid Company expects to incur $3,000,000 in manufacturing overhead costs this year. During theyear, it expects to use 40,000 direct labor hours at a cost of $600,000 and 80,000 machine hours.Required:a. Prepare a predetermined overhead rate based on direct labor hours, direct labor cost, andmachine hours.b. Why might Pyramid Company prefer to use machine hours to allocate manufacturing overhead?c. Using each of the predetermined overhead rates calculated in part a and the data that follows forjob 128, determine the cost of job128.Direct materials $6,000Direct labor $4,000 (200 hours at $15 per hour) + (100 hours at $10 per hour)Machine time 700 hours