Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...

See similar textbooks

Similar questions

A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
Professional labor cost budget Based on the data in Exercise 13-5 and assuming that the average compensation per hour for staff is $36 and for partners is $300. prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31. 20Y6. Use the following column headings:
Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included:
Buller Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2019:Budgeted manufacturing overhead costs Budgeted machine-hoursActual manufacturing overhead costs Actual machine-hoursRequired:$4,800,000 180,000 $3,990,000150,0001. Calculate the budgeted manufacturing overhead rate.2. Calculate the manufacturing overhead allocated during 2019.3. Calculate the amount of under- or overallocated manufacturing overhead. Whydo Buller’s managers need to calculate this amount?
5) Hakan&Ahmet Manufacturing Company uses applied overhead rate for allocating its manufacturing overhead to its products. The following information is estimated for the upcoming year of 2024: BUDGETED COSTS AND ESTIMATED ACTIVITY LEVELS Budgeted MOH Budgeted Direct Materals Cost Budgeted Direct Labor Cost Estimated Direct Labor Hours Estimated Machine Hours AMOUNTS and HOURS $ 720,000 $ 600,000 $ 480,000 72,000 dlh 120,000 mh At the end of the first week of January 2024, the company completed only one job order. Actual costs and actual usage of dlh and mh for this unit were as follows: Job Order Direct Material Cost ($) 100 GRS-34 Direct Labor Direct Labor Cost ($) 150 Hours 15 Machine Hours 30 Q1) Calculate a predetermined manufacturing overhead rate (applied overhead rate) by using each of the cost drivers of "direct materials cost", "direct labor hours", "direct labor costs" and "machine hours". Q2) By using each of these rates, calculate the unit cost of this job order.
Jackson Inc. listed the following data for 2019: Budgeted factory overhead Budgeted direct labor hours Budgeted machine hours $1,505,000 ৪6,000 43,000 Actual factory overhead Actual direct labor hours 1,402,000 ৪৪,300 41,400 Actual machine hours If overhead is applied based on machine hours, the overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $49,059 overapplied. $47000 underapplied. O s-0- $47000 overapplied. $49.059 underapplied.
Thread Company is preparing its manufacturing overhead budget for 2019. Relevant data consist of the following. Units to be produced (by quarters): 10,000, 12,000, 14,000, 16,000. Direct labor: Time is 1 hour per Variable overhead costs per direct labor hour: Indirect materials $0.80; indirect labor $1.20; and maintenance $0.50. Fixed overhead costs per quarter: Supervisory salaries $42,000; depreciation $16,000; and maintenance $12,000. Prepare the manufacturing overhead budget for the year, showing quarterly data. (List variable costs before fixed costs.) unit.
For the last quarter of 2020, Carica’s cost records indicate the following: Materials Requisitions (MR) Utility Services (US) Machining Assembly Total Budgeted overhead costs before any inter- department cost allocations $200,000 $1,000,000 $5,456,000 $7,458,000 $14,114,000 Support work supplied by MR (Number of requisitions) 0 25% 40% 35% 100% Support work supplied by US (Power costs) 10% 0 30% 60% 100% Questions: 1. Allocate the two support departments’ costs to the two operating departments using the following methods: a.Direct method. b. Step-down method (allocate MR first). c. Step-down method (allocate US first) d. The Algebraic. Answer quickly
Jackson Inc. listed the following data for 2019: Budgeted factory overhead $1,352,000 Budgeted direct labor hours 80,000 Budgeted machine hours 41,600 Actual factory overhead 1,100,000 Actual direct labor hours 87,700 Actual machine hours 40,800 If overhead is applied based on direct labor hours, overapplied/underapplied overhead is (round calculations to 2 significant digits): Multiple Choice $382,130 overapplied. $382,130 underapplied. $331,166 underapplied. $331,166 overapplied. $ − 0 −. My answer is $226,000 overapplied. But I don't show that answer.
In 2020 the budget for a machine shop showed overheads of $60,000 and volume of activity of12,000 machine hours.In January of 2020, the machine shop incurred $5,400 of overhead and 1,050 machine hourswere worked. Required:a. Determine:i. The predetermined absorption rate. ii. The under/over absorption rate. b. With the use of calculation, explain the factors that contributed to the under/over absorptionof overheads.
Elite Stationary Inc. employs 20 full-time employees and 10 trainees. Direct and indirect costs are applied on a professional labor-hour basis that includes both employee and trainee hours. Following is information for 2018: IMAGE1 What are the budgeted direct-cost rate and the budgeted indirect-cost rate, respectively, per professional labor-hour? (Round the final answers to the nearest cent.) a.$200.00; $16.75 b.$115.00; $10.00 c.$135.00; $10.00 d.$217.50; $15.00