User Account

All Pages

Calculate the firm predetermined overhead rate

Assignment Help Managerial Accounting
Reference no: EM132986657

Question - The ABC Pty Ltd has provided the following information for the year just ended:

Budgeted direct labour cost 60 000 hours @ $20 per hour.

Actual direct labour cost 65 000 hours @ $25 per hour.

Actual manufacturing overhead: 

Indirect labour 20000, Supervisory salaries 150 000, Electricity 30 000, Insurance 22 000 Factory rent 300 000 and Indirect material: Beginning inventory, 1 January $ 60 000 Purchases 80 000 Ending inventory, 31 December 65 000.

Budgeted manufacturing overhead $950 000

Question 1 - Calculate the firm's predetermined overhead rate, which was based on direct labour hours.

Question 2 (a) - Calculate the overapplied or underapplied overhead for the year.

Question 2 (b) - Make a journal entry to close the manufacturing overhead account to cost of goods sold.

Reference no: EM132986657

Questions Cloud

Type of design strategies : How might the project team recommending an ERP design strategy justify its recommendation as compared with other type of design strategies?
Rapid environmental changes on organizations : Discuss the impact of rapid environmental changes on organizations?
Calculate the total relevant cost : Clifton Clocks has offered to provide the timer units to Pharoah at a price of $35 per unit. Calculate the total relevant cost
Cloud environment : Discuss the challenges that incident handlers face in identifying incidents when resources have been moved to a cloud environment.
Calculate the firm predetermined overhead rate : Indirect labour 20000, Supervisory salaries 150 000, Electricity 30 000, Calculate the firm predetermined overhead rate
Prepare a construction contract in consultation : Prepare a construction contract in consultation with relevant personnel and in accordance with the accepted processes of the organisation and legal requirements
Freeze systems as part of the evidence : When law enforcement becomes involved, the need may arise to freeze systems as part of the evidence.
Big data analytics in e-healthcare industry : There are several benefits as well as challenges associated with the use of Big Data Analytics in the e-Healthcare industry.
Describe the substantive procedures : Describe the substantive procedures you will perform at year end to obtain sufficient audit evidence for each assertion identified in (A)

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd