Determine the company predetermined overhead rate

Assignment Help Accounting Basics
Reference no: EM13134682

Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000. Assuming that the company's $71,000 ending goods in process inventory account for 2011 had $20,000 of direct labor costs, determine the inventories direct material costs. And determine the company's predetermined overhead rate for 2011.

Reference no: EM13134682

Questions Cloud

Provide an analysis and explanation of the role of the gao : provide an analysis and explanation of the role of the GAO.
Find mean and standard deviation of sampling distribution : Find the mean and the standard deviation of the sampling distribution of x, and find an interval containing 95.44 percent of all possible sample mean returns.
, the assignment is read on the nature of things : write a paper (a least 4 pages), the assignment is read On the Nature of Things, Enuma Elish, Selections from early Greek Philosophers, The Epic of Gilgamesh, The Iliad, and Agamemnon
Volume of the parallelepiped : Calculate the given quantities if a = , b= , and c= . Determine whether a and b are parallel, perpendicular or neither.
Determine the company predetermined overhead rate : Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
How many units should be produced during the first quarter : Inventory at the beginning of the year was 20,400 units. The finished goods inventory at the end of each quarter is to equal 34% of the next quarter's budgeted unit sales. How many units should be produced during the first quarter?
Determine the new standard deviation for salary : The largest salary on the list is $100,000 and is accidentally changed to $1,000,000. What is the new standard deviation?
The phoenix plant of baldo chemical processes alphazine : Munchkin currently has insufficient machine hours to meet demand for its products. Which product, X or Y, should receive priority in production, and why?
The stereochemistry of the more highly substituted alkenes : The stereochemistry of the more highly substituted alkenes is difficult to define using the cis and trans designations. Therefore, a more systematic manner of indicating stereochemistry in these systems has been developed that uses an E and Z nome..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Better accounting system

How does a customer benefit by our spending $50,000 on a supposedly better accounting system?" How should the controller respond?

  Requirements for capitalizing leases

Indicate whether the lease would be classified as operating or capital under FASB Statement No. 13. Assume each scenario is independent and that Waldrop has not met any of the other requirements for capitalizing leases.

  Journal entries for business-bad debts

On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occur..

  Making the bank reconciliation

While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?

  How many units were started during april

Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April?

  Role of financial advisor

A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..

  Prepare the journal entry to record the replenishment

On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.

  What are rhonda penalties for failure to file and to pay

Rhonda, a calendar year taxpayer, filed her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25,000.

  Absorption costing total operating income

Last year, Gransky Corporation's variable costing net operating income was $52,100 and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the absorption costing net operating income last year?

  Schedule of noncash investing and financing activities

Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.

  Condemnation award gains-replacement real property

William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..

  Regression analysis

Blacken Company manufactures motorcycles. The company's management accountant wans to calculate the fixed and variable costs associated with utility cost incurred by the factory. Data for the past five months were collected.

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!

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