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Natural Cosmetics Company applies overhead costs on the basis of machine hours. The overhead rate is computed by analyzing data from the previous year to determine the percentage change in costs. Thus, this year's overhead rate will be based on the percentage change multiplied by last year's costs. Last Year Machine hours 55,360 Overhead costs: Indirect Labor $23,500.00 Employee Benefits $28,600.00 Manufacturing Supervision $18,500.00 Utilities $15,000.00 Factory Insurance $7,800.00 Janitorial Services $12,100.00 Depreciation-factory $21,300.00 Misc Overhead $6,000 $132,800 This year the cost of utilities is expected to increase by 40% over the previous year; the cost of indirect labor, employee benefits, and misc overhead is expected to increase by 30% over the previous year; the cost of insurance and depreciation is expected to increase by 20% over the previous year and the cost of supervision and janatorial services is expected to increase by 10% over the previous year. Machine hours are expected to total 68,786. Required 1. Compute the projected costs and the overhead rate for this year, using the information about expected cost increases. (Carry your answer to three decimal places). 2. Jobs completed during this year and the machine hours used were as follows: Job no. Machine hrs. 2214 12,300 2215 14,200 2216 9,800 2217 13,600 2218 11,300 2219 8,100 Determine the amount of overhead to be applied to each job and to total production during this year. (round answers to whole dollars) 3. Actual overhead costs for this year were $165,845. Was overhead under-applied or over-applied? By how much? Should the Cost of Goods Sold account be increased or decreased to reflect actual overhead costs?
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:
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Which of the following is NOT one of the five steps in the lean thinking model discussed in the text? Choose one answer.
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What is the E&P of Purple Corporation after the property distribution?
Ben and Jack both earned $60,000 this year. Ben (age 30) is married with two children, and Jack (age 68) is single with no dependents. Which of the following is true regarding the amount of Social Security taxes they will pay?
will who is single and under age 50 is employed as a full-time tax accountant at a local manufacturing company where he
from each business management domain identify the two most important areas a cio should accept responsibility for in
The Partnership of D, E, and F has the following account balances just prior to the liquidation of the partnership: Cash, $90,000; Noncash Assets, $570,000; Liabilities, $300,000: D, Capital, $120,000; E, Capital, $180,000; and F, Capital, $60,000..
Cost Allocation is a method to identify and distribute indirect costs. Direct costs are costs assignable to a specific cost objective, whereas indirect costs are costs incurred for multiple cost objectives or not assignable to a specific cost obje..
q no.1-nbspfrom the following you are required to comment a upon the long term as well as short term solvency of the
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