User Account

All Pages

Overhead is applied on the basis of standard machine hours

Assignment Help Accounting Basics
Reference no: EM13481594

Hmanufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2008.

Costs and Production Data

Actual

Standard
Raw materials unit cost $2.25 $2.00
Raw materials units used 10,600 10,000
Direct labor payroll $122,400 $120,000
Direct labor hours worked 14,400 15,000
Manufacturing overhead incurred $184,500
Manufacturing overhead applied $189,000
Machine hours expected to be used at normal capacity 42,500
Budgeted fixed overhead for June $51,000
Variable overhead rate per hour $3.00
Fixed overhead rate per hour $1.20

Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used.

Compute all of the variances for (1) direct materials and (2) direct labor.

Reference no: EM13481594

Questions Cloud

Prepare a comparative income statement with horizontal : wiglaf company reported its most significant decline in net income in years. at the end of the year c.s. lewis the
For each of the following independent situations determine : for each of the following independent situations determine a whether the bonds sold at face maturity value at a premium
How does lifo affect income if prices increase decrease or : how does lifo affect income if prices increase decrease or remain the same?and how does fifo do the same? and how do
Determine the rate earned on total assets the rate earned : profitability ratios the following selected data were taken from the financial statements of squiggle group inc. for
Overhead is applied on the basis of standard machine hours : hmanufacturing corporation accumulates the following data relative to jobs started and finished during the month of
Calculate the amount of total liabilities that abc company : 1.question 1 optionsa firm has an roi of 15 turnover of 3 and sales of 6 million. calculate the firms margin.enter your
Corporal inc and admiral company compete with each other in : corporal inc. and admiral company compete with each other in the personal computer market. corporals primary strategy
Which of the following isare conditions to be met in : which of the following isare conditions to be met in determining a suitable overhead cost rate?i fair
Selected information from a finanacial statement for two : selected information from a finanacial statement for two years. compute the percentage change from 2006 to 2007 when

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem regarding retained earnings

Four months later Hernandez declared a $.50 per share cash dividend. As a result of the dividends declared during the year, retained earnings decreased by?

  Material price and usage variances for the month

a) Calculate the material price and usage variances for the month. b) Calculate the labor rate and efficiency variances for the month.

  How to achieve objective to gain on the sale of the clock

Shop for 36 months before selling it. Revez would like the gain on the sale of the clock to be a long-term capital gain. How can he achieve that objective?

  Preventive-detective and corrective management controls

Write a memo to the general manager describing what preventive, detective, and corrective management controls (procedures and policies) should be addressed and possibly changed to correct the issues found in the audit.

  Elimination entries for preparation of consolidated balance

Present, in general journal form, the elimination entries for the preparation of a consolidated balance sheet workpaper on January 1, 2011. The difference between the value implied by the purchase price of the investment and the book value of the ..

  Present value of a terminal investment

Calculate the Present Value of a terminal investment that has the following features. show all your work

  Journal entry to record cost of goods sold

High Ridge Merchandising Co. sold inventory that had a cost of $10,000. Assuming High Ridge uses the perpetual inventory method, the effect of the journal entry to record Cost of Goods Sold would:

  Compute depreciation expense using straight-line method

Compute depreciation expense for 2011 and 2012 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining balance method.

  Ending inventory by the gross profit method

If it began the quarter with an $18,000 inventory at cost and purchased $72,000 of merchandise during the quarter, its estimated ending inventory by the gross profit method is:

  What is effect of a bargain purchase option on accounting

So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?

  Journal entries to record the first two interest payments

1. calculate the total bond interest expense over the bonds' life. 2. Prepare a straight-line amortization table like Exhibit 10.11 for the bonds' life. 3. Prepare the journal entries to record the first two interest payments.

  Activity cost pool estimated overhead expected use

Computer Parts, Inc., a manufacturer of computer chips, employs activity-based costing. The following budgeted data for each of the activity cost pools is provided below for the year 2010.

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